1 / 23

CASA & CCEL webinar series

Join us for the webinar "Aging and The Law: What Every Professional Needs to Know." This session focuses on essential arrangements and strategies for aging professionals, particularly in the legal field. We will explore the changing demographics of seniors, the challenges practitioners face, and critical considerations for succession planning, powers of attorney, wills, and document management. Understand the importance of creating comprehensive plans to address the needs of an aging profession and client base, ensuring continuity and quality of service.

love
Télécharger la présentation

CASA & CCEL webinar series

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CASA & CCEL webinar series Aging and The Law:  What Every Professional Needs To Know 10. YOU OWN ARRANGEMENTS – TAKING CARE OF BUSINESS – PRACTICING TO A HIGHER STANDARD…WHY YOU HAVE TO!

  2. Today • 1. WHAT? • 2. SO WHAT? • 3. NOW WHAT?

  3. 1. WHATThe “Greying” of the professions

  4. Demography • Current seniors • Baby boom coming now! • Planning notin place in most fields

  5. Older Canadians’ values • Are these yours?

  6. 2. SO WHAT? • FEWER PROFESSIONALS TO HELP • RURAL CLOSURES • HIGH RISK TO PUBLIC • HIGH RISK TO PRACTITIONERS • HIGH RISK TO REMAINING OFFICE

  7. Hanging up the robes • When? • How? • Who can help?

  8. Portrait of a Senior Professional • 71 years old • Active practice (48yrs) • 2 person practice • Grandkids • Tried to retire once

  9. Portrait of a Senior Professional • Mid 60s… • Rural practice • Sole practitioner • Wants to “stay involved” with the profession - has dedicated her life to seniors and professional issues

  10. Portrait of a Senior Professional • Mid-50s • Caregiving for aging parents • Wants to be semi-retired • Worried about $$$

  11. No matter how great and destructive your problems • may seem now, remember you’ve probably only seen the tip of them...

  12. STEPS FORWARD • 3. NOW WHAT? • WHERE DO WE GO FROM HERE?

  13. NEED TO CONSIDER • TRUST ACCOUNTS • SUCCESSION PLANNING • POWERS OF ATTORNEY • ADVANCE HEALTH CARE PLANNING • WILLS • RECIPROCAL ARRANGEMENTS • INSURANCE (Types / Location) • DOCUMENT STORAGE & REMOVAL

  14. Trust Accounts • If you are a trustee, is there a ‘backup’ appointed? • Do your clients know this person? • Does the financial institution know?

  15. Succession Planning • Have you created your ‘replacement’? • Is all the information / goodwill in ‘one set’ of hands? • Who will carry on? • Grow your own successor…

  16. Powers of Attorney • As a professional – need to appoint an attorney (finance) who can manage business interests • May need a personal and a business Enduring / Continuing POA

  17. Advance Health Care Planning • Different names in different jurisdictions • POA Personal Care, Health Care Directive, Personal Directive, Representation Agreement • Know your default health care consent substitute decision-making list if your province has one

  18. Wills • No excuse • Copies and safe location • If you are leaving your business to someone… • Can your executor run your business? • “Wife of the deceased lawyer…” • Legal advice necessary

  19. Reciprocal Arrangements • Often find someone in similar field • Make arrangements to ‘look after’ each other’s business • Have meetings about business planning • Beware of confidentiality or conflicts • Could be at the same firm • Should be familiar with work and ‘environment’

  20. Insurance • Commercial • Personal • Professional liability • Medical • Disability / Critical Illness • Life • Designation of beneficiaries • Review of coverage – enough?

  21. Document Storage and Removal • How long do you documents need to be kept? (estates?) • Electronic / Paper? • Passwords? Firewalls? • Systems – including filing • Privacy obligations • Attorney / Executor details

  22. DISCUSSION • DOES YOUR OFFICE HAVE A PLAN FOR ITS AGING CLIENT BASE? • FOR EMERGENCIES? • FOR ITS AGING PROFESSION?

  23. A COMPREHENSIVE PLAN • Binder – paper and electronic • “How to Run the Office” • Critical Documents • Passwords • Consents / Permissions • Instructions on bill payments, employee payments, HR policies etc • Any professional requirements • Meetings – semi-annually…?

More Related