Financial abuse of the elderly is on the rise, particularly during pandemic lockdowns. Retirees with houses, superannuation and other assets are an attractive target for greedy relatives or swindlers.
Lawyer Katie Binstock is seeing more older people who have been cheated out of their savings and homes or been forced to change their will or other legal documents against their best interests. A lawyer at McInnes Wilson, Binstock specialises in elder and succession law.
With 16% of the population aged over 65, it is a hidden crisis, says Luisa Capezio, aged care adviser at Phillips Wealth Partners. The perpetrators are often family members, according to a Seniors Rights Victoria study, which found around 73% are sons, daughters, sons-in-law or daughters-in-law. Around 10% are intimate partners. Others are friends, neighbours or carers.
Elder abuse often occurs in the privacy of homes and the perpetrators are secretive about their behaviour until there is a crisis, such as the older person needing to fund aged care or pay their bills.
Kicked out of home
Take the case of 82-year-old Rose, who entered into a financial arrangement with her son, John. Rose signed over 40% of her home in return for John moving in to take care of her and pay all the bills. Rose moved into a flatette at the back of the house. When John got married, his new wife gave him an ultimatum: “Your mother has to go.”
In the meantime, John asked Rose to sign documents that, as it turned out, transferred the whole ownership of the house and other funds to him. When the bills started mounting, Rose realised John wasn’t paying them, which was part of the agreement. She was confused and overwhelmed. Then John told her she had to leave the house.
Denne historien er fra November 2021-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 2021-utgaven av Money Magazine Australia.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
