Aged care financial advice and planning is not just for the aged

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Planning for retirement is not just defined by your age and when you finish working, but about the life stage transitions linked  to health, independence, and frailty once you have retired

We understand that aged care financial advice and planning is not the most alluring subject matter for our clients. However, if you want to maximize your income and protect your assets, having a tailor-made plain place will make things so much easier for you and your loved ones when you are no longer able to manage your affairs. Our wealth management team will unearth the right financial planning advice and strategies for your aged care to match your unique lifestyle, needs and financial circumstances in areas such as:

Your home

Social securit

Tax and estate
planning

Aged care costs

Meeting the complex needs surrounding your aged care requires delving into a vast array of different strategies to ensure all your distinct goals and requirements are met. Although every situation is unique, the common goal is to identify exactly what you want to achieve in terms of those needs—and to work closely with your financial advisor to accomplish them.

Your home

The family home is a major asset that may be required as payment against care in a residential care home. However, making the best choices when you cannot take care of yourself as well as you used to can be overwhelmingly complicated.
Of course, you may prefer to stay in your own home rather than moving elsewhere, and we can help you to plan for options that will suit your circumstances and protect your assets while enabling you to lead an independent life in the comfort of your own home.

Social Security

The Australian Institute for Health and Welfare estimates that approximately two-thirds of Australians are entitled to a partial pension. How you will be assessed and what forms and information you need to provide is a difficult path to navigate. Using a financial advisor who understands the nuances and rules relating to financial advice and planning for your care once you have aged past the time you can look after yourself will help you to achieve your goals while preserving your assets.

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Tax and Estate Planning

Life is unpredictable. Tax and estate planning should be an elemental part of your aged care financial advice and planning to protect your assets and wealth while you are alive. Whilst it is impossible to predict what is around the corner there are strategies that can protect your assets and income during unexpected occurrences such as bankruptcy or divorce. Effective
estate planning tax strategies can also minimise the taxes your beneficiaries will pay upon your death.
Your tax and estate plans should be tailor-made specifically to suit your requirements. The wealth managers at Collins Mann have the expertise to advise you on structuring your investments, assets and superannuation for adaptability and tax effectiveness, that will stand you in good stead long into retirement.

Aged Care Cost

Australians are living longer than ever. It is important to understand the increasing costs involved in aged care and to establish a plan to cover and pay for them. The fees associated with aged care are significant and include:
accommodation payments;
basic daily care fees for laundry, cleaning and meals; care fees for personal and clinical care, including bathing, medication assistance and specialist nursing; means-tested fees for residential care; additional services fees, which may include lifestyle services such as massages, fitness classes or WiFi in your room.
Your own financial situation and the services you require will determine how much you will pay for the aged care support you need. Seeking specialist financial advice and planning about how to structure your investments and protect your investments will help you to secure your future and meet your aged care costs.

Financial Services

Our services include:

  • Values-based financial planning.
  • Wealth accumulation strategies.
  • Tax-effective strategies.
  • Risk management.
  • Retirement planning.
  • Estate planning.
  • Divorce financial settlement analysis.

SERVICE AREAS

Brisbane Sydney
Melbourne Adelaide
Canberra Darwin
Perth Tasmania
Gold Coast Sunshine Coast

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Specialist financial advice and planning about how to structure your investments and protect your investments

When Should I Start Looking at Aged Care Financial Advice and Planning Services?

It’s never too early to start but at Collins Mann, we advocate that aged care financial advice and planning should start at least five years before your retirement to allow plenty of time to safeguard your future. Plan for your aged care needs by contacting us to discuss your options

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