Preparation for aging-related issues begins before retirement, says Atlantic Trust

Caregiving for an elderly parent while ensuring their own financial and medical security a key concern for Baby Boomers approaching their retirement years

ATLANTA, May 14, 2015 /PRNewswire/ - Individuals with aging parents should incorporate planning for the various complexities of later-life issues into their own wealth plans before reaching retirement age, according to Atlantic Trust, the U.S. private wealth management division of CIBC (NYSE: CM) (TSX: CM).

For those approaching retirement age—usually defined as turning 65 and becoming Medicare-eligible—the sheer number of available options can be intimidating, with Medicare and the many options contained within it being a tangible example.

But retirees may also find themselves shifting into a new role as caregiver for their aging parents. These responsibilities can be quite difficult for families, especially if they have multiple children, each in their own stage of life. Psychologists sometimes use the term "age wave" to describe the massive population and cultural shift caused by these converging forces and the pressures that result.

"Undeniably, this 'age wave' is a big societal issue," says Linda S. Beerman, chief fiduciary officer and head of wealth strategies for Atlantic Trust. "But until you get there yourself, it's all very abstract. Planning in advance for your own and your family's age wave issues is the key to navigating the reality."

Often, an objective third party can help with the sometimes touchy assessment of an important part of this transition scenario - the legal documents that describe and govern an individual's wishes regarding healthcare decisions and property disposition, Beerman says. It is also important to make sure that critical legal documents are in place before a parent is no longer able to make legal decisions on his or her own.

Having those documents in place can open the door for family members to have deeper conversations with their elders about what their final wishes really mean for them and their legacy. Likewise, clarity in a will gives peace of mind to both family members and an aging parent before the final goodbye: post-mortem wishes are no place for gray areas or individual interpretation.

Regardless of how family members prepare for this important period, getting expert help throughout the process is essential. A good place to start is with Atlantic Trust's Online Resource Center. Read "Age Wave: Transitioning into Later Life," for more information about retirement and estate planning.

About Atlantic Trust

Atlantic Trust is one of the nation's leading private wealth management firms, offering integrated wealth management for high net worth individuals, families, foundations and endowments. The firm considers clients' financial, trust, estate planning and philanthropic needs in developing customized asset allocation and investment management strategies. Experienced professionals deliver a broad range of solutions, including proprietary investment offerings and a robust open architecture platform of traditional and alternative managers. Atlantic Trust operates in 13 full-service locations throughout the U.S. with $27.0 billion in assets under management, as of March 31, 2015. For more information, visit www.atlantictrust.com.

About CIBC

CIBC is a leading Canadian-based global financial institution. Through our Retail and Business Banking, Wealth Management and Wholesale Banking businesses, CIBC provides a full range of financial products to individual, small business, commercial, corporate and institutional clients in Canada and around the world. CIBC owns a 41 percent equity interest in American Century Investments®, a major U.S. asset management company, serving financial intermediaries, institutions and individuals, and acquired Atlantic Trust, a premier U.S. private wealth management firm, in January 2014. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

SOURCE Atlantic Trust Private Wealth Management