Wealth Connexions offers aged care financial advice on why planning for aged care is so important.
Wealth Connexions often have to encourage their clients to plan for aged care, since most will leave the decision-making until their loved one is in a hospital bed unable to care for themselves or their household. In this blog, we’ve outlined detailed advice to ensure that you and your family will be better prepared financially when aged care is needed.
Neglect Could Cost You
It’s ideal that all individuals, whether they have years or months to consider aged care, plan their retirement, will and estate as early as they can. This allows the loved one in question to be organised and have a better understanding of the potential costs of moving into an aged care facility, without the stress. By planning well in advance, the loved one or family may be able to discuss the will and the future of the current household. We understand that this process isn’t always easy, especially when the decision is put on the family’s shoulders. Wealth Connexion typically finds that families will choose to sell the loved one’s home to pay for their aged care fees.
This seems like the obvious choice and most families follow this route, due to their lack of planning and savings. The decision to move a loved one into care can be sudden and sooner than families have planned, which is why it’s so vital to plan well in advance and receive, specifically, aged care financial advice. Unfortunately, those who haven’t planned and don’t have money set aside will typically choose to sell the home. After the family pays for the accommodation fees for the aged care facility, in Australia, Centrelink is entitled to claim any additional money left over as an assessable asset. This is typical if the loved one moving into aged care has a significant amount in the bank. Centrelink is then entitled to take some or even all of the leftover money from the sold estate. At Wealth Connexions, we encourage all of our clients to plan for the future and understand the potential risks of their decisions.
Everyone Needs a Voice
Whether your family is struggling to negotiate or find the ideal location for their retiree, or if aged care facilities are simply being difficult, everyone needs that confident voice to guide them to safety. When seeking aged care financial advice, we encourage our clients to have multiple voices of safety and encouragement to ensure they’re getting looked after. The first voice should be a solicitor, who will be able to negotiate on your behalf and handle the fine details. There aren’t many people who read every single line of the Terms and Conditions, but solicitors will always ensure that you’re getting the best care and deal possible. They want to see you succeed for only a small fee for their time.
The second voice, who also help with the small details and smooth over the bumps that may appear during your family’s planning, is receiving aged care financial support, through companies such as Wealth Connexions. We can help manage your retiree’s family home, their investments, income, secondary properties and many more. At Wealth Connexions, specifically, we’re here to ensure that you get the best opportunity possible to manage your money and save every penny possible. Governments and aged care facilities can be sly with the way they include important details in fine writing, at Wealth Connexions we go over everything. It’s deeply important to us that your loved one is receiving the best quality of care while being stress-free and knowing that their money is protected.
