Moving into aged care can be a very daunting experience, whether you are organising this for yourself or for a loved one.
Financial advice can be invaluable as moving into aged care involves complex financial decisions and considerations. It often comes with significant costs and can impact a person’s financial situation and assets. Here are some ways we can help during this transition:
Understanding Aged Care Costs: We can explain the different costs associated with aged care, such as accommodation fees, daily care fees, and extra services fees. We can provide clarity on the fees and help you understand how they will impact your finances.
Aged Care Financing Options: We can explore various financing options to cover aged care costs. We may help you strategize how to use your savings, investments, and other assets to fund your care.
Maximising Government Benefits: There are government subsidies and benefits available for aged care. We can assist in understanding these benefits, such as the Age Pension, Commonwealth Home Support Programme (CHSP) and Home care packages.
Estate Planning: As moving into aged care involves significant financial and legal considerations, we can work with your estate planning lawyer to help you update your will, establish powers of attorney, and plan for the distribution of your assets in the future.
Tax Planning: We can help you with tax planning strategies to minimise tax implications associated with the sale of assets or changes in your financial situation due to aged care costs.
Investment Advice: If you have investments, we can provide advice on how to manage and optimize your investments to generate income while in aged care and for the long term. If you sell your home, we can also help you to invest any surplus funds so they are working for you, and can consider “Centrelink-friendly” investments.
Ongoing Financial Management: Moving into aged care is not a one-time event; it requires ongoing financial management. We can provide ongoing support, ensuring that your financial plan remains appropriate and responsive to any changes in your circumstances.
It’s essential to seek advice from a qualified and experienced financial advisor who specialises in aged care to ensure that you make well-informed decisions tailored to your specific needs and goals. The transition to aged care can be emotionally and financially challenging, and professional guidance can help alleviate some of the stress and uncertainty.
If you would like us to post you a free copy of our “Understanding the cost of Aged Care” booklet, please contact us, or you can download a copy below.