Grey Power March 2017

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24 NATIONAL GREYPOWER MAGAZINE » NOVEMBER 2016 Financial future – something to think about Suzanne Baldwin is the co-owner of ImPower Limited, a truly independent fee based financial advisory practice. Suzanne is an Authorised Financial Adviser and Certified Financial Planner (CFPCM) and her disclosure statement is available free of charge on request by emailing Suzanne at suzanne.baldwin@impower.nz or by calling her on 027 274 9756. Our children’s children are living in a world where debt is becoming the norm and the hope of ever owning a slice of New Zealand ‘paradise’ is becoming more of a pipedream. It’s not surprising really - just look at the country’s high house prices and the stu- dent debt ‘noose’ that the younger ones are facing. This worry about the future generations has been a discussion point with a number of our older clients. They are usually pretty confident that their own children are reasonably placed finan- Our Home is Your Home cially for their future but they are concerned about how the grandkids are going to fare and wonder what they can do to help. This is a tricky one as every family dynamic and circumstance is different so it’s not a ‘one size fits all’ approach. If this is something you’ve been pondering, here’s just some of the considerations I think you should keep in mind: 1. Fairness • Is treating every grandchild the same, an issue or priority for you? • How can you treat them fairly when each one is so different? • Would there be any issues of fairness with your own children? • Would it cause any family disharmony? 2. What would you like to do for them? a. Define how you want to help them? b. What can you reasonably afford to do? 3. Age of the grandkids a. Would the grandkids’ age affect the purpose of why you would be doing it? b. Would you put any age restrictions? 4. and/or limitations a. Are you going to specify a purpose? b. What, if any, limitations would you impose? c. How can you monitor it? 5. Structure a. Is this a formal or informal arrangement? b. Does each of your children know what every grandchild is getting? c. What if the grandchildren are a little older and have partners? 6. Location a. What if your grandchildren are spread across the globe? 7. You a. How does this affect you financially now and in the future? b. Would there be any gifting consequences? c. If you have a partner – are they on the same page as you? d. What if your partner is not the biological grandparent? 8. How involved in the process do you want your own kids? a. Do you want and trust your kids to manage whatever you decide to do or do you want to do it yourself? b. Are there any pride factors to consider e.g. would your children get offended if you helped financially? When support is required to continue living life to the full, Radius Care aims to make the transition into aged care as smooth as possible. New Zealand owned and operated, our Kiwi values ensure residents are important beyond their medical needs. It’s also about providing the best lifestyle possible, supporting their hobbies and interests, and making our home their home. Bowling championships, baking, woodwork and outings illustrate the variety of activities on offer. The seven-day activity rosters mean our residents continue to enjoy their passions every day, all the while surrounded by family and friends who can spend time with loved ones and remain an integral part of their lives with 24-hour visiting. If you have any questions or would like to know more, please feel free to pop into any of our facilities nationwide. Call 0800 737 2273 or visit www.radiuscare.net.nz Leaders in Care 9. Knowledge a. Would you like the grandkids to know how you helped? b. Would they actually be grateful? As I mentioned above, it’s very tricky. There is no right or wrong and in some cases there maybe a number of options and a number of competing factors to consider. You don’t have to do anything but if you do consider doing something, it’s extremely important to ensure that you do not compromise your own situation, welfare and standard of living now or in the future in the process. Please take up ImPower’s monthly quiz challenge found at www.impower. nz. All correct entries go into the draw to win a fantastic gift basket valued at more than $100. This article is of a general nature and is not personalised financial advice. Time to join Grey Power Electricity Check in with your association
NATIONAL GREYPOWER MAGAZINE » NOVEMBER 2016 25 Money Chatter ‘You don’t know what you don’t know’ Tony Walker is the co-owner of ImPower Limited, a truly independent fee based financial advisory practice. Tony is an Authorised Financial Adviser and Certified Financial Planner (CFPCM) and his disclosure statement is available free of charge on request by emailing Tony at tony.walker@ impower.nz or by calling him on 021 656 223. I have heard this saying many times over the years and it often makes me think about the risks people take trying to do things that they don’t really understand. This can apply to physical things like fixing a leaky tap or a broken window – or to services such as getting the right tax advice or making sure that a legal document is properly checked. Recently I was asked to help a gentleman (let’s call him Bill) whose wife had just gone into full-time residential care – and he was making an application to Work and Income for the Residential Care Subsidy. He had battled his way through the form, had a telephone meeting with Work and Income, and then had his application declined – because he had too many assets. Interestingly, he wasn’t offered any guidance. Needless to say, Bill “was not amused”. Bill had obtained information from the Ministry of Health website about such matters as Asset Testing and Income Testing – but he didn’t really understand the information so it made it extremely difficult for him to complete the application. in fact have assets above the threshold – but by accurately reporting the situation and maintaining communication Maintain Your Freedom Quality products delivered to your door. with Work and Income, they would be eligible to reapply in four months’ time. This was a huge relief as Bill was under the impression that his wife might never be eligible. We know that government departments are not easy to deal with. But by being aware of your rights and entitlements, you can be much more confident in your dealings with them – and you will have a much better chance of having a fair outcome – without your blood boiling. So consider reaching out for advice. We are happy to offer such a support and ABENA ABRI-SAN PREMIUM 1A Anatomically shaped pads for those with lighter incontinence. advice service. And we can extend this to setting up an ongoing advice relationship so that, whenever you need some help, you can pick up the phone or send us an email. Often it is better to get someone to help you fight your battles – even if there might be a cost for that support. Please take up ImPower’s monthly quiz challenge found at www.impower. nz. All correct entries go into the draw to win a fantastic gift basket valued at more than $100. This article is of a general nature and is not personalised financial advice ABENA ABRI-FIX SUPER PANTS (M,L,XL) Designed to provide superior pad ixation. Pack of three. $10.40 $10.00 By being aware of your rights and entitlements, you can be much more confident in your dealings with them – and you will have a much better chance of having a fair outcome – without your blood boiling. A couple of examples will demonstrate what I mean. Bill had provided information in the application form about life insurance on his life and on his wife’s. The amounts were relatively small – no million dollar policies – but by reporting the information incorrectly, Bill presented a worse situation about his assets than was in fact the case. The other area which Bill did not understand properly was in the area of gifting. Back in 2012 when Gift Duty was abolished the Ministry of Social Development significantly tightened up the rules on gifting in the period of five years before lodging an application. Bill and his wife had made some gifts to their daughter over these years. This gifting was challenged by Work and Income staff which frustrated and angered Bill largely because he didn’t fully appreciate the rules. Such a reaction invariably produces a worse outcome – and heightened stress levels and blood pressure! When we ‘ran the numbers’ for Bill we found out that he and his wife did Our easy-to-navigate website offers an extensive range of medical equipment, healthcare products, and incontinence products all aimed at assisting you with your daily living. ALL PRICES INCLUDE GST SHIPPING COSTS APPLY DELIVERY IS ONLY 3-5 DAYS PRODUCTS DISCREETLY PACKAGED ABENA ABRI-FLEX PLUS Super soft and secure incontinence pull-up pants. MEDIUM - $24.20 LARGE - $28.20 X LARGE - $33.90 VIKING SHOWER STOOL Provides stability and support while showering. $120.99 MOVERE FOLDING WALKING STICK T HANDLE Move conidently with our height adjustable and easy to store walking stick. $51.99 NORDIC SHEEPSKIN HEEL PROTECTOR Minimises pressure and provides light support. $79.99 CALL OR VISIT OUR WEBSITE 0800 213 313 www.radiuscareonline.net.nz
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Grey Power March 2017

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