Deciding to move into an aged care home is often a challenging and emotional decision for the person moving and their loved ones.
Many things need to be taken care of, like choosing the right aged care facility, financing the costs of aged care and deciding what to do with the family home.
The financial implications of these decisions can have a significant impact on what you pay, how care is funded, your entitlements as well as impact on assets as they transfer to the next generation.
What to expect from your adviser
Your adviser will guide you through a defined process to help you make the right financial decisions when entering aged care.
Your adviser will work with you to help you:
- Understand how the aged care system works
- Understand your options
- Choose the aged care option that best meets your needs
- Employ the best strategies to help reduce the cost of aged care.
Implementing your aged care plan
There are two separate roles your adviser performs to help ensure your plan is implemented and works; facilitation and financial advice.
Your adviser can liaise with, brief and coordinate:
- Your family
- An aged care specialist for placement into a facility
- Your chosen aged care facility
- If required, your accountant for taxation and entity advice
- Your other advisers.
Your adviser can project manage the facilitation of your plan to ensure each party is working with the right information to help meet your aged care objectives.
Your adviser will:
- Develop personal recommendations and present and explain the advice strategies that they recommend based on what you want to achieve
- Develop personal recommendations and present and explain the advice strategies that they recommend based on what you want to achieve• Where instructed to do so, implement the advice strategy they recommend to help maximise your financial position.
The aged care planning process and consideration
To help you understand what’s involved in the complex aged care journey, we have broken it down into these simple steps to help guide you.
Any advice in this document is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance or other decision. Please seek personal financial, tax and legal advice prior to acting on this information. Opinions constitute our judgement at the time of issue and are subject to change. No member of the NAB Group, nor their employees or directors, gives any warranty of accuracy, nor accepts any responsibility for errors or omissions in this document.