There are strategies that may be employed to minimise the financial impact of a person’s entry to permanent aged care. Being able to consider these strategies long before the potential entry date is a great advantage over trying to handle the entry on a ‘crisis basis’.
Strategic decisions include
How to deal with the interests of any protected person
Keep the home empty, rent or sell it.
Downsizing property value to liberate cash and retain home-owner status
Unwinding a member/trustee from an SMSF before loss of cognitive ability
Choosing which assets/monies to direct and pay all/part of the RAD
CGT issues on disposal of assets now, or in the future
Potential tax on superannuation benefits paid to adult, non-dependant beneficiaries
How much to pay of the RAD, alternative opportunity cost analysis
Centrelink/DVA impacts of alternative strategies
Short-term and long-term opportunities in gifting assets
The use of annuities and insurance investment bonds to manage assets/income values
Planning for the entry of the second partner to permanent Aged Care
The best time to contact us is right now
If a member of your family is likely to need entry to permanent residential Aged Care in the next 6 months, the best time to contact us is right now.
