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There are no inheritance taxes in Australia, so this has also encouraged Australians to hold on to their estates until they pass, rather than distributing assets to the next generation while they’re alive.
Volatility is a normal part of investing. Tumbles may be
scary, but they shouldn’t be surprising. A long-term focus
can help investors keep their perspective.
When a member of a pensioner couple dies, the surviving partner’s Age Pension is often reduced as the single rate of pension as well as income and assets tests apply.
When moving into aged care you may be asked to disclose your financial details so that a means-tested fee can be calculated. But do you need to disclose?
Last month, the Pension Loan Scheme was essentially rebranded. It is now called the Home Equity Access Scheme (HEAS). For people of pension age, this Scheme could be an option to boost retirement income to pay for expenses like home care or aged care.
Your financial adviser is an expert in working out the financial details of how you can achieve your goals. Just as important is the regular encouragement they can provide along the way. This is a short and useful guide to get you started and plan for the year ahead, a quarter at a time.
Aged care reforms and funding issues continue to be an important topic, making awareness and planning ahead increasingly more important.
The "apparent" Russia / Ukraine conflict involves a significant number of variables, many of which aren't easy to discern or understand given the complexities of their interconnectedness and the politics, vested interests, and corruption that follow. Chris Lioutas, Insight Investments reports.
Join a fun, supportive and positive working environment. Private offices or permanent desk available.
It is everyone's responsibility to look out for elder financial abuse. This article discusses ways you can identify and report financial elder abuse.
November 2021 All you need to know this month about the Markets, Politics and Economic situation around the world - all in a bite-sized format.
Cyber Security – what is it and what can do now to protect your digital devices and how to avoid scams.
October 2021 snapshot of global politics, economics and markets from Chris Liutas.
It is everyone's responsibility to look out for elder financial abuse. This article discusses ways you can identify and report financial elder abuse.
In the recent Federal Budget, the Government proposed expanding eligibility to make downsizer contributions accessible to those age 60 and over.
It is everyone's responsibility to look out for elder financial abuse. This article discusses ways you can identify and report financial elder abuse.
The common question when it comes to retirement is ‘how much is enough?’. If only the answer was simple! Financial Planner and director of Phillips Wealth Partners shares a few tips and traps.
There are a number of life changes that can impact retirement income – no longer receiving a pay cheque is a significant one.
When you need aged care services you may be asked to contribute towards the costs, but the government makes care more affordable by paying a large portion of the care fees.
JKB Law, Kerstin Glomb, Canberra lists ten informative tips about why you should seek professional services to create your Will.
Principal at JKB Law, Jo Twible, Canberra lists ten informative tips about entering a retirement village community.
There are a number of life changes that can impact retirement income – no longer receiving a pay cheque is a significant one.
The annual concessional contribution (CC) and non-concessional contribution (NCC) caps will increase from 1 July 2021.
As adults we make choices about where we want to live, with decisions driven by lifestyle, work or family.
However, as we get older these choices start to be impacted by health or increasing levels of frailty. And this
may necessitate a change.
To keep you up to date, we have featured a snapshot of the global economic, political and social global topics.
The good news is that this year's Budget did not increase how much we pay for the aged care services that we access. But an additional $17.7 billion spend – which will be fully paid for by the Government - was aimed at increasing access and improving quality. This article takes a quick look at the Budget implications for aged care.
The potential need for aged care can be a difficult and emotionally loaded conversation for family members. Many parents and their adult children avoid talking about it until they have no choice, by which time it is often too late for any effective planning.
The potential need for aged care can be a difficult and emotionally loaded conversation for family members. Many parents and their adult children avoid talking about it until they have no choice, by which time it is often too late for any effective planning.
We all lead busy lives so juggling family, work and personal responsibilities can be complicated – particularly when people we love need increasing levels of care and support. This article takes a look at what to consider and where to start when you have older parents.
There is a wide range of issues that need to be considered when dealing with estate planning documents. The first, however, is who to choose as the executor.
To help you stay informed about global affairs, here is a simple to read snapshot of the current markets, economic and political landscape.
We thought it was a really good time to remind everyone that scammers are increasing their efforts to trick you into providing your personal information for something that looks like a legitimate service or offer.
