Wealth Connexion how you can protect your joint assets if your spouse enters aged care
If you’re in the process of moving your spouse into aged care, you may be concerned about protecting your joint assets in order to safeguard your financial stability. Protecting your wealth during this process is essential to ensure a secure future for both you, and your spouse entering care. Keep reading to learn our aged care financial advice for ensuring that your wealth is not depleted unnecessarily during this tricky, and often stressful, time.
Financial Assessment and Planning
A great deal of financial planning is necessary in order to ensure that your assets are properly protected. In this process, you should develop a deep understanding of your current financial position, and investigate avenues that could potentially help remove some of the financial burden associated with aged care. Government subsidies can be a helpful option to explore in order to avoid excessive costs. If you’re unsure what subsidies you and your spouse are eligible for, contact Wealth Connexion for expert aged care financial advice.
Review Ownership and Control
Another necessary step in protecting your assets is to review their current ownership and control. For instance, depending on the situation, it may be beneficial after this review to transfer the ownership of larger assets (such as the family home) to yourself, or other family members. Before making any transfers, however, it’s crucial to seek professional financial advice, as well as legal advice.
Utilise Testamentary Trusts and Wills
Another option for protecting your assets is to establish a testamentary trust in a will. This strategy can provide flexibility in managing your assets to potentially minimise the impact of aged care fees. In general, it is wise to update your and your spouse’s wills as necessary to reflect your current circumstances.
Be Cautious Explore Gifting and Loans
Reducing your number of assessable assets through gifting and loans can be an attractive option in order to try and qualify for more government subsidies and financial assistance. However, there are incredibly strict rules when it comes to gifting assets, and if it is done incorrectly, can lead to penalties. When exploring gifting or loaning, it’s always best to seek out expert advice in order to avoid fines.
Deciding the best steps forward financially when your spouse enters aged care can be challenging, so it’s always best practice to consult with an expert. The Wealth Connexion team are experienced in providing comprehensive aged care financial advice – get in touch today.
