FINANCE
Elder law a specialist job for old school trusted advisors Lawyers for seniors, known as elder lawyers, are trained by life and skills to offer specialised advice covering the full range of legal issues that come up in our later years. DON MACPHERSON explains.
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lients of a certain age tend to be “old school” in terms of values. Trust is vital. While cost is, of course, always important, elder law clients tend to look for professionals – doctors, accountants, lawyers – as longer-term trusted advisors to guide them over a number of years. They are less transactional, less focused on changing from supplier to supplier, and
more focused on developing a relationship of trust, integrity, and familiarity. Elder years are no time for mediocre decisions or advice. The internet is not a panacea for knowledge on all the issues that elder clients may encounter. Specialist advice, mindful not only of the law, but also the client needs, is essential. Elder lawyers need to be focussed on the same old school values of their clients
Don Macpherson is an elder law expert at Brisbane Elder Law. Call 1800 961 622 or visit brisbaneelderlaw.com. au
and offer the reliability and comfort of knowing that every phone call is not being billed, every event is not recorded on a time sheet, and that a global, rather than transactional approach is taken to inquiries. The role of the elder lawyer is akin to the traditional GP role – service is offered for a fee, but the relationship is intended, on both sides, to be long term, so billing and advice occurs in that context. Issues faced at this time of life include wills, estate management, retirement village purchases, aged care contracts, granny flats, loan agreements with children, elder abuse and financial coercion, and property sales and transfers. Elder clients are not files, not numbers
– they are people who are entitled to be treated with the dignity and respect accorded those who have built this country and are simply embarking on another part of their life journey. Don Macpherson is an elder law expert at Sunshine Coast Elder Law. Call 1800 961 622 or visit sunshinecoastelderlaw.com.au
SPEND THEIR INHERITANCE – THE KIDS ARE COOL CASH in on the kids’ inheritance and spend up big on retirement plans – that’s the message from new University of South Australia research that reveals older people are keen to spend their well-earned savings. And while it may seem like bad news for the younger generation, the research also confirms that the kids are just fine with this scenario, claiming that no one owes anyone anything. The surprising findings are part of a new study that explores contemporary attitudes towards wealth transfer taxation in Australia and showed that public resistance to inheritance and estate taxes may have declined in the 40 years since they were abolished here. Inheritance is the only major form of income that is untaxed in Australia – a person who works for their income pays tax on it while someone who receives a bequest is not liable for capital gains tax. Social policy expert, Dr Veronica Coram from UniSA’s Australian Alliance for Social Enterprise said the apparent decline in the bequest motive presented a significant opportunity for Australian tax
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reform, and a valuable chance to address social inequalities. “There’s nothing more certain than death and taxes but while people generally assume the combination is notoriously unpopular, our research suggests otherwise,” she said. “We talked to young adults and senior Australians and two-thirds thought Australia should consider reintroducing taxes on estates worth more than $3million, while only 1 in 10 were definitely opposed.” She said inheritances generally went to people who were already well-off and didn’t need them. “The Australian government needs to find ways to raise revenue to support increased spending demands generated by Covid, an ageing population, pressure on health systems and increasing environmental disasters,” Dr Coram said. “Reintroducing inheritance or estate taxation is a way of increasing government revenue, while reducing a key driver of inequality at the same time.” She said the findings reflected changes to social norms in Australia.
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