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It is absolutely not the law that money from the sale of your matrimonial home during your lifetime must or should be shared with your children. I also doubt the circumstances warranted the power of attorney being put into effect, but expect it will be simple for you to revoke it. Please consult a different lawyer to the one who assisted with the power of attorney as their actions may deserve scrutiny by the new lawyer. Look for a specialist in "elder law".

Personally I hope my mother spends every cent of her money living the best life she can. I can't comprehend "protecting my inheritance" and anyone who does this presents a major red flag. Could you not manage your own finances in future using a third party service to guide you with budgeting etc?

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How much money can I put into my bank savings account I'm on aged pension but told is $37,500 is deemed and needs to be included and will be taxed at 1.5 % but when. I don't own any property, have no self managed funds no investments, only $30,000 in super.

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Hi David,

You can read more about the Age Pension Asset Test here: https://www.servicesaustralia.gov.au/age-pension

Or you can phone Centrelink on 132 300 and out more about your options.

- Money team

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