Making the transition to Aged Care
For many of us, where we will live when we can no longer stay at home is not something we want to face. But the fact is this decision may become a very real issue for most of us at some point down the track.
Moving into aged care is a major life change and requires careful research, discussion, planning and time. Because it is often neglected, people can find themselves completely lost once faced with the reality that they may need full-time care.
The sheer scope and complexity of the decisions that need to be made means that you or your family will often have to make crucial life-changing decisions under extreme duress.
Funding the cost of aged care
At Reid McGill we specialize in the provision of aged care financial advice and have helped many families work their way through the maze of financial information and Government legislation that is part of this process.
Aged care costs can vary enormously between facilities and from resident to resident. Understanding the rules so that costs are minimised is a specialist task. Get it wrong and you could:
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Settle for second best in terms of facility
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Reduce your pension entitlements
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Pay thousands of dollars in extra costs
In addition we can help you restructure assets to help them grow rather than depreciate which may mean that the family home does not need to be sold.
The Reid McGill Process
There is a clear process our planners at Reid McGill follow when helping families make the transition into aged care:-
Open up - Reid McGill will facilitate the necessary conversations with family members to help everyone understand your views and fears, excitements and advantages at this stage of planning.
Fact Find - our planners will request, organise and analyse all your current financial, health, and personal information and then integrate this with your long-term goals and dreams.
Plan -we will develop specific solutions to your lifetime care issues. This takes into account your current situation, resources, and capabilities and maximize that situation in terms of adaptability, flexibility and innovation to meet the constantly changing requirements of long-term care.
Implement - This is the step by step implementation and execution of all the financial, legal, tax and aged care strategies necessary to achieve a successful outcome for you.
Monitor - This final stage allows you to take into account the changes that have occurred since you made the transition into aged care and to adapt the plan as necessary.
A beneficial solution
Reid McGill will only work with you on the development of unique aged care strategies once it has been clearly established that we can save you money and achieve your goals.
In order to facilitate this we offer a complimentary 1 hour telephone or face to face consultation. Once we have established the facts and if you decide to go ahead and retain our services, we will go through the process detailed above and charge a flat fee based on an agreed hourly rate.
How Reid McGill can help you:
- Maintain full pension entitlements
- Minimise aged care fees
- Fund long-term aged care
- Improve cashflow
- Build assets for the future
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Keep the family home
Please take a look at the case studies below which demonstrate some of the strategies that may help you make the transition into aged care:
If you wish to find out more about the fees involved in aged care, please take a look at the latest fee and estimator tools below: