INTRODUCTION

MICA is an association of caregivers working on behalf of the caregiver community to increase awareness of and access to resources available that provide support, and lifelong care for our loved ones living with mental illness. We bring caregivers together to develop, present and implement actions and solutions that have a lasting and positive impact on the quality of life of both caregivers and those they care for.

Over the last several months, caregivers have shared their concerns with MICA regarding the housing needs of their loved ones, and how their loved ones with mental illness and/or developmental disabilities will manage if the caregivers are no longer able to care for them, or after they are gone.

They want to be confident that after they are gone there are financial, legal and property management arrangements as well as personal supports in place in support of a housing plan that ensures both the well-being of their loved one and continued access to a safe place to live.

WORKSHOP DETAILS

On 01 December MICA’s Caregiver Resource Hub hosted its first in a series of workshops to be held in the coming months with the this one focusing on estate planning. Our guest speaker, Natalie Sanna, Lafrenière Sanna Estate Law, presented and lead a discussion regarding estate planning for caregivers exploring options for the housing needs of their loved ones. The presentation set the foundation for sound estate planning that provided the context for the discussion focused on housing options

A report on what we learned follows.Included is our invitation to continue the discussion. We invite you to ask questions.

WHAT WE HEARD

• Managing your home as an asset – Estate Planning Foundations

Topics discussed included: what is proper estate planning, probate, trusts, substitute decision makers (powers of attorney and guardianship). As we share what we learned our intent is to do so one topic at a time beginning with ‘trusts’.

• Trusts
Legally speaking, a trust is a relationship whereby property is held by one party for the benefit of another. The relationship involves a settlor (the person who creates or settles the trust), the beneficiary (the person who is to receive the benefit from the trust) and the trustee (the person appointed to manage the trust assets on behalf of the beneficiary).

The trust document sets out terms/conditions of the trust as a separate document or within a will including the appointment of a trustee(s), name of beneficiaries (income and capital) and powers of trustee(s).

• Henson Trusts
A Henson Trust is an option that provides for the relationship set out above that is typically funded by proceeds of an estate while not being considered a beneficiary’s asset under Ontario Disability Supports Plan (ODSP). There is no asset limit and the Henson trust can hold a range of assets – investments, bank accounts and real property.
• Henson Trust Terms and Conditions
Trustee must have absolute discretion with respect to payments from the trust and interest in the trust does not vest in the beneficiary. Allows for maximum benefits from government sources and contribution to a beneficiary’s Registered Disability Support Plan.

Trustee’s duties and responsibilities include managing assets in the trust, maintaining accurate, up-to-date records, filing income tax returns, and paying taxes annually and ODSP reporting. It is important to set your trustee up for success by sharing your knowledge as a caregiver, providing memos for trustee as guidance including list of health care providers, support workers and by surrounding them with a team of professionals (accountant, financial planner, and lawyer).

• Managing your home as an asset – Housing Options
A summary of housing options was presented including ‘the positives’ and ‘things to consider to learn more click here.