Financial Advice for Aged Care
Moving into residential aged care can be a complicated and stressful process. There are a number of issues to consider depending on the level of care needed, the length of stay required and a person’s current level of assets and income.
If either you or a loved one is facing the possibility of moving into aged care, the best place to start is by making sure you understand all of the options available to you. This is where good financial advice can help. With the right advice you can be sure you will achieve the best possible outcome in relation to fees paid and age pension entitlements received.
Plan ahead of time
The sooner you start planning for the move into residential aged care the better. Thorough pre-planning allows better outcomes to be achieved by not only you, but your family too.
Family members, such as your spouse or children, are often directly or indirectly impacted by the decision to move into residential aged care. This is why it is often a good idea to include family members in the planning process. It allows everyone to prepare for the potential financial impacts ahead of time, which may reduce the burden placed on them in the future.
What are some of the things you need to consider?
While everyone’s situation will be different, some of the common aspects you might need to consider include:
1. Cost of aged care
2. The family home
3. Managing cash flow
4. Estate planning
Why talk to Centric Wealth?
At Centric Wealth, we have a team of experienced financial advisers who understand the complexities of residential aged care, and who will work with your other professional advisers to help you achieve the best outcome.
More than that, we understand the importance of involving your family throughout the discussions to reduce the emotional and financial impact for everyone involved.
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