Over the years, the work test rules have played an important role in determining if older Australians can make certain voluntary superannuation contributions.
The time may come when you need to make financial decisions on behalf of a parent as the Enduring Power of Attorney (EPoA). Is this an honour or a burden?
Few people know about the Pension Loan Scheme (PLS). This factsheet explains what a PLS is, who can access it and how to apply.
A recent scenario from Craig Phillips, Senior Financial Advisor with Phillips Wealth Partners unfolded as we assisted a family to navigate the aged care system, providing solid financial outcomes before moving their loved one into care.
We are very excited to introduce our newest team member Eunice Quilapio.
Learn the steps of how to access home care services through aged care by joining us on a webinar on 3 February at 12PM. Please register for this short, but informative session presented by Luisa Capezio, our aged care advisor at Phillips Wealth Partners.
Insight Investment dealer group share an interesting update on the Market, Economic situation and political landscape.
Every year, scams cost Australians, businesses and the economy
hundreds of millions of dollars and cause emotional harm to
victims and their families. The best way to stay safe is to be aware and learn more about what scams are out there.
Chris Lioutas shares an interesting summary and highlights from the movements this quarter and major changes to some of the key asset areas.
Chris Lioutas from our dealer group summaries the things to take out of 2020; a year where records were broken multiple times, a year where it seemed we had multiple years of events crammed into one, and a year that went both very fast and/or very slow depending on your predicament.
Financial planners, like me from across Australia contribute to Future2 through donations, getting involved in fundraising activities and by nominating organisations for the annual grant program. This is Craig Phillips, Phillips Wealth partners eighth time participating in this event.
In this short webinar, Luisa Capezio, aged care adviser for Phillips Wealth Partners takes you through the step by step process of how to access government subsided home care services.
Chris Lioutas from our dealer group Insight Investment Services gives an update on the market, politics and the race for the COVID-19 vaccine.
The Financial Planning of Australia (FPA) Awards are designed to recognise members who deliver the highest standards of professional and trusted advice to Australian consumers, as well as those who have gone above and beyond to support their local community through pro bono and volunteer work.
Country to Canberra is about empowering young rural women to reach their leadership potential. Those of you who have been following our news will know Phillips Wealth partners has been an active supporter of the charity ‘Country to Canberra’.
Australian Property update, Chris Lioutas Insight Investment Services
The Australian property market remains in a state of flux, but the outlook looks significantly better than it did back in march, thanks to a combination of extraordinary fiscal and monetary stimulus and other government measures, which were needed following the government’s chosen virus Policy path of suppression (ie. Lockdowns).
At its November meeting, the Reserve Bank of Australia (RBA) announced a package of stimulus measures, largely as expected by economists and market participants, as both the Governor and Deputy Governor of the RBA had well flagged their intentions in the lead up to the meeting. What does this all mean for businesses, households, and markets?
Josh Frydenberg, released the Government's highly-anticipated 2020-21 Budget, featuring the bringing forward of tax cuts, superannuation reforms, measures for Centrelink clients and additional aged care funding.
Buying into a retirement village is generally not like buying your home. In most cases, you will not own the premises but will enter into a contractual arrangement that gives them the right to permanent tenancy.
Covid has bought some challenges to the doors of many of us, here are some useful tips for those about to receive their tax returns and want to improve their financial position in the coming year.
When a person moves into residential aged care this may leave their home vacant or available as an investment property, and land tax may start to apply to the former home.
The rules and rates of land tax vary in each State or Territory. In most cases, land tax is based on the value of land only (not buildings). Some states calculate land tax on a calendar year, others calculate on a financial year. Land Tax does not apply at all in the Northern Territory (NT).
Country to Canberra is empowering young rural women to reach their leadership potential. As a Future2 Ambassador and a regular participant in the annual Future2 Wheel Classic – having already cycled in seven rides – the managing director of Canberra-based Phillips Wealth Partners, Craig Phillips has been fortunate to see first-hand some of the inspiring work Future2 is doing with disadvantaged young Australians.
Chris Lioutas writes "It is fair to say that we finally have alignment between markets and economics with both in a state of flux at present. The alignment could be short-lived (in either direction), or it could be the status quo for the remainder of the year given the uncertainties that lie ahead".
