With an ageing population in Australia, the Aged Care industry is expanding and with expansion comes complexities. It will soon be the case that the number of people entering aged care facilities will outstrip the spaces available.
Often, the responsibility of determining an aged care strategy and facility falls on the children of the person needing to enter the facility. The decision becomes rushed, expensive and full of guilt.
At DPM we are in the business of discussing the hard questions with our clients when they are ready. How do you know what sort of care will be beneficial for you? What type of assistance and care can you get? And what should you do with your assets to minimise tax?
DPM Financial Management can work with you to determine the right aged care option to suit your (or your partner’s) needs; arrange deposits, fees and ongoing payments; help you to maximise Centrelink payments, help you make the financially sound decision for you of what to do with your assets and estate planning.
- Helping you to correctly calculate any means tested fees
- Identify strategies for minimising these fees and maximising Centrelink payments
- Discuss the implications of selling vs keeping your current home
- Explain the tax considerations for planning your entry into aged care
- Put in place appropriate estate planning
- Identify how gifting rules could affect your pension and income tested fees