Whether it’s for yourself or an aged parent, the overwhelming amount of information to do with aged care can be confusing. Where possible it’s important to plan ahead of time as your decisions can have important emotional and financial consequences. Good financial advice can help you to understand the options available to you and answer some of your questions, including:

 

  • Should I keep or sell the family home?
  • What if only my partner needs to move to an aged care facility and I want to stay in the family home?
  • Can I access the type of care I want?
  • Will I be able to afford my preferred type of care?
  • What am I expected to contribute?
  • Can I receive care in my own home?
  • What will impact on my pension entitlements?
  • What estate planning should I have in place?
  • Can I gift money or assets to my children?
  • What fees and charges will apply to me?

Moving into a residential aged care facility is a process that ideally starts many years before you need to make a decision. The first step should be to have a family conversation and discuss your ongoing and future needs.  This is also a good time to talk about your Will, Financial and Medical Power of Attorney and your end of life wishes. Having the necessary legal documents drawn up as well as being clear about your wishes can help prevent future arguments and make it easier for your family to make decisions on your behalf if you no longer can.

The next step is to sort out your finances. You can also start investigating different residential options as well as home care support services to see what’s available in your area. If you don’t already have a financial adviser, you should consider speaking to a professional to advise you on your financial strategy. They will take into account your assets and liabilities, income streams and whether your cashflow will meet your living expenses. They will also look at your family home and superannuation options as well as capital gains on any investments that may be sold.

Contact ActonFinancialPlanning and speak to one of our friendly advisers if you need help with understanding your finances and residential aged care.

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