3 days ago
Entitled generation: what adult kids are doing to ensure an inheritance
With the cost of living soaring and home ownership out of reach for many of the younger generations, some are hell-bent on protecting an inheritance they believe should be theirs.
Over a quarter of Australians are not sure if they will have enough money for their retirement, according to Finder and with the average cost of a house now $1.002 million across the nation, many are hoping an inheritance will save them.
But there are concerns an entitled attitude can lead to elder abuse and The Senior has already reported on "Inheritance Impatience", when family members pressure a person for early access to their money.
And as the cost of health care for pensioners is set to rise on November 1 and an entry deposit into aged care soared up to $750,000 on July 1, some beneficiaries are trying to cut down their parents' costs.
Council on the Ageing (COTA) NSW CEO Gohar Yazdabadi told The Senior the Government's changes to aged care mean that retirees will need to tap into more of their "savings, super and assets" so they can age "safely".
"We're seeing more instances of 'inheritance protection', where family members stop older people from spending money on care, so there's more left to inherit, which is clearly a form of elder abuse," she said.
"The idea that inheritance is a right, rather than a possibility, is shifting the dynamics of ageing."
Ms Yazdabadi said the rise in inheritance impatience is making families forget or not care that retirees need their money to live and age well.
"Older people are finding themselves in the difficult situation of having to navigate these expectations along with managing their own financial needs." she said.
Eastern Community Legal Centre Managing Lawyer in Elder Abuse Paul Were said the chances of elder abuse can increase when choosing someone to make your medical decisions if you are incapacitated - and they are also in the will.
"There's a chance that they might go and make bad decisions, potentially cheaper decisions, so they can try and retain their inheritance," he said.
"Some of those medical decisions might be things like how to prolong someone's life.
"If that person is also a beneficiary in the will ... they actually may benefit from the death of the person they're supposed to be caring for."
The Victorian lawyer said it is hard to know if someone you love and trust might make a decision in their favour to speed up their inheritance, and if retirees are unsure who to appoint, they always have the option to not name anyone.
The lawyer said the clients he usually sees are retirees who have discovered their adult children have been mishandling their funds.
"Taking money from their bank accounts," he said.
"Perhaps they're forcing them to sign documents against their wishes, or transferring their property into their own name."
The lawyer also said adding to the problem is when older Australians are being blamed for the housing crisis and the younger generation "develop a sense of entitlement" because they think they also deserve a house.
"There's really strong links between elder abuse and ageism," he said.
Mr Were did say that despite the risks, many parents feel a sense of "pride" knowing they will be able to gift an inheritance to their family members, which he thinks is "lovely".
"It's just the crossover when there's this expectation of that happening ... which is what often leads adult children to take advantage of their parents when they are deteriorating."
With the cost of living soaring and home ownership out of reach for many of the younger generations, some are hell-bent on protecting an inheritance they believe should be theirs.
Over a quarter of Australians are not sure if they will have enough money for their retirement, according to Finder and with the average cost of a house now $1.002 million across the nation, many are hoping an inheritance will save them.
But there are concerns an entitled attitude can lead to elder abuse and The Senior has already reported on "Inheritance Impatience", when family members pressure a person for early access to their money.
And as the cost of health care for pensioners is set to rise on November 1 and an entry deposit into aged care soared up to $750,000 on July 1, some beneficiaries are trying to cut down their parents' costs.
Council on the Ageing (COTA) NSW CEO Gohar Yazdabadi told The Senior the Government's changes to aged care mean that retirees will need to tap into more of their "savings, super and assets" so they can age "safely".
"We're seeing more instances of 'inheritance protection', where family members stop older people from spending money on care, so there's more left to inherit, which is clearly a form of elder abuse," she said.
"The idea that inheritance is a right, rather than a possibility, is shifting the dynamics of ageing."
Ms Yazdabadi said the rise in inheritance impatience is making families forget or not care that retirees need their money to live and age well.
"Older people are finding themselves in the difficult situation of having to navigate these expectations along with managing their own financial needs." she said.
Eastern Community Legal Centre Managing Lawyer in Elder Abuse Paul Were said the chances of elder abuse can increase when choosing someone to make your medical decisions if you are incapacitated - and they are also in the will.
"There's a chance that they might go and make bad decisions, potentially cheaper decisions, so they can try and retain their inheritance," he said.
"Some of those medical decisions might be things like how to prolong someone's life.
"If that person is also a beneficiary in the will ... they actually may benefit from the death of the person they're supposed to be caring for."
The Victorian lawyer said it is hard to know if someone you love and trust might make a decision in their favour to speed up their inheritance, and if retirees are unsure who to appoint, they always have the option to not name anyone.
The lawyer said the clients he usually sees are retirees who have discovered their adult children have been mishandling their funds.
"Taking money from their bank accounts," he said.
"Perhaps they're forcing them to sign documents against their wishes, or transferring their property into their own name."
The lawyer also said adding to the problem is when older Australians are being blamed for the housing crisis and the younger generation "develop a sense of entitlement" because they think they also deserve a house.
"There's really strong links between elder abuse and ageism," he said.
Mr Were did say that despite the risks, many parents feel a sense of "pride" knowing they will be able to gift an inheritance to their family members, which he thinks is "lovely".
"It's just the crossover when there's this expectation of that happening ... which is what often leads adult children to take advantage of their parents when they are deteriorating."
