Some of the legal issues baby boomers face in retirement

DEMOGRAPHER Bernard Salt says baby boomers make up a unique generation in history.

It is also a generation that has been labelled lucky and privileged.

However, the baby boomers worked hard and carried on the ideals and values of their grandparents who lived through the Great Depression, and had parents who survived World War II. Their industry, work ethic and attitudes carried through to the baby boomers.

The baby boomers are now retiring and are a fast-growing demographic. While this is mainly a time for them to relax, there remains many legal challenges to deal with.

Some of their challenges include:

1. Having an adequate will to ensure that their wishes are carried out and the estate is managed as they intend.
2. A loan to a family member. Is it documented? What happens when things don’t work out as intended, either with the lender or the borrower?
3. Many baby boomers desire to be part of a community when feeling lonely and isolated. Moves to a retirement village can allow them to become part of an active and engaging community – but what are they signing up for? Contracts are many, varied and complicated.
4. Contracts for an ‘over-50s resort’ – legally known as a manufactured home park or a land-lease arrangement. What are the legal pros and cons?
5. New disclosure rules for sale of the family home require legal consultation. It’s important to choose a lawyer in the elder law space.
6. Having to place a family member into aged care. What does the contract mean? And what about the upcoming changes to aged care?
7. Having to manage the estate of a deceased family member and not knowing what to do or how to navigate the complexities involved. This can become complicated and expensive if there is no will.

Sunshine Coast and Brisbane Elder Law offers in-person meetings, as well as video conferencing. Using video conferencing means family members in different locations can be directly involved in the discussions occurring with the client.

Sunshine Coast & Brisbane Elder Law specialises in retirement village purchases, and the selling of homes to fund that purchase. Contact the team on 1800 961 622 or visit brisbaneelderlaw.com.au or sunshinecoastelderlaw.com.au