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What Is Aged Care Financial Advice?

What Is Aged Care Financial Advice?

A transition to aged care can be difficult to plan, both financially and emotionally. On top of that, knowing what to do with your finances can be even more overwhelming as you ponder a new future.

Aged Care Finance deals with a financial plan that is often complex, a little rushed and difficult to understand. That’s why it’s important to find Aged Care Finance advisors that have your best interests at heart and who will find the best way for you and your family to step into your new future.

What is Aged Care Finance Advice?

Quite often the decision is sudden to send a loved one into an Aged Care facility. Aside from finding a suitable facility, there is then the huge financial burden to be considered.

Aged Care often involves costly fees and large bonds (lump-sum payments, commonly $250,000 - $450,000) needing to be discussed and agreed upon by family members. As well as the sale of homes and consideration of powers of attorneys there is generally there is a perception that fast decisions need to be made.

Aged Care Finance Advice will help you to make these quick decisions well. When trying to choose the best care, ensuring that you make the right decision will depend on a multitude of complicated factors.

To help you navigate the Government’s system as well as come to professional mutual agreements with your family, get some outside help. That is essentially what we’re here to to . . . Find the best way for you!

Here is how we help . . .

  1. Determining whether you or your loved one are eligible to enter into an aged care facility and what level of care they need (such as high level care – also known as a nursing home). This is established via assessment by an aged care assessment team (ACAT).
  2.  Liaising with specialist advocates who can help source the appropriate location and facility.
  3. Helping you gain an understanding of the aged care fees applicable to your aged care facility – upfront and ongoing.
  4. Navigation of the impact that entering an aged care facility will have on you or your loved one’s financial situation and age pension entitlements.
  5.  Reviewing and possibly restructuring you or your loved ones financial position to minimise upfront and/or ongoing costs, tax if applicable and maximise the Estate.
  6.  Ensuring that you have sufficient cash-flow to fund the aged care fees and costs (for example ongoing maintenance of the former family home).
  7.  Determining how long your money will last and create a plan to improve this.
  8.  Determining the order of investments to be sold to fund costs to minimise tax.
  9. Revising your estate plans and important legal documents (such as an enduring power of attorney) that have been granted to your immediate family, close relative or friend.
  10. Helping mediate any financial disputes or queries you and your family may have about the future.

If you are aware that Aged Care will be needed for your family member in the near future we advise that is best to start planning soon! To get the ball rolling with Aged Care Finance Advice contact Balance Aged Care Specialists today.

Posted: 12-Jun-2014. Author: Jordie Cox


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