33. RBC Royal Trust President & CEO on The Cost of Caregiving for Aging Parents

Caregiving for aging parents, especially the ones who become ill unexpectedly, isn’t something we consider in advance, while everyone is healthy. Yet it is a significant component that can have major personal finance consequences at the individual level. And while this is by no means exclusively a women's issue, there's no denying that women are disproportionately affected by the impact of both caregiving and receiving, financially and otherwise, as we age.In this episode, Sofiia is joined by the President and CEO of RBC Royal Trust, Leanne Kaufman, for a conversation on the cost of caregiving and how you can start chats with your parents about their estate plan and planning for caregiving needs. Leanne shares a multitude of incredible stats and tips that she brings not only from her professional expertise, but also lived experience caring for her mother.Key takeaways:00:00 What we’re chatting about today01:35 Get to know Leanne02:42 What RBC Royal Trust does03:58 What Leanne’s day-to-day looks like as a President & CEO05:43 Caregiving is still a women’s issue06:31 Leanne’s personal story with caregiving08:39 Why women shall plan in advance11:50 What are the potential costs of caregiving?14:10 How to start a chat about financial responsibilities of caregiving with your parents16:10 What is an estate plan?18:30 What does an estate plan include?20:00 How to ask parents if they have a will and estate plan?21:23 What the roles of power of attorney and executor entail24:01 Do you assume debts as an executor?25:03 What is a “When I die” folder27:51 When is it time for You to get a Will?30:35 Leanne’s take on financial freedom31:24 Leanne’s tip on how to achieve financial freedom32:30 How RBC Royal Trust can help with caregiving and estate planning needsEpisode resources:About Leanne Kaufman WebpageRBC Royal Trust WebsiteDisclaimer: Neither RBC Royal Trust nor any of its affiliates, nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this podcast, the information contained herein or the associated report on which this podcast is based. The podcast may not be reproduced or copied by any means without the prior consent of Royal Bank of Canada.