In developing the options for funding the entry of a person to permanent Aged Care, we must be aware of the total financial position of the ‘entrant’ and any spouse or partner. Often this will lead us to make comments and provide advice in the ‘best interests’ of the entrant and other connected persons on other assets in a person’s possession.
Making the best use of existing financial assets is an important part of the task. Inefficient investments might not only provide reduced cashflow, but even more troubling, they could even lead to an increase in the MTF, potential tax issues and even a loss of Centrelink or DVA benefits.
Reinvesting in more appropriate options may fix the problem and you must understand that it is our legal duty to make such recommendations.
In many cases, there are excess assets not required to finance the entry to permanent Aged Care that need to be ‘cared for’ on an ongoing basis.
Our experience, training and facilities allow us to meet this need. We are properly authorised to give this type of investment advice, as well as the specific permanent Aged Care entry financial advice.
The Letter of Engagement and the Financial Services Guides include information on this matter.
We aim to help a persons’ Estate grow in value during the time they are a resident in permanent Aged Care whenever possible.