In this first episode of the new 2025 series, Shelley delves into the critical issue of elder protection within SMSFs. With alarming statistics from the AIFS National Elder Abuse Study revealing significant incidents of elder and financial abuse, the episode highlights the urgency of safeguarding elder SMSF members. Special guest Louise Biti, Director of Aged Care Steps and a seasoned expert with over 25 years in the industry, shares her invaluable insights and strategies to address these pressing challenges.
(00:30) Understanding Elder Abuse in SMSFs
(01:01) Meet Louise Biti: Aged Care Expert
(03:32) Personal Insights on Retirement Planning
(04:47) Challenges of Navigating Aged Care for Parents
(06:42) The Role of Advisors in Aged Care Planning
(11:59) Red Flags and Cognitive Aging
(17:14) Elder Abuse in SMSFs: Risks and Realities
(23:31) Inheritance Impatience: A Form of Elder Abuse
(25:47) Supported vs. Substituted Decision Making
(26:46) Role of Enduring Power of Attorney
(27:24) Handling Subjective Decisions
(28:36) Supporting Decision Making
(29:24) Dealing with Elder Abuse
(31:04) Understanding EPOAs
(33:16) Appointing an EPOA
(36:31) Joint EPOAs: Pros and Cons
(38:24) New Aged Care Act and Financial Implications
(42:31) Importance of Professional Advice
(44:35) Real-Life Elder Care Scenarios
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