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Best Way to go financially

Best Way to go financially

Everyone's situation is different, mostly because we all have different views, differing expectations, & want different outcomes, so there is no one best way to arrange the financial affairs of a person entering aged care. The best outcome for you will be determined by;

 

  • The financial situation of the person entering care
  • The type of facility they are entering
  • The costs of that particular facility
  • The outcome you require & THEN
  • Structuring the financial affairs to get the best outcome

Age Care is very convoluted, & don't listen to all the misinformation that exists, understand the facts & HOW they apply in your case. It WILL be different for everyone. It is best NOT to assume what worked for someone else will be the best outcome for you. Simply because their financial situation is likely to be different, & your objectives are also likely to be quite different.

HOW TO GET THE BEST OUTCOME

What you need to do to get the best outcome is;

  1. Understanding the ins and outs of aged care
  2. Determine the type of facility being entered (Hostel, Nursing Home or Extra Service Facility)
  3. Understand the desired outcome- you may require;
    • The lowest aged care costs
    • To maximize the Pension entitlement
    • To enter a particular facility that suits the family's purposes (which might NOT be the cheapest)
    • To get the optimal outcome (ie one that ticks all the boxes, BUT where you are not wasting money)
    • To maximize the inheritance
  4. Model the outcome of each available option
    Calculate the outcome of various options to determine the;
    • Aged Care Fees applicable
    • The Pension entitlement if any (from Centrelink or DVA)
    • The cash flow (affordability) ie the income versus the expenditures (need to take into account all other costs not just the aged care fees, ie property costs (if the home is being retained, medical expenses, hairdressing, toiletries, outings etc)
    • The impact of each option on the future value of the assets (which is the inheritance factor)
    • Understand the tax implications

The outcome of each calculation will then give you a clear picture of which IS the best way to go

This is where Balance Financial Solutions can help you, we spend time in an appointment explaining this very complicated subject, to help you understand HOW it will work for you and then calculate out the options, so you can see first hand exactly which is, the best way to go.

By the end of an appointment you will;

  • Understand how aged care works
  • Understand the fees that will apply in your case
  • See the options available to you
  • Be able to determine the affordability of each option and the impact on the estate
  • Be able to make an informed decision that suits you & your family

Because we understand aged care, and Centrelink rules and DVA rules, as well as know many of the aged care facilities, we can apply this knowledge to your situation & help you to find the "best way to fund aged care"

Why not call us for an appointment ? we can come to you, if you are in the Sydney metropolitan area Phone (02) 8814-7307


 
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