With the government making a statement about having a plan to tackle elder abuse by the end of 2018, are they biting off more than they can chew? See the following full media release by Peter Tyndall. published in part in the West Australian 26 February 2018.
Media release 22 February 2018
Timing for elder abuse reform ambitious- The need is to reduce the incidence of elder abuse right now
Whilst the Federal Government’s National Plan for tackling the issue of elder abuse is welcomed by peak bodies, the goal of addressing this by the end of 2018 is ambitious. Complex areas such as banking and legal reform are difficult to implement and the risk remains of over regulation which can create “gates but no fences”. Perpetrators of elder abuse find new ways to get around rules and regulations whilst genuine support is hampered by increasing red tape.
Peter Tyndall, the founder of the ElderPlan retirement management system asserts that, whilst it is inherently impossible to eliminate risk of elder abuse there are ways people can immediate identify risk factors of being exposed to elder abuse now or in the future so that practical strategies can be put in place to address or mitigate the risk. The strategies can be adopted by the elderly themselves (if capable), their family, advisors or organisations, using established online systems, processes and tools.
If the elderly are in a relationship, and both are capable, then they should each undertake the planning and compare results. This is especially necessary to prevent risk of elder abuse in the future.
This is how an online process driven systematic approach works;
Step 1. Complete an evaluation. It should address facts and feelings relating to current circumstances and provide a personal profile about how the person thinks and makes decisions.
Each aspect of the evaluation should identify a higher or lower level of risk to being exposed to elder abuse.
Examples of areas that should be addressed are:
Relationship status, family dynamics, accommodation, decision making, engaging others and anxiety.
The higher the risk the more important the need for a plan
Step 2. Complete specific planning components
The specific planning components build on the evaluation and should identify what steps have been put in place to deal with management of all financial and estate matters, health and wellness, roles and responsibilities and care and support. The components should address risk and cover both current and future scenarios.
For couples, compare the level of knowledge by each partner. For example if one partner has a high level of knowledge over financial and estate matters and the other partner very little knowledge, the partner with little knowledge is very exposed should something happen to the other partner.
Understand what you do and don’t know and address important areas where there is lack of knowledge or planning
Step 3 Develop your support network and put controls in place
Compile a list of all the people such as family, friends, advisors and service providers who are trustworthy, skilled, willing and able to assist.
Engage in frank discussions and make formal arrangements with those people and ensure those people are able to gain access to necessary information and records they need to properly administer your affairs. Ensure the help covers the emotional, physical and financial needs that are needed or may be needed.
Understand what people are willing to do and not willing to do.
One child of a client said openly, “I love you dad, but I’m not going to be the one that wipes your bum for you”.
In situations where other people have access to your money, assets or information, it is important to ensure there are sufficient controls in place to protect the information and assets from being used in a way other than intended. Make sure technology matters are addressed as this is a two edged sword in that it makes planning easier but also involves more risk.
This can be tricky, so it is always advisable to seek expert advice on this.
Expert advice and controls greatly reduce the risk of elder abuse for vulnerable retirees.
Step 4 Keep the plan up to date
Review the plan regularly to make sure it remains functional. Trigger health events or changing family circumstances can mean important changes are required so the plan is still effective. One example was a client who appointed her son as her power of attorney. When we reviewed her estate planning she realised that her son wasn’t available as he had been transferred to Kazakhstan for work.
Review circumstances regularly and update planning where required