Making the transition into Aged Care

Making the transition from independent living to aged care can often be harder than it needs to be.

Not only are you battling with the decision of taking away the independence of your loved one, but you need to find an aged care facility that you can afford — without compromising the needs of your family.

Working with a financial advisor through this process can take the complexity out of the situation, and help to make it a seamless, enjoyable transition for you and your loved ones.

At Strategem, our aged care specialists walk you through the process, explaining the terminology and making sure you understand the decisions that are required of you. They work with you to understand your individual financial situation and develop tailored strategies to help build a reliable income that will see the daily expenses of aged care covered — without having to rely on selling the family home.

It’s important to look at the aged care transition as a holistic approach. This will help answer all of your questions that arise during the process.

• What is required to secure a spot in a facility?
• Will we need to sell the family home to pay the deposit?
• Should we sell all assets when making the move into aged care?
• What is the best way to cover the ongoing, daily costs?
• Is the aged care facility close to family?
• Do we get the deposit back when the aged care is no longer needed?
• As Power of Attorney, how can I protect my family’s legacy and assets?

All of the above questions, and more, can be answered by working with a financial advisor.

CASE STUDY: Slyvia owned an investment property, her home, an account-based pension, and a small amount in cash at the bank. Sylvia needed to sell assets to pay for her aged care accommodation. Her adviser helped her work out the implications for tax, age pension, and care fees to help her decide which investments she should sell and which to keep.

Take the additional stress and anxiety out of what is already a challenging time for families.

Our financial advisors in Bendigo and Melbourne are passionate about supporting you through this journey and making sure you have effective strategies in place that will see your family taken care of now, and in the future.

To start the conversation with an advisor, phone our office on (03) 5445 4777 or contact us via our website to book your initial appointment.