When considering options for yourself or deciding how best to help someone close to you, aged care is a complex area and requires careful thought. The uncertainty surrounding where to move, how much it will cost and where the money will come from can be overwhelming and stressful. Aged care decisions begin with understanding the role that funds play in the future for you and your family.
Things to consider before moving into aged care
The move to an aged care facility can be difficult to plan for both financially and emotionally. Everyone will have a different situation so you need to think about your overall situation -
- What up front costs will I need to pay?
- How much will I pay for ongoing care?
- How do I maximise my social security benefits?
- How can I afford to pay for ongoing care?
- Will I have something to leave for my family?
- How much tax will I need to pay?
- Do we keep the family home or is it better to sell it?
- What do we do with the family home if we decide to retain it?
- How much of the accommodation deposit do we pay and how do we pay the ongoing aged care fees?
How Nexia can help you
Moving into an aged care facility or helping a family member to do so, can be an overwhelming and confusing experience. Important financial decisions will need to be made during what is sure to be an emotional time.
If you are moving into care, or you have a loved one who is, Nexia can help. We can guide you through important Aged Care decisions by:
- Looking at ways to help you afford aged care costs and reduce fees.
- Structuring investments to help reduce aged care fees or helping you decide whether to sell / keep the family home
- Arrange your investments to maximise Centrelink entitlements, in the most tax-effective way
- Offer estate planning advice to ensure that your matters are left the way you wish.
Our specialist advisers take time to understand your goals, objectives and true financial position as there is much to be considered to ensure that you get the right balance between your assets, the cost of aged care and the impact on the Age Pension entitlement.
Our goal is to provide objective advice, based on your goals and objectives so you can make an informed decision. We work to structure finances, so that aged care costs are affordable now and sustainable into the future, giving you peace of mind and professional support every step of the way.
Speak to our Aged Care Specialists
Start your Aged Care planning with a complimentary consultation with a Nexia Specialist.
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