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As we traverse the journey of life, the importance of securing our future, especially in the golden years, becomes paramount. Aged Care, often perceived as a complex realm, offers a range of opportunities and challenges, especially when considering the financial aspects. Here, a specialist Aged Care Financial Adviser plays an invaluable role, guiding individuals and their families through crucial decisions, especially around the family home, asset management, estate planning, and entitlements.

The Family Home Dilemma: To Sell or Not to Sell

The family home isn’t just bricks and mortar. For most, it’s an emblem of memories, moments, and milestones. The decision to sell can indeed be heart-wrenching. Yet, understanding the financial implications can help make this decision more informed.

Refundable Accommodation Deposit (RAD)

Upon selling the home, while you might no longer bear the title of ‘homeowner’, the payment made towards RAD isn’t counted as an asset for the age pension calculations. Moreover, this amount is taken into account when determining the means-tested daily care fee.

Holding onto Your Home

If the choice is to retain the family home, one remains categorized as a homeowner for a duration of up to two years, during which the home stands as an exempt asset. Post this window, the home’s market value becomes assessable under the non-homeowner asset limits.

The Estate Planning Landscape

Changing life circumstances, such as moving to residential aged care or facing health issues like dementia, necessitate revisiting one’s estate plan. This proactive step ensures that your assets and financial decisions align with your wishes, even if circumstances render you unable to make such decisions in the future.

Enduring Power of Attorney (and Guardianship)

An indispensable tool, this legal instrument allows an individual to delegate critical financial and medical decisions. Setting up these powers becomes even more crucial before potential loss of legal capacity.

Navigating Social Security and Entitlements

A shift in circumstances, like moving into aged care, demands updates in records with Centrelink or the Department of Veterans Affairs. It’s essential to be informed and prepared for how such changes can affect income, assets, and entitlements.

Centrality of Centrelink

Any change in circumstances can impact Centrelink entitlements and income dynamics. An informed choice around refundable accommodation deposits or daily accommodation fees can ensure that benefits from Centrelink remain unhampered.

Maximizing Benefits

Beyond basic entitlements, there are additional advantages, such as the Commonwealth Seniors’ Health Card, which can be accessed with expert guidance.

Join Hands with Aged Care Financial Advisers

Understanding Aged Care, Estate Planning, and Social Security is integral for a secure, informed, and content future. At Aged Care Financial Advisers, our mission revolves around assisting our clients in cherishing their golden years. With bespoke financial advice tailored to individual needs, we aim to offer peace of mind and robust financial security.