Aged Care
Granny flat rights… and wrongs
For some families trying to support ageing parents a granny flat can seem like the perfect solution – parents living safely with children close by to provide help if needed. But what can seem like a simple solution can have significant legal and financial consequences. Firstly it’s important to understand that a granny flat…
Can you still rent the former home?
The rules for renting your former home became less favourable from 1 January 2016 but this does not mean you have to sell your former home to fund a move into aged care. You will just need to do the numbers more carefully. The new rules If you moved into residential care before 1 January…
Trent and Brad visit UK Aged Care facility
Welcome to London, 11 degrees, overcast and a breeze that could freeze water. It was exactly how you would expect London to be. Trent & I had the opportunity to complete a business course at Cambridge. It was a fly in fly out visit. Other than visit the main tourist destinations, we also visited a…
Do you know how much is held in RADs/Bonds?
Did you know there is now almost $20 billion held in RADs/bonds by residential aged care providers? According to figures released by the Aged Care Financing Authority (ACFA) at the LASA Conference recently, there was an increase of $3.3billion from the totals held when the new rules started on 1 July 2014. The totals are…
Removal of rental income exemption for aged care fees
Residents who enter aged care from 1 January 2016 will have their rental income from renting out their former home included as assessable income when determining their means-tested care fee (MTF), even if they are paying some of their accommodation payment as a daily accommodation payment or contribution. Existing residents who leave care for 28…
Means tested fee – The assessment of rental income from January 2016
(Please be aware that this has not been introduced into parliament at the time of writing, but is expected to be passed by both parties.) A common strategy used in aged care is to rent the former home and ensure that some of the accommodation payment is paid as a daily accommodation payment (DAP). The…
Aged Care Workshop
We are holding our education workshops again. What started off as 3 in-house workshops have now expanded to 20 with many being held offsite at hospitals and aged care facilities. The workshops are focused on updating people on the new laws that have recently passed and the financial ramifications they may have on the residents….
Legislative Threshold Update – 20 September 2015
Post 1 July 2014 rules Fees and charges for residents who: first enter a residential aged care facility on or after 1 July 2014, or first entered residential aged care before 1 July 2014 and subsequently cease to be provided with care for more than 28 days, or first entered residential aged care before 1…
What I saw at a Chinese Aged Care facility
Last month I visited Beijing for a Financial Planning Conference focused on the future of China. This is a very important country when we look to research asset allocation for our client’s investments. The majority of our investment clients have some exposure to China or to companies that invest in China. While I was there…
Social Security Frequently Asked Questions
Social security rules can sometimes be complex and difficult to source. Here we provide answers to some of the social security means testing questions frequently received by our advisers.
Legislative Threshold Update – 1 July 2015
This provides a summary of the fees and charges that apply to home care and residents of residential aged care facilities.
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