If your Mum had to move into an aged care facility today then what is the solution?

If your Mum had to move into an aged care facility today then what is the solution?

 Yes it generally or frequently happens before you are ready.  The instinctive reaction to sell the house may not be the only solution to the funding requirement.

 Norman  advised us whilst watching the AB win that ‘the RE agent cost 18,000’. I.e. not selling the home is a big saving itself.

Questions that you might ask yourself include.

·         How will the accommodation bond or charge be funded?

·         How much are the ongoing costs & how will they be funded?

·         Is the family home to be retained or sold.

o   [We were advised by Garry many years ago that ‘the best place to buy a property was thru the Public Trustee’ as the children wanted their share fast & were quite prepared to drop the price]

·         Can the family home be rented out?

·         Are investments to be sold ?

·         Is a reverse mortgage appropriate?

·         Can the family contribute to the Costs?

·         Is it important to keep the pension benefits & are there strategies to keep the benefit?

·         What are the tax implications when moving into aged care?

·         How important is it to preserve  current assets?

·         Has a will & Powers of Attorney been established & maybe reviewed.

·         Has a superannuation or pension death benefit nomination been established or reviewed?

·         Are there strategies for funding care now & in the future?

Yes over one  million older Australians are currently in some form of aged Care or support each year & this number is only growing bigger.

These costs can be very high when moving into & residing in an aged care facility & it is smart & wise to

·         Minimise these costs

·         Maximise social security benefits

·         Minimise taxx

·         Choose suitable investments

·         Plan for the distribution of their estate

As there were landmark changes proposed on 20^th Aril 2012 & to be implemented on 1^st July 2014 then you need to be very aware of the solution to your problem.

If you wish to know which of the 10 core strategies maybe the relevant solution to your problem

Then we welcome your call on 07 3848 1088 or email  or contact us through our website as we might save you that $18,000.

Our aim is for you to be at least better off with our advice than if you were to DYI.

 John McAuliffe