With the cost of living soaring and home ownership out of reach for many of the younger generations, some are hell-bent on protecting an inheritance they believe should be theirs.
Over a quarter of Australians are not sure if they will have enough money for their retirement, according to Finder and with the average cost of a house now $1.002 million across the nation, many are hoping an inheritance will save them.
But there are concerns an entitled attitude can lead to elder abuse and The Senior has already reported on "Inheritance Impatience", when family members pressure a person for early access to their money.
And as the cost of health care for pensioners is set to rise on November 1 and an entry deposit into aged care soared up to $750,000 on July 1, some beneficiaries are trying to cut down their parents' costs.
Council on the Ageing (COTA) NSW CEO Gohar Yazdabadi told The Senior the Government's changes to aged care mean that retirees will need to tap into more of their "savings, super and assets" so they can age "safely".
"We're seeing more instances of 'inheritance protection', where family members stop older people from spending money on care, so there's more left to inherit, which is clearly a form of elder abuse," she said.
"The idea that inheritance is a right, rather than a possibility, is shifting the dynamics of ageing."
Ms Yazdabadi said the rise in inheritance impatience is making families forget or not care that retirees need their money to live and age well.
"Older people are finding themselves in the difficult situation of having to navigate these expectations along with managing their own financial needs." she said.
Eastern Community Legal Centre Managing Lawyer in Elder Abuse Paul Were said the chances of elder abuse can increase when choosing someone to make your medical decisions if you are incapacitated - and they are also in the will.
"There's a chance that they might go and make bad decisions, potentially cheaper decisions, so they can try and retain their inheritance," he said.
"Some of those medical decisions might be things like how to prolong someone's life.
"If that person is also a beneficiary in the will ... they actually may benefit from the death of the person they're supposed to be caring for."
The Victorian lawyer said it is hard to know if someone you love and trust might make a decision in their favour to speed up their inheritance, and if retirees are unsure who to appoint, they always have the option to not name anyone.
The lawyer said the clients he usually sees are retirees who have discovered their adult children have been mishandling their funds.
"Taking money from their bank accounts," he said.
"Perhaps they're forcing them to sign documents against their wishes, or transferring their property into their own name."
The lawyer also said adding to the problem is when older Australians are being blamed for the housing crisis and the younger generation "develop a sense of entitlement" because they think they also deserve a house.
"There's really strong links between elder abuse and ageism," he said.
Mr Were did say that despite the risks, many parents feel a sense of "pride" knowing they will be able to gift an inheritance to their family members, which he thinks is "lovely".
"It's just the crossover when there's this expectation of that happening ... which is what often leads adult children to take advantage of their parents when they are deteriorating."
With the cost of living soaring and home ownership out of reach for many of the younger generations, some are hell-bent on protecting an inheritance they believe should be theirs.
Over a quarter of Australians are not sure if they will have enough money for their retirement, according to Finder and with the average cost of a house now $1.002 million across the nation, many are hoping an inheritance will save them.
But there are concerns an entitled attitude can lead to elder abuse and The Senior has already reported on "Inheritance Impatience", when family members pressure a person for early access to their money.
And as the cost of health care for pensioners is set to rise on November 1 and an entry deposit into aged care soared up to $750,000 on July 1, some beneficiaries are trying to cut down their parents' costs.
Council on the Ageing (COTA) NSW CEO Gohar Yazdabadi told The Senior the Government's changes to aged care mean that retirees will need to tap into more of their "savings, super and assets" so they can age "safely".
"We're seeing more instances of 'inheritance protection', where family members stop older people from spending money on care, so there's more left to inherit, which is clearly a form of elder abuse," she said.
"The idea that inheritance is a right, rather than a possibility, is shifting the dynamics of ageing."
Ms Yazdabadi said the rise in inheritance impatience is making families forget or not care that retirees need their money to live and age well.
"Older people are finding themselves in the difficult situation of having to navigate these expectations along with managing their own financial needs." she said.
Eastern Community Legal Centre Managing Lawyer in Elder Abuse Paul Were said the chances of elder abuse can increase when choosing someone to make your medical decisions if you are incapacitated - and they are also in the will.
"There's a chance that they might go and make bad decisions, potentially cheaper decisions, so they can try and retain their inheritance," he said.
"Some of those medical decisions might be things like how to prolong someone's life.
"If that person is also a beneficiary in the will ... they actually may benefit from the death of the person they're supposed to be caring for."
The Victorian lawyer said it is hard to know if someone you love and trust might make a decision in their favour to speed up their inheritance, and if retirees are unsure who to appoint, they always have the option to not name anyone.
The lawyer said the clients he usually sees are retirees who have discovered their adult children have been mishandling their funds.
"Taking money from their bank accounts," he said.
"Perhaps they're forcing them to sign documents against their wishes, or transferring their property into their own name."
The lawyer also said adding to the problem is when older Australians are being blamed for the housing crisis and the younger generation "develop a sense of entitlement" because they think they also deserve a house.
"There's really strong links between elder abuse and ageism," he said.
Mr Were did say that despite the risks, many parents feel a sense of "pride" knowing they will be able to gift an inheritance to their family members, which he thinks is "lovely".
"It's just the crossover when there's this expectation of that happening ... which is what often leads adult children to take advantage of their parents when they are deteriorating."
