Fortunately, there are many options. Sometimes staying at home with regular support is possible and sometimes full-time in-home care is required. You may find that eventually you're faced with the difficult decision of helping your parents move to another residence where their wellbeing can be better supported.
Working with your financial adviser will ensure you're aware of the options available to your parents, that their needs are met and they do not unintentionally forego any financial entitlements.
Your adviser will look at the structure of your parents' assets to maximise Centrelink aged-care and health-care benefits to help their savings and support them to stay at home.
The impact of capital gains tax as a result of the sale of any assets may also be reduced or avoided altogether.
A financial planner can be there with you from the start to assist you with every aspect of exploring and managing your parents' options and needs. For example, by:
- connecting you with care assessment teams and home support services
- participating at family meetings to help ease the stress of challenging conversations during difficult times for your family
- working with your accountant and lawyer to ensure the needs of your parents are well supported.
Speak with one of our advisers for the right advice and guidance. Email us or call us on (02) 9524 6711.