Whether it’s for yourself in latter years, or for a parent who’s finding it difficult to live independently, decisions surrounding aged care often have great emotional and financial impact.
There are always questions around finding the right balance between preserving capital for the family and ensuring ongoing income for the individual concerned. And then you need to give thought to minimizing tax and maximizing Centrelink assistance.
The decisions are difficult at best and complicated by the highly emotional nature of the situation – family wanting what’s best for their loved one and an elderly person holding on to their independence.
It truly makes sense to seek out assistance from a professional financial advisor. Not only does it relieve some of the burden but you can also rest easy knowing that you’re making the best financial decision for all involved. And advice from an independent third party backed by sound financial knowledge may well be a solution that’s acceptable to all.
When it comes to the family home, it’s often advisable to hold on to it as an investment for a period of time. It can be used to fund the cost of aged care and will also ease the transition to a retirement home.
Of course, every family and every individual’s situation is different so if you need assistance in planning for entry to aged care. Please give us a call on 02 8188 0148 (Sydney) or 0414 583 558 (Kingscliff).