Aged Care Financial Advisory 2018-12-07T04:48:56+00:00

Aged Care Financial Advisory

Helping to arrange aged care and support for a loved one can feel complex and difficult.

Simplify the process and help protect their assets as far as possible by drawing on our expertise in this specialised area.

We can help you with the financial side of aged care

A growing area of our practice has been the demand for financial advice in relation to aged care services.

“Many clients have elderly parents who require extra support in their later years,” says Gill Witham, one of our financial advisers, who is also an Accredited Aged Care Professional.

“Sometimes the need for advice is triggered by some sort of distressing event, such as the sudden onset of a serious medical condition, or the death of a spouse who’s been a carer in the relationship,” she says. “Having to make decisions at these times is stressful enough, but it’s made worse if there are unexpected and unplanned-for financial repercussions arising from the changes that need to be made.”

5 Financial offers an aged care financial advisory service to help our clients navigate this sensitive and complex area.

“People often feel quite overwhelmed at this time,” says Gill. “By exploring the options and unravelling the numbers, we’re able to help to create some clarity and certainty that aids with decision-making.”

Apart from providing advice in a situation that’s prompted by a crisis, we also help clients plan for the possibility that aged care might be required in the future by someone they care for, or even themselves.

In either scenario, there are several key ways we assist:

  1. Creating a plan for aged care

We help you identify your goals and preferences in relation to aged care for you or your loved one. Frequently we find there are more options than you may realise.

  1. Facilitating family discussions

Planning for aged care can conjure a cocktail of emotions and practical problems to be dealt with. We can organise and host a family meeting to go through the issues, with a goal of coming to an agreement harmoniously, and minimising disputes in the short and longer term.

  1. Evaluating the options

When you’re first presented with entry and accommodation fees relating to aged care services, it can seem frighteningly expensive. We review the options and strategies to identify how best to protect assets, minimise tax and manage ongoing expenses as comfortably as possible.

  1. Navigating the paperwork

One thing common to most aged care services is the avalanche of associated paperwork. Whether this is an application for an aged care facility, the assets and income test paperwork through Centrelink, we are happy to assist you with getting it completed.

  1. Integrating with estate planning

We work closely with our estate planning specialist to consider the impact of any proposed arrangements to avoid any unintended consequences.

  1. Seeing the bigger picture

If the adult children are clients of ours, we make sure their strategy is in sync with the strategies being developed for the elderly parents. In this way we can assist in minimising tax and protecting the assets as far as possible.

  1. Ongoing advice & review

Like all financial planning, it’s vital to check in with your adviser when making decisions that materially affect your finances. It’s also essential to revisit your strategy at least annually to adjust for any changes in circumstances or goals. We provide ongoing advice and support as well as a Review Meeting each year (or more frequently if required).

“It’s fair to say that on first impression, the aged care landscape can seem like a challenging maze,” says Gill. “Our goal is to help create a strategy that supports everyone in a practical, emotional and financial sense as best we can.”

If you would like to discuss this service, please book a consultation.