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The Forum > Article Comments > Keeping an eye on the Bank of Mum > Comments

Keeping an eye on the Bank of Mum : Comments

By Sarah Russell, published 8/5/2015

State Trustees Victoria report For Love or Money: intergenerational management of older Victorians' assets shows that women over the age of 80 are most at risk of financial elder abuse.

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Research Matters (my business) is currently documenting people's experiences of financial elder abuse. There are clearly many factors that contribute including a sense of entitlement, greed. If any OLO readers would like to share their experiences of financial elder abuse, please email researchmatters@comcen.com.au

Thank you.
Posted by Sarah Russell, Friday, 8 May 2015 5:42:04 PM
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This report is from 2011 but nothing has changed, so that makes little difference.

Its a pity that after all that effort the best they can come up with is, plan for you future and please donít steal other peoples money.

To balance a persons right to do as they wish and to protect them from abuse is very difficult to nigh impossible.

Having said that there needs to be an affordable and minimally intrusive way to protect elders assets.

We must do better.

BTW point 7. "Mum's current will cannot be changed".

Is wrong you cant just will wealth away to whom ever you wish.
Every State and territory has Family Provision legislation that allows the court to re allocate you estate as they think correct. chanfefpa.com.au
Posted by Troposa, Friday, 8 May 2015 9:55:40 PM
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Yes and so sad!

Perhaps if these little tin Hitlers had spent a few years in an orphanage, they might have valued mum and her life long sacrifices a little more.

Elderly females with a dictatorial son, need to be advised to take out an enduring power of attorney, while they still have all their marbles; and with someone they can actually trust.

Even where that remains just the state trustee!

This stuff invariably starts at a very young age, with spoiled little doted on brats reaching into mum's purse (perhaps led by dad's example) and helping themselves to the bread or milk money; and just to feed an unhealthy smoking addiction or worse?

Left entirely to me, I'd send these creeps on a paid trip to Bali or "somewhere" similarly disposed to drug trafficking. To pick up a (all reasonable expenses met) and to meet "company agent" Mr Black and retrieve from him some lost/left behind luggage? Invitation by a street wide mail drop and unholy natural greed?

Only to find themselves stopped at the departure gate, with a (it's not mine/lost luggage) locked suitcase load of heroin! It could find its way sealed inside several diplomatic bags?

And truly poetic justice for so called men, who verbally abuse or slap elderly female relatives around, just to get financial control!

You only need see this once as a kid to know you hate it and the perps for the rest of your life!

If they got a (Sorry dear, my mistake, I thought it was a bag snatching thief) justifiable knee in the nuts from a very displeased mum, with the very first attempt, there may have been no other?

I mean the best cure for a fire bug is a very small burn on a finger, when the (fire hurts) lesson can be learned while still young enough to impress/alter the action, before it becomes habitual!

Truly, we do have to sometimes be cruel to be kind!
Rhrosty.
Posted by Rhrosty, Saturday, 9 May 2015 12:27:43 PM
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Over some years of volunteering and talking with others who do the same I cannot say that financial abuse, especially by sons(?!), rates highly on the list of concerns among the usually part- or fully self-supporting elders I meet.

Studying one element in the absence of others is fraught with problems. What is that proposed research all about?

The first concern is usually loss of contact with family, mainly missing out on seeing the grandchildren and great-grandchildren and so often because of grand-parental alienation. There seems to be a growing trend of child and grandchild alienation.

The second main concern is unthinking policies, usually a result of economics displacing commonsense in government policy and lack of coordination between government agencies (include private, government funded direct or indirect) and levels of government. Include territorial fights in that too. -In any event there are many in government who need constant reminders that keeping the elderly independent in their family home of a lifetime makes damned good sense and is cheaper.

The third main concern is often loss of mobility, referring to the loss of independence through poor town and transport planning - which seem to be planned for workers in the prime of their lives without family responsibilities and definitely not for seniors.

I might leave it at that, while reminding all of some available policy, guidelines and advice,

http://www.seniorsrights.org.au/toolkit/toolkit/

https://www.qld.gov.au/seniors/safety-protection/elder-abuse/
Posted by onthebeach, Saturday, 9 May 2015 2:28:23 PM
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onthebeach

I appreciate that you may not have witnessed financial elder abuse when you volunteer with elderly people.

However, there is an abundance of research in both the academic and professional literature to show that financial abuse by a family member is the most common form of abuse experienced by older Australians (see Adams et al. 2014). The State Trustees Victoria identified sons as the most common perpetrators of financial elder abuse.

In the past few years elder abuse hotlines have been established around Australia. The statistics collected from these hotlines report that over 55% of cases identified financial abuse.

It is not only Australia that has a problem with financial elder abuse. The United States Government Accountability Office did an extensive study (2012). They also found high levels of financial elder abuse.
Posted by Sarah Russell, Tuesday, 12 May 2015 2:45:20 PM
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Sarah Russell, "..you may not have witnessed financial elder abuse when you volunteer with elderly people"

You misquoted me to set up a Strawman.

What about dealing with the points I raised?
Posted by onthebeach, Friday, 15 May 2015 1:33:25 AM
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