Aged care financial advice: what to consider

The aged care journey can be confusing and stressful. Getting the right aged care financial advice can make the world of difference.

There are several things you need to consider, including structuring of assets, income and fees.

You need to take into account you or your family members estate intentions, personal preferences and the quality of care required.

You need to consider your personal circumstances and wishes, then take a look into the following areas:

• Asset Structuring – Do you really need to sell the family home? Should some or all of the accommodation cost be paid as a lump sum? Do you qualify as a low means resident?
• Cash Flow Analysis – Understanding changes in expenses, managing access to ongoing income, financial implications of other family members remaining in the home.
• Centrelink and Department of Veteran Affairs (DVA) – We can help you navigate income and and asset tests, exempt assets, Aged Pension.
• Estate Planning – Will the aged care decisions made have an impact on the estate intentions?  Are your estate intentions up to date?

It can be beneficial to work with an aged care specialist to help you gather all the correct information.

At Vincents, our aged care specialists can help you make informed decisions that are tailored to your individual requirements.

There are many different considerations and implications for each of the aged care options, and it takes time to find the right one for your circumstances.

With changing legislation and rulings, it is important that you have the most up to date information to make informed financial decisions for yourself or your family member’s future.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to your circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

Vincents Private Wealth Pty Ltd ABN 63 658 402 021 is a Corporate Authorised Representative of Vincents Advisory Pty Ltd ABN 79 125 596 349 AFSL No. 320580