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.
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.
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.
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.
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.
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?
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.
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.
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 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.
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.
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’.
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.
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.
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.”
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
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.
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” 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.