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’.
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.”
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.
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.