This week the government announced a new emergency leave provision for permanent residential care. Residents who choose to temporarily live with family for the duration of the COVID-19 crisis will continue to have the normal government subsidies paid on their behalf, and won’t be deemed to have used their social leave entitlements.
Whilst these are all admirable and proven ways to reduce CO2 emissions, switching your investment portfolio to sustainable funds is one of the more effective ways individuals can help to promote a more sustainable planet.
As announced by the Federal Government, Commonwealth Home Support Programme (CHSP) service providers are now able to use unspent 2019 20 funding to purchase up to $1000 worth of personal monitoring technology for their vulnerable clients in need of this support during COVID-19.
Keep your finances organised from property and bank accounts to loan repayments, insurance, and estate planning, connect all aspects of your financial world in one place.
Following the recent National Cabinet meeting, the PM stated that “it is not acceptable, fair or compassionate for any residential aged care facilities to ban visits from carers and families.”
A number of measures have been announced to support Australians and the economy in response to the Coronavirus. We have put together some information to summarise the key measures and to assist you in understanding the help that could be available to you.
The Government is helping retirees to manage the impact of volatility in financial markets on their retirement savings by temporarily reducing superannuation minimum drawdown requirements.
The Australian Government has been announcing financial measures in the past week to promote continued support of small business, however, at this stage, they are announcements only and we are waiting for legislation to be passed through parliament to find out exactly how our clients may be able to access these stimulus packages.
The world is watching with concern the spread of the new COVID-19 coronavirus. The uncertainty is being felt around the globe, and it is unsettling on a personal level as well as from the perspective of how markets respond.
While it is daunting to think about physical and cognitive decline in the later part of retirement, it is important to plan for this time, especially if you want to make your own choices and maintain independence for as long as possible.
Getting the balance right between a safe spending rate and having enough income to enjoy retirement takes some careful retirement planning. Investing for a reasonable return is one approach to helping your savings go the distance.
A new online form is available on the My Aged Care website that allows consumers or someone acting on their behalf to: register with My Aged Care and apply for their first assessment online.
Sydney Morning Herald
Home care, residential care, private nurse? What are the practical options for Australians who need help with everyday living as they age?
By Judith Ireland
Health Care Channel
Easing the guilt and emotions associated with a parent or loved entering in residential aged care is a personal and individual journey.
Health Care Channel
Societies attitude to ageing and to dementia have increasingly been shown to affect older people’s sense of confidence, social engagement and positive or negative identity.
RIOTACT
The pace of our lives these days, and the fact that many families do not live close to each other, means that this time of year is an important chance for us to reconnect and check-in to see how people are travelling. It’s also a time of reflection. A chance to plan for changes in circumstances, for individuals and families.
Health Care Channel
Two days before Christmas, the Federal Government announced the specialised teams who assess senior Australians for home care will be streamlined and privatised. These changes are proposed for 2021.
We wanted you to be the first to know that Future2 has just awarded $191,066 in new grants to 20 not-for-profit organisations.
Currently the law allows individuals to accumulate unused concessional contributions. The accrued amounts can be carried forward to enable them to be made in excess of the annual cap in future years.
An interesting conversation with aged care manager, Michael Giugni, focused on understanding how management approaches the cultural, spiritual and social needs of people living in the home.
This trend has triggered an increase in interest in ‘granny flat arrangements’. I spoke with lawyer, Jo Twible, Principal, KJB Law, and retirement village entry and exit specialist, about preparing for a win-win situation when entering into a ‘granny flat arrangement’.
The key point for long-term investors is that markets are volatile by nature. Stocks go up and down as information and expectations change. Sometimes, this happens very gradually. Other times it happens more suddenly
This guide aims to set you up to access entry-level subsidised care while waiting on the national queue to access a Home Care Package.
As we approach the end of another year many people will be looking forward to the festive season and the chance to slow down and catch up with family, particularly elderly parents. Busy lives and distant homes can make it easy to feel out of touch. Sadly, at this time of year adult children may also begin to notice changes in their ageing parents.
