FINANCE
What retirement village should I choose? Moving into a retirement village is a big decision in itself, then comes the choices about what is going to suit best. LESA MACPHERSON addresses the big questions.
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s legal advisors specialising in assisting people into retirement villages, we are often asked who we recommend, and what choice would be best for elder parents. We can’t answer that directly, firstly because that’s not our role, and secondly, what is most suitable for one person or couple isn’t necessarily best for others. Christmas/New Year is often a time when it is decided whether, and when, a move to a retirement village is desirable. The discussion can be prompted by children judging that elderly parents are struggling a little in their current home, or by the parents themselves deciding that they want a simpler and less stressful lifestyle moving forward. The retirement industry is constantly being reviewed and improved. Some operators who got bad press some years ago have clearly made significant efforts to deal with that criticism and improve their processes and offerings.
Legislative changes that were brought in during 2019 have ensured that all operators provide their information in a
comprehensive and transparent way so prospective purchasers better understand the buying choice they are making. The industry is competitive, and we have seen that to “meet the market” operators are providing more varied options as to structuring of any purchase, as well as incentives on occasion, which ensure better choices for consumers. Knowing the legal aspects are important, but as professional advisors – and having elderly parents who have moved into retirement villages and aged care – we can identify the sort of questions that should be asked, and issues to be considered when making the retirement village decision. The most important realisation we have come to is that the finances aren’t the be all and end all. The key is lifestyle. Is the lifestyle offered likely to be positive and beneficial? Community is a vital criterium. Are activities, clubs, engagement available if you want them,
but privacy and quiet if you don’t? Can you maintain your own garden? Are pets allowed? What are the rules? Maintaining the connection with loved ones is vital, so geography is another essential consideration. The next move is also important. What happens after the independent living option in the retirement village? Where is the nearest aged care, and how is the transition handled? When are village staff on duty? How often is there a nurse on duty? Who responds to emergency call buttons? Are they even provided? Understanding the financial aspects is important but this is only one of the important drivers. A retirement village choice is a long-term commitment and can’t be rushed. Lesa MacPherson is an expert in retirement village contracts at Brisbane Elder Law. Call 1800 961 622 or visit brisbaneelderlaw.com.au
ONE SMALL CHANGE CAN TAKE A GIANT LEAP TOWARDS ELDER ABUSE PROTECTION THE Public Trustee is urging Queenslanders to consider appointing more than one attorney in their enduring power of attorney document. This small change can add an extra level protection against financial elder abuse at a time when it is needed most. The Office of the Public Guardian (OPG) investigates reports of abuse involving Queenslanders living with impaired decision-making capacity. As at June 30, the OPG saw an increase of 27 per cent of active abuse investigations above the previous year. During the 2020-2021 financial year, 78 per cent of the total reports of abuse made to the OPG, factored instances of financial abuse or exploitation. Attorney-General and Minister for Justice, Women and the Prevention of Domestic and Family Violence Shannon Fentiman said advance life planning
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documents were important factors in protection from abuse or exploitation. “We want to ensure our vulnerable community members are protected from financial abuse, especially at their later stage of life,” she said. “Having extra levels of protection such as appointing more than one power of attorney and making sure your will is up to date is vital in safeguarding yourself and your assets.” But the sad reality is that many cases of financial elder abuse are perpetrated by direct family members, trusted friends, caregivers or attorneys. Public Trustee of Queensland CEO, Samay Zhouand, said an attorney or attorney’s role in an enduring power of attorney document was powerful and carried significant responsibilities. “By appointing more than one attorney, the attorneys are required to make decisions together,” he said. “This provides
an extra safeguard to protect you and your financial future. “It also increases transparency regarding decisions made and helps to reduce the opportunity for exploitation or abuse.” Financial elder abuse is the most commonly experienced form of abuse in Australia. Mr Zhouand said many of cases of financial abuse investigated by the Public Trustee involve the misappropriation of a person’s funds. “We have investigated cases in which the appointed attorney has syphoned off funds from individuals, such as their own family members, for their own personal gain. “Some cases involve a perpetrator using their role as the enduring power of attorney as a way to financially exploit older people or their close relations.
“This is a gross misuse of trust,” he said. In Australia, elder abuse is considered to be vastly under disclosed and under reported. This is often due to the complex and intimate relationships older people experiencing abuse have with their perpetrators. “It’s vital to have advance life plans in place, although it is just as critical to ensure careful considerations are made when appointing an attorney. “It is important that you consider your attorney or attorneys will, in all circumstances, act honestly, with reasonable skill and care, and will keep accurate records,” he said. If you witness violence or are worried that an older person is at immediate risk, call the police on triple zero (000). Queenslanders are encouraged to visit the Public Trustee website for more information pt.qld.gov.au
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