Our Services - Plan to plan ahead
The best approach to planning the financial aspects of entry to permanent residential aged care is to start the process well ahead of the expected date of entry.
“Plan ahead” is good advice. If you know that a family member is likely to need permanent aged care in the near future, seek professional financial advice immediately. Many things can be done to minimise the financial impact ahead of time. It is often very difficult to undo what an untrained person has done poorly once a person has entered permanent aged care.
If a member of your family is likely to need entry to permanent residential Aged Care in the next 6 months, the best time to contact us is right now.
We strongly recommend that you seek our advice before submitting the form SA 457. This form sets the basis for the initial variable Means Tested Fee (MTF) and it is often incorrectly completed. Errors can have a serious impact on Centrelink or DVA benefits too. If the SA 457 form is not submitted (and in the case of high net worth families this may be by choice) then the MTF is automatically calculated at the daily maximum of $416.05
“Plan ahead” is good advice………
Form SA 457
However, we are realists and recognise that most entries to permanent Aged Care seem to come from a medical crisis and the flow-on is the need for urgent entry to an Aged Care facility. We understand the pressure this places on a person's family members and we know that we can cope with this situation. We provide help when care is needed.
SO HOW CAN WE HELP?
We can provide you with selected services starting with simply helping you to complete the forms such as the SA 457, or even the entry application details for the chosen Aged Care Facility, right through to holistic financial advice including funding options, advising on strategic issues, tax effectiveness and maintaining the future value of the estate.
As a fee for service operation, it is possible for us to focus on a single task that you might find a bit daunting, multiple tasks or the whole lot.
The range is set out below:-
- Assist with paperwork including SA 457
- Analysis of current position including….
- Age & state of health
- Dementia?
- Will someone continue to live in the home?
- Spouse/partner
- Carer
- Dependant ‘child'
- Determine sources of money
- Cash
- Term deposits
- Superannuation
- Personal pensions
- Investments
- Family loan
- Home Equity loan
- Sale of home -if so when is best?
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Is the home included as an asset, for what value?
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Impact on Centrelink/DVA benefits
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Cashflow analysis
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Impact on the future value of the estate
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Forward tax planning
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Consider any special benefits in the Will
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Adjustment to Estate Plan
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Evaluate all options and provide advice
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Provide investment advice
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Review Residents’ Agreement
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Prepare updated Income/Assets statement
