Relevant News

The Caregiver's Lament: How to handle the costs of care

  • Just consider some of these numbers, cited in the Aspen Institute report on “The True Cost of Caregiving.” Home health aide: $52,620 annually. Assisted living facility: $48,612. Private room in a nursing home: $102,204.
  • No wonder 62 per cent of caregivers for loved ones with disabilities or special needs report being overwhelmed by financial stress, according to Fidelity.

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*Disclaimer: Content is taken from https://www.straitstimes.com/singapore/courts-crime/court-strips-womans-power-granted-under-fathers-lpa-after-she-took-money-from

The Big Read: As Singapore society ages, who will care for the caregivers?

 

It found that respondents who experienced a change in work situation because of caregiving suffered a 63 per cent loss in income. 

This translated to an average loss of S$582,572 over four years, or an average annual loss of S$56,877, said Ms Hingorani.  

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*Disclaimer: Content is taken from https://www.channelnewsasia.com/singapore/ageing-society-caregiving-parents-demential-elderly-health-310611

Court strips woman's power granted under father's LPA after she took money from his business account

  • Two sisters were apoointed as donees in an LPA executed by their elderly father that granted them powers to act jointly and severally in his personal welfare, and his property and affairs.
  • However, one of them was not properly accounting for the funeral parlour’s business income, and substantial sums of monies were unaccounted for.
  • Hence, the other had successfully appealed to oust her elder sister, who meddled with their mentally incapacitated father’s business, from jointly and severally managing his property and affairs.

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*Disclaimer: Content is taken from https://www.straitstimes.com/singapore/courts-crime/court-strips-womans-power-granted-under-fathers-lpa-after-she-took-money-from

Parliament: Important documents like LPA to be digitalised under proposed changes to electronic transactions law

  • The government has seek to digitalise important documents under proposed changes to the law such as Lasting Power of Attorney throughh electronic transactions.
  • Currently, only hard copies of LPAs are accepted, thus with digitalisation, it could cut the time needed to register from 3 weeks to 8 working days.
  • This allows cross-border trade documents to be digitalised, thereby reducing the time and money required to process the huge amount of paperwork.
  • The Electronic Transactions (Amendment) Bill was the only Bill introduced in Parliament on Monday.

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*Disclaimer: Content is taken from https://www.straitstimes.com/singapore/parliament-important-documents-like-lpa-to-be-digitalised-under-proposed-changes-to

The true cost of dementia: It can set a family back by up to $1.6m over 10 years

SINGAPORE – Dementia is an exceptionally distressing health crisis when it hits an individual and their family but almost as damaging can be the severe financial pain it brings.

Dementia victims suffer a gradual deterioration until they lose all mental capacity. They are unable to think and reason, remember new information or recall past events, solve problems or take care of themselves.

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*Disclaimer: Content is taken from https://www.straitstimes.com/business/invest/counting-the-cost-of-dementia-and-how-you-can-be-prepared-for-it