Transitioning a loved one into aged care is an emotional and stressful time for all. It is important to be proactive and not reactive in these situations. Being proactive gives you more choice for the care of your loved one. A fall or sudden decline in health usually triggers the move into aged care which can often lead to rushed, not considered, financial decision making. It is a time of many questions. Should we sell the house? How can we afford care? What is a RAD and ACAT? How should we pay for the care? Where is the best place for my loved one? How do I complete an income and asset test?
An Aged Care Specialist Adviser helps step the family and enduring powers of attorney (EPA) of loved ones through the process. They help ensure that appropriate and considered financial decisions are made for the care of your loved one and their estate. They help you navigate the process, present you with options for types of care for your loved one and protect the estate through maximizing Centrelink or DVA and decreasing fees. Through making informed decisions, it is not uncommon that client’s finances can be improved by around $5,000 per year.
How Do Aged Care Specialist Advisers Help?
When putting a loved one into care there are many questions and issues you will face. An aged care specialise adviser can help you with a range on task including:
Minimising and structuring the fees to maximise entitlements
How are you going to pay the aged care fees? You need an effective strategy that protects your loved one and their estate. An aged cared specialist adviser can provide you with modelling on how structure the funding of the RAD, daily care and extra service fees.
What to do with the family home
An important and sometimes emotional decision is deciding what to do with your loved one’s home. We will help you consider all the influencing factors and help you make the decision that suits the circumstances and your family.
Liaising with Centrelink and maximising entitlements
An aged care specialist adviser can help you deal with the complexities of Centrelink including completing the assessment and checking results. They help make this an easier process for you, eliminating the need for you to be on hold with Centrelink for hours. They will look at the circumstances and develop strategies to reduce aged care fees. This helps cover ongoing bills and financially protect the estate.
Making informed decisions helps avoid costly mistakes. Aged care is a complicated financial area. Even small mistakes over the course of few years can add up at a substantial amount.
Advice on existing investments and estate planning
Are there investments purchased months ago or decades ago? Only an experienced adviser will understand these investments and how Centrelink will assess each investment. An aged care specialise adviser will help you structure the estate to protect for future generations.
What Are the Benefits Of Using An Aged Care Specialist Adviser?
Utilising the expertise of an aged care specialist adviser delivers many benefits. Not only can they provide advice that could stop you making costly mistakes they can also:
Provide peace of mind – giving you confidence in your decisions, knowing you made informed decisions for your loved one.
Maximise funding – they can develop a plan which will help maximise the funds available to provide the best care for your loved one.
Deal with Centrelink – Centrelink can be a confusing and frustrating network to navigate. An aged care specialize adviser can help remove this hassle by handling this process for you.
Provide guidance – an aged care specialist adviser can help guide you on your fiscal responsibilities as on Enduring Power of Attorney.
If it looks like you will need to transition a loved one into aged care within the next 12 months contact Aged Care Specialist Adviser Gary Watson at Elliot Watson Financial Planning 02 4038 1623.
The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position, and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author. Elliot Watson Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.