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April 9, 2011

Baby Boomers Ripped Off By Their Own Kids (AUSTRALIA)


Baby boomers ripped off by their own kids
By Fiona Parker
7 April, 2011

Plenty of us are used to mum and dad helping out when we get into a financial rut, but what about those who go too far when their parents get older and are incapable of making their own financial decisions?

The State Trustees are seeing increasing incidences of financial abuse of elderly people, and predict more cases given Australia's ageing population and the relative wealth of the baby boomer generation.
Tony Fitzgerald is Managing Director of the State Trustees, a state government organisation that manages the estates and financial affairs of Victorians who can't do it themselves and don't have anyone to do it for them.
He recently joined Fiona Parker in ABC Central Victoria's studios in Bendigo.

"We believe, and this has been part of the research we've done in conjunction with Monash University, that potentially, up to 5% of people over 65 could suffer some form of financial abuse," he says.
"The research shows that the highest group are parents who suffer elder abuse at the hands of their children."
He says it can be subtle (like taking money from the purse) to transferring the title deeds of the house.
His advice is to get your financial affairs in order now.

Seek professional advice from your local solicitor or an accountant, and get 
an up-to-date will.

Have a listen to the interview by going to the Source Page.






SOURCE:     ABC.NET.AU
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