Aged Care
"In the end, it’s not the years in your life that count. .
– Abraham Lincoln
Plan for your changing needs
As our loved ones grow older, we want to ensure that they continue to get the most out of life. This can be an emotional time for many families, especially as they begin to plan for the changing needs of their ageing relative. In making these important decisions, a family must consider how their choices will affect the aged care, social security, superannuation, and taxation outcomes for their loved ones.
Professional financial advice will help navigate these new challenges and allow your family to focus on spending quality of time with your loved ones.
Provision of care
In most cases, planning begins with the provision of care and how that will be delivered. In Australia, this may be a limited in-home support service or full residential care package administered by a live-in aged care facility.
Home Care
Home care may be the preferred option for those that need some assistance but wish to continue living in their own home.
Residential Care
Residential care may be appropriate for loved ones that can no longer manage day-to-day living or need greater access to medical services.
Why should I have a budget?
At Metis, our team will guide you and your family through the various financial considerations that this planning process entails and assist you in making timely decisions on behalf of your ageing relative.
We can assist with:
The Costs Of Aged Care
Optimise Centrelink
Structuring finances to optimise Centrelink entitlements, and acting as an authorised representative to communicate with Centrelink on your family’s behalf.
Estate Planning
Providing advice on estate planning, ensuring that your loved one’s wishes are respected and that their assets are distributed according to their plans. This includes setting up Wills, powers of attorney, and advanced care directives.
The Costs Of Aged Care
Clarifying the costs of aged care, including accommodation fees, daily care fees, and any additional services required. We can then prepare a strategy to fund these costs now and into the future.
Optimise Centrelink
Structuring finances to optimise Centrelink entitlements, and acting as an authorised representative to communicate with Centrelink on your family’s behalf.
Estate Planning
Providing advice on estate planning, ensuring that your loved one’s wishes are respected and that their assets are distributed according to their plans. This includes setting up Wills, powers of attorney, and advanced care directives.
The Costs Of Aged Care
Clarifying the costs of aged care, including accommodation fees, daily care fees, and any additional services required. We can then prepare a strategy to fund these costs now and into the future.
Optimise Centrelink
Structuring finances to optimise Centrelink entitlements, and acting as an authorised representative to communicate with Centrelink on your family’s behalf.
Estate Planning
Providing advice on estate planning, ensuring that your loved one’s wishes are respected and that their assets are distributed according to their plans. This includes setting up Wills, powers of attorney, and advanced care directives.
Mary is looking for residential aged care for her husband Bert who suffers with Dementia. Although they had been receiving some assistance, Bert now needs more care than can be offered at home and Mary is feeling overwhelmed. She has never had much to do with the financial side of things and has enlisted the help of her son John, who suggests that they speak with a financial adviser.
Mary and John meet with a financial adviser and Mary explains her current situation in their initial meeting. The financial adviser asks questions to better understand what Mary would like for herself and Bert in the years ahead. Mary explains that she would prefer to continue living in the family home for now and that she intends to arrange a room for Bert in a nearby aged care facility so that she can visit him each day. The financial adviser then gathers relevant financial information from their son John and arranges a time to present a financial plan to the family the following month.
Their financial adviser prepares a strategy to rollover a portion of their superannuation into a guaranteed lifetime annuity and withdraw from their superannuation to pay the Refundable Accommodation Deposit (RAD) for Bert’s room in the desired aged care facility. This strategy reduces their assets under the Centrelink Asset Test and entitles them to receive the maximum Centrelink pension. The financial adviser also prepares financial projections that indicate Bert and Mary would be able to live a comfortable lifestyle for the foreseeable future and still leave a substantial inheritance for their children.
Although the above case study is only an example, we have helped many clients in the same situation with their aged care needs.
Testimonials
What our clients say?
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Sam helped us find a super fund and strategy that aligned with our long-term goals. Sam also helped us review our mortgage and explore the right income protection coverage. It’s such a relief knowing that my finances are in good hands and that we have a concrete strategy for our future.
“If you’re looking for a financial advisor who’s knowledgeable, friendly, and genuinely cares about your financial future, I highly recommend Sam and Metis Private Wealth.”
Alex
Stephen
Heath
Lachlan
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He is one of the friendliest people I’ve ever met and makes himself available at any time of any day to assist. His expertise, approachability, candour and dedication to his clients is second to none. I couldn’t recommend him enough!”
Shannon
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