Home Care Packages can be an option if you need a coordinated approach to the delivery of your help at home. You’re expected to contribute to the cost of your care if you can afford it. Your contribution is made up of three types of fees explained in this article.
A granny Flat Right is a viable consideration for senior Australians when considering their accommodation options when they are either struggling to cope living independently due to health or financial reasons or simply want to be closer to their family.
The Coalition Government has been re-elected in the 2019 Federal Election, with a small majority of seats in the House of Representatives, after taking a policy of stability for superannuation to the election.
In Australia, the government heavily subsidises the cost of residential aged care. However, depending on your financial circumstances, you may still need to pay for care.
In this newsletter, we unpack how the government determines if a person is eligible for additional financial subsidies or not.
Planning ahead can help to demystify aged care and reduce stress levels. With awareness and pre-planning, you can maintain control and choice, have access to the financial resources to pay for care and minimise the stress on you and your family. Using a simple action plan, this article helps you prepare for when you may not be able to look after yourself and need extra supportive care.
Craig Phillips of Phillips Wealth Partners explains by layering an annuity with other retirement income streams, you can achieve the best of both worlds, with enough income certainty to give you peace of mind and a degree of flexibility with your other investments.
According to Craig, a senior financial planner and aged care professional™ for some senior Australians “gifting may seem like a good idea at the time to help out family members, but the implications for the parents as they are entering permanent residential aged care as they are often unable to afford the aged care facility of choice because they were unaware of the high cost involved.”
Most fees in residential aged care are regulated by government, but more and more care providers are charging for additional services – so check what you are paying for.
We’re delighted to announce we have introduced a great new platform to help you manage your entire financial world - at home and on the go.
Luisa Capezio, CEO and aged care navigator at Independent Care Solutions. At Independent Care Solutions Pty Ltd it is our job to help individuals and families navigate the aged care system to find the best solution for loved ones who need support to stay at home or are ready to take the next step into residential aged care. www.icares.com.au
The Future2 wheel Classic rolled out today!
This is my 6th Wheel Classic and I am just as inspired by the work the Future2 Foundation achieve today as I was when my journey with them started .
Irrespective of whether you are a full- or part-pensioner, a self-funded retiree or still working, if you are over the aged pension age (65 years old) it is worth investigating your eligibility to access a level of government subsidisation to support a home care package.
Planning your retirement is likely to be exciting. While it may be less fun to think about the potential for physical and cognitive decline in the later part of retirement – our frailty years - this is an important period to plan for if we want to maintain independence for as long as possible.
Consumers need to have greater confidence in the quality of aged care services with the right to expect that their personal needs and choices will be adequately met.
This has been difficult for government to regulate and assess so the Department of Health has drafted new standards for quality care. If adopted, these standards will consistently apply across home and residential care and replace the existing accreditation standards.
With life expectancies in Australia continuing to rise, you need to make sure your retirement savings can last the distance.
Australia
How much do you need to fund your ideal retirement? We take a look at how much income you may need, and what to consider after you retire.
An interview with Louise Biti of director, Aged Care Steps telling how to navigate the three Gs of moving into residential aged care.
For investors, it can be easy to feel overwhelmed by the relentless stream of news about markets.
Being bombarded with data and headlines presented as impactful to your financial well-being can evoke strong emotional responses from even the most experienced investors. Headlines from the ”lost decade”[1] can help illustrate several periods that may have led market participants to question their approach.
With the end of the financial year fast approaching, now is the perfect time to ensure everything is in place for your SMSF before 30 June. The following are some superannuation strategies that you might want to know more about to get the best out of your SMSF.
Canberra Times
A new industry called "aged care navigation" seeks to reduce the strain on home care and residential care applicants by effectively taking over their bids for an allocated place.
Canberra Times
Aged care navigator and chief executive of Independent Care Solutions, Luisa Capezio, said it was important for prospective aged care home residents to do their research when it comes to a facility's history.
From 1 February 2020, it is called Services Australia and the website is www.servicesaustralia.gov.au
The latest Home Care Packages Program Data Report shows that despite a significant number of new home care packages being released over the last year, the wait is still long.
The latest Home Care Packages Program Data Report shows that despite a significant number of new home care packages being released over the last year, the wait is still long.