The best way forward is to initiate conversations and talk through the options together.
If you have elderly relatives, you may be faced with deciding the best ways to support them as they age. When families have not anticipated the need for extra care, it could lead to making uninformed decisions under time pressure. Having a clear picture of what’s involved is crucial to protect everyone’s best interests.
Our Advisers can help you to:
- Effectively plan aged care options whilst considering superannuation arrangements, assets and debts, Centrelink pensions and aged care entitlements
- If residential care is required, make sound financial decisions around accommodation bonds or other charges which may impact pensions or aged care fees and tax
- Understand the impact on pension entitlements and ensure the money lasts as long as possible
- Consider power of attorney options and review estate planning arrangements
- Work out a plan to fund future costs
Many people want to stay in their own home for as long as possible, but deciding on the right living environment goes hand-in-hand with considering the financial implications of each solution. Aged care costs depend on the type of care required, and it’s a good idea to talk to one of our Financial Advisers about your – or your parents’ – personal circumstances.
"I want to help my parents build a clearer picture of the choices available to them."
To discuss how we can help you prepare for aged care, get in touch today.