In October 2022 (which ironically was ‘cybersecurity awareness month’), Australia experienced several major cybersecurity breaches (“hacks”), including Medibank and its subsidiary AHM, Optus, Woolworths and electricity provider Energy Australia.
Many other Australian and foreign companies – large and small – are all now among the household names that have fallen victim to a data breach.
How many things in your life do you manage or store on your computer, tablet, smartphone or online? Like many people today you probably access photos, videos, music, e-books, blogs, movies, emails, conversations, social media, games, bank accounts, medical records, and even your identity – all online.
All of these are called “digital assets” and they may be of financial or sentimental value to you and your family. They can be just as precious and important as physical assets that you can touch. They should be part of your general planning for what happens when you die or if at any time you are unable to manage your own affairs.
Approximately 10 per cent of older Australians are victims of financial or psychological abuse each year, typically from family and friends pressuring them to provide financially for others.
Many elderly parents do not report their concerns, out of a sense of family loyalty, or feelings of guilt, shame or embarrassment.
As we get older, we tend to be more trusting – particularly of those we have known for a long time.
The newsfeeds are full of horrific stories about residents in nursing homes being mistreated, ignored, threatened, assaulted and abused.
Another Royal Commission is taking evidence around Australia. Between 6 per cent and 20% of elderly Australians are abused by someone they trust according to recent research.
That won’t happen in my family
Are you sure about that? Even wealthy celebrities are not immune against elder financial abuse.
The last time Australia had a federal Labor Government, they commissioned a review of Australia’s tax system, and an inheritance tax was one of the key recommendations.
On 15 October 2009 the most senior tax-policy advisor to the Australian Federal Government, Dr Ken Henry (Chair – Australia’s Future Tax System Review Panel and Secretary to the Treasury) gave an Address to the Committee for Economic Development of Australia.
In that address he identified 6 areas of future opportunities and challenges governments will need to address in respect to taxation. At the very top of his list was: “the ageing of the population, posing challenges for the financing of retirement incomes and of increasing health and aged care needs”.
Families aren’t always easy. We’re bound to them by blood and history, circumstance and duty. We love them, and sometimes, if we’re really lucky, we like them too. We rarely get to choose them.
At some point in our lives almost all of us will experience some challenging times in dealing with individuals in our family.
It could be the consequences of dealing with misfortune such as illness or unemployment.
It could be your son’s unfortunate choice of girlfriend.
Maybe someone has an inflated sense of entitlement & expectation, or is lacking in appreciation for what you’ve done for them.
How many million-dollar lawsuits against homeless people do you hear about? None. That’s because lawsuits aren’t filed against poor people; they are filed against those with enough assets to make the expense of litigation worthwhile.
We all need to maintain an acute awareness of what can happen in ‘the modern jungle.’ None of us want bad things to happen to us and our families, such as bankruptcy, creditors, predators, gold-diggers, the ATO… but we need to keep our guard up against others who may not share our foundational assumptions of fair play and justice. Other, perhaps more aggressive ideologies, could run right over our sweet & trusting natures if we let them
It is important for every adult person to create an Advance Care Directive to maximise their independence, dignity and quality of life.
Personal values, religious and cultural preferences can be recorded for when a person loses the ability to make decisions about their own accommodation and healthcare, including end-of-life decisions.
You can save yourself and your loved-ones lots of time, money & grief by consulting a specialist estate planning law firm to help create and maintain your Estate Plan in Adelaide. By doing this, you will likely reduce the expense of the administration of your deceased estate.
