Finding a way that works for everyone

is the principal at Conrad Law in Townsville, specialising in business and succession law CONTINUING to live in the family home as long as practicable, particularly where trusted offspring can give ongoing support, is for many in their later years the most important contributor to continuing happiness and peace of mind. Familiar surroundings and support from loved ones can maintain happiness, as health and mobility begin to falter. Recent personal experience and interactions with clients have reinforced for me just how important this can be.

Trusted offspring will look out for their parent out of love and sometimes a sense of duty. This comes with a burden however. How do you juggle the needs of elderly parents with the needs of your own immediate family, a full- time job and all the other complications and stress of a modern lifestyle?

A partial solution is to recognise that there are services available, both paid and without cost, to help elderly people stay in their home as long as possible. Often, paying for a degree of private support will be more cost- effective in the long run for the parents and their offspring than moving into retirement accommodation.

Granny flat arrangements between an elderly parent and one of their offspring can provide a powerful tool to help juggle the needs of each generation, while increasing retirement income. The value of the family home can be unlocked to fund the current needs of both the elderly parent and the offspring looking after them. These arrangements can be complicated and require careful planning to make sure that the interests of both sides are addressed and protected. Financial planning and legal advice from professionals who understand Centrelink granny flat rules, and with experience in advanced care planning, is critical.