Author: Rosie Copp
Deciding to enter aged care, even as a couple, can be a confronting journey full of change. When couples decide to enter care together, they can seek out the support of a qualified Aged Care Financial Planner to navigate the unfamiliar process, endless paperwork and complex decision-making with them.
Advice that couples commonly receive is that they must stagger their entry date into aged care in order to minimise aged care costs. However, this is not true in all cases and making the decisions without completing due diligence can end up costing you more in aged care fees.
In addition, there are often estate planning matters that need to be reviewed to ensure that any changes to the Estate are reflected in the Wills and that the Estate is managed in the clients’ best interests.
We recently had an example whereby clients were advised to stagger their entry into care by numerous sources. It wasn’t until we reviewed the numbers that we were able to identify that staggering the entry dates would have cost the couple potentially $177,369 more in their accommodation deposit!
In addition, there were significant issues with each of the parents’ Wills which would have resulted in increased aged care costs, reduced pensions and two children not receiving their inheritance as per their parents’ wishes.
Qualified Aged Care Financial Planners are there to understand the rules and regulations around Residential Aged Care and make the complex simple for our clients. We will run the calculations, guide you through the workings, review your Wills, ensure that we optimise your pension entitlements and reduce your aged care fees wherever possible.
Aged Care Advice is advice you can’t afford to ignore. If you or someone you know is entering Aged Care as a single or couple, receiving professional advice from a qualified Aged Care Financial Planner is crucial to ensure you have peace of mind knowing that you or your loved one have quality of life in appropriate care, achieved with financial efficiency and peace of mind knowing there is a financial strategy to take care of the future.
DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.