If you are squeezed between the financial demands of your offspring and those of your parents who need your support in their advancing years, this tip is for you.
Create an aged care plan NOW that outlines how and where you would like to live LATER.
Failing to take steps today could mean surrendering your choices as you grow older and/or jeopardising the financial wellbeing of your offspring.
Without an appropriate aged care solution, for yourself or those you love, you could be forced to sell the family home to meet the cost of a residential aged care facility. Likewise, whilst you may want to move in with your children, perhaps you won’t be in a financial position to be able to cover the cost of building a granny flat to suit your changing needs.
Your Wealth Fundamentals financial adviser is well placed to present you with a range of real-life scenarios designed to help you identify the types of financial considerations that could impact upon your twilight years. The goal of your aged care plan is to provide you with the financial empowerment required to live the life of your choosing, rather than being constrained by limited finances.
Wealth Fundamentals can assist you to adjust your plan alongside changes to your personal or professional circumstances. Likewise, when the time comes, you can call upon your financial adviser to help you to navigate Governmental entitlements and appropriate asset and cash flow structures and to explain the implications including tax efficiencies and effects.
Your entire financial life is paramount to your planner and, as such, matters of your Estate can be reflected within your aged care plan.
Contact Wealth Fundamentals on 07 3720 1299 for more information about aged care planning.
Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Wealth Fundamentals strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.