The Transfer of Intergenerational Wealth

"Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multi-nationals.

Shame about elderly people not having enough money for aged care."

Tom Gait, Retirement Village Residents Association.

Sunday, 8 July 2018

Things You Need To Know About Aged Care

An article in the Sydney Morning Herald by Rachel Lane of Aged Care Gurus sets out some very important distinctions between an Aged Care facility and a Retirement Village.

In the article Rachel Lane states:-

"The first lesson in this story is that retirement villages and aged care facilities are not the same thing. Retirement villages operate under completely separate, state-based rules, while aged care facilities operate under federal legislation. The rules governing their legal and financial arrangements are as different as apples and oranges.

Just because you are a resident of a co-located village doesn’t necessarily give you priority or make you the “next cab off the rank. "

This important story can be read in full here - https://www.smh.com.au/money/super-and-retirement/three-things-aged-care-rachel-lane-20180704-p4zpfa.html

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Function of Government

The role of government is to create an environment for commerce to function whilst at the same time protecting retirees and particularly vulnerable retirees from both financial and emotional harm emanating from that function.

The Victorian Retirement Villages Act 1986 provides the environment for commerce to function but fails to fully protect retirees from financial and emotional harm as a result of it.

The Victorian legislative definition of a retirement village in demanding the payment of an 'in-going' amount without the transfer of property ownership is a major contributor to that financial and emotional harm suffered by retirees.


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