Plan for the later years of your life and enjoy them while knowing your family and loved ones will be taken care of exactly how you want them to be.
Retiring and getting older
As you get older and launch into another phase of your life, your needs understandably change. Planning ahead is extremely worthwhile, in order to make sure that you and your loved ones are set up the way you wish, and that you approach your older years with a degree of comfort and confidence.
There are many legal issues that affect the elderly. Fleming Law can help you to make important legal decisions concerning your future so that you can enjoy your later years with total peace of mind. We can also assist you to resolve any legal disputes along the way such as those relating to superannuation or personal incidents like age discrimination.
What should you consider when planning for old age?
Retirement - how will you support yourself? Is your superannuation fund set up in the best way to benefit you in your later years? When can you draw on your super? If you were an owner or Director in a business, do you have an Exit Plan in place so that when you leave you do so in the best financial position you can?
Residence - where do you intend to live? What if your needs change? Should you decide or need to enter an Aged Care facility or Retirement Village, what laws do you need to be aware of? Will you meet the eligibility criteria for the Aged Care facility of your choice? Can you plan ahead so that you do? Seeking contractual advice before you commit to enter into an Aged Care facility or Retirement Village will help to ensure that you are fully informed and less likely to have issues in the future.
Health issues and support - who will handle your affairs if you are unable to do so yourself in the future? Have you considered a Power of Attorney to handle your financial affairs? Or an Enduring Guardian to make personal decisions for you in the event that you can’t?
Estate planning - have you written a Will setting out who will inherit your assets? Do you have any strategies in place to ensure that your wealth is optimised and protected such as a family trust or testamentary trust? What will happen to your superannuation entitlements when you die? Have you considered making a Binding Death Benefit nomination to plan for what will happen to your super?
Insurance - Do you have life insurance, or any other type of insurance that protects you in the event of certain situations that may befall you in later life? Does/should your superannuation fund own your insurance to allow for the best tax benefits?