Elder Law: Protecting you now—and in the future
The term ‘Elder Law’ is an increasingly specialist area focusing on the needs of kiwis aged 65 or over—meaning; that as we get older and head into retirement, our legal affairs begin to take on new significance. This includes thinking about your future, long-term living arrangements, and what you leave for the coming generations. Fleur McDonald is an established expert in Elderly Services and Seniors Law and is a regular speaker for organisations such as the New Zealand Law Society, Age Concern NZ and Dementia Canterbury.
We’re here to look after you.
Many kiwis think planning toward retirement means wealth creation and having the money to live comfortably. But many kiwis do not fully appreciate how long-term aged care is funded in this country—particularly around the Residential Care Subsidy and asset testing. It can come as an enormous shock to know that if you, or your partner, go into long-term residential aged care (either in the form of a rest home or hospital-level care), and you have personal assets exceeding the asset cap—you may well be required to pay for that care. This cost may be significantly more than you think and can quickly erode the very wealth you worked so hard to acquire.
But the simple truth is—it does not need to be this way. You can avoid this situation by seeking the right legal advice and implementing some careful planning. And the sooner you start this process, the better. It is simply too late when an unexpected development such as being diagnosed with a serious illness forces these hard, life-changing decisions upon you. You will never be’ ready’—but you can be prepared.
Talk to us about how we can structure and protect your assets’ long-term.
Planning towards retirement
Buying into a lifestyle or care facility: Right to Occupy Agreements
For some, moving into an aged-care facility is a pragmatic decision based on health needs—and may be a necessity, not a choice. But for many kiwis, moving to a lifestyle facility is more about just that—lifestyle. By retirement, most kiwis have bought and sold at least one home and therefore understand the basics of property ownership in New Zealand. However, most lifestyle or retirement villages are sold under a ‘Right to Occupy’ arrangement—a foreign concept to many of us.
Pertinent to you and your needs—is having a complete and informed understanding of your rights and obligations under the Occupation Right Agreement which may extend to include reselling of your lifestyle unit after it is vacated. Do not let the salesperson sell you their version of something you do not fully understand.
We can explain the Occupation Right Agreement and its ins and outs in plain English.
Keeping what’s yours—in the family
You may be thinking about what you leave to the next generation or perhaps the generation after—your grandchildren? Now is the time to have these often difficult discussions. Our expert team can discuss your priorities with you regarding bequeathments. We can guide you through the process and draft a Will to ensure the right people in your world are looked after long after you are gone.
At Fleur McDonald Legal, we can assist you in drafting a Will that reflects your intentions—ensuring your assets go to the right people in your world.