Over the past several months we have noticed an increasing number of clients needing to discuss the steps involved and financial implications of moving into an aged care home. If you've never thought about this topic before, but find yourself in this position the process can be a daunting one.
As a brief overview, permanent entry into care involves the following steps:
- assessing eligibility
- finding an appropriate care home
- reviewing finances to determine what fees will apply and if they are appropriate
- and of course, completing numerous forms
How you structure your entry fees can have important impacts on:
- fees payable
- pension entitlements
- cashflow sustainability
- tax and
- estate planning
If you or someone you know would like to discuss how we can assist regarding aged care, please contact our office at info@bdfinancial.com.au or (02) 4365 0377.
For the time being if you would like some additional information regarding the steps required and different types of care fees that are payable, you can view the government's myagedcare brochure by clicking here or on the myagedcare.gov.au website.
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