Personalised advice, seamless solutions – we simplify aged care financial planning
Coastal Advice Group offers professional aged care financial advice to help individuals and families make informed decisions about their aged care options and navigate challenges such as transitioning into residential aged care, securing a comfortable lifestyle with the right level of care, minimising accommodation fees, and maximising benefits.
How Coastal Advice Group Can Help?
Coastal Advice Group offers professional aged care financial advice to help individuals and families make informed decisions about their aged care options and navigate challenges such as:
Transitioning into residential aged care
Securing a comfortable lifestyle with the right level of care
Minimising accommodation fees and maximising benefits
Structuring investments and finances to ensure long-term funding, capital security, and tax efficiency
Maximising access to social security benefits such as the Commonwealth Seniors’ Health Card
Preparing family and friends when transitioning to residential aged care
Coastal Advice Group offers a range of services to cater to diverse financial needs, including the provision of tailored aged care financial advice. We focus on comfort, peace of mind, and happiness, ensuring that you and your loved ones can confidently navigate the complexities of aged care.
We can help you address concerns such as:
- How will my care be funded?
- What is the cost of aged care services?
- What are the implications for my assets and income?
- Is there financial assistance available?
- Can I keep my home?
- What happens to my pension?
- How can I optimise my finances for aged care?
- What are the options for accommodation bonds or fees?
- How can I ensure financial security for my spouse or dependents?
- What happens if my financial situation changes?
Worry-Free Aged Care Planning
Coastal Advice Group can work with you and your loved ones to ensure your strategy is completed in a timely and stress-free manner so that you can focus on what matters most.
The support of an accredited financial planner who has experience in Aged Care Financial Advice relieves the pressure and gives you confidence and peace of mind to know you are making the best choices for your personal circumstances – the value to you can be significant.
The financial advisers at Coastal Advice Group will work with you, your family, solicitors, accountants, and facilities throughout the whole process to achieve the following outcomes for you:
- Provide you with the appropriate information to help you negotiate placement with a facility under an acceptable fee structure for your financial situation.
- Decide on the most favourable strategy for the family home to optimise accommodation costs and age pension entitlements.
- Calculate if an accommodation payment or contribution is payable and how you can effectively structure your personal wealth to fund this from your cash flow.
- Evaluate options for paying a refundable accommodation deposit or daily accommodation fees while ensuring that Centrelink benefits are not negatively affected.
- Determine how ongoing accommodation fees can be minimised and entitlements can be maximised, through the effective structuring of investment products and implementation of a tailored aged care financial planning strategy.
- Maximise access to additional benefits, such as the Commonwealth Seniors’ Health Card.
- Create a personalised financial planning strategy to structure financial and personal assets to maximise tax efficiency.
- Structure your Estate Plan to ensure the transfer of your assets to beneficiaries in line with your directives.
- Perform a regular strategy review to maintain the effectiveness of your tailored strategy.
When it is time for you to plan for your or your loved one’s Aged Care needs, Coastal Advice Group can provide the specialist financial planning, expert knowledge and guidance you need to help you make the right financial decisions for a future of comfort, peace of mind, and happiness.
Aged Care Benefits
Enjoy the Benefits of Aged Care Advice from Coastal Advice Group
Tailored financial advice
Coastal Advice Group provides tailored financial advice that is specific to each client’s unique circumstances. This advice can help individuals and families make well-informed decisions about their finances, including retirement planning, superannuation advice, Centrelink advice, investment portfolio management, life insurance, cash flow planning, estate planning, and aged care advice.
Maximising entitlements
Coastal Advice Group can help individuals and families maximise their entitlements to government benefits, such as the Commonwealth Seniors’ Health Card, and minimise ongoing fees through the effective structuring of investment products and implementation of a tailored aged care financial planning strategy.
Minimising costs
Coastal Advice Group can advise on the most favourable strategy for the family home to optimise accommodation costs and age pension entitlements. They can also calculate what accommodation payment or contribution is payable and determine how ongoing accommodation fees can be minimised.
Peace of mind
Working with an experienced financial adviser can provide peace of mind, ensuring financial security and helping individuals maintain their independence and quality of life as they age. Coastal Advice Group can work with clients to ensure their aged care strategy is completed in a timely and stress-free manner so that they can focus on what matters most.
Expert knowledge and guidance
Coastal Advice Group provides specialist financial planning, expert knowledge, and guidance to help individuals and families make the right financial decisions for their future.
Aged Care on your Terms
Coastal Advice Group offers aged care solutions that cater to clients’ unique lifestyle choices and preferences. We believe in empowering individuals to make decisions that suit their needs, ensuring a personalised and respectful journey. Our services are flexible, allowing clients to navigate aged care on their terms with dignity and autonomy.
Our experienced advisers can create a strategy that maximises entitlements, minimises costs, and ensures financial security. We also provide support and guidance throughout the complex aged care system, ensuring clients’ smooth transition.
We believe that everyone deserves to enjoy their golden years. Our goal is to provide peace of mind to our clients, ensuring that they maintain their independence and quality of life as they age.
Whether you are planning ahead for your own aged care needs or working with a family member or close friend who requires aged care services, we are here to help.
FAQ
Frequently Asked Questions
Do I need to surrender all of my personal wealth to the aged care facility when I enter?
The requirements for entering assisted living accommodation, the expenses you will incur, and where your savings will go can be confusing and subject to false assumptions. Retirees have a common misconception that once they join an assisted care facility, money, investments, and property are no longer theirs. However, this will stay yours until you decide differently.
Moving into an assisted care facility should not affect your financial situation unless your wealth is poorly handled. It is recommended that you seek specialist aged care financial planning before finalising any plans.
Should you sell or keep your home?
If you are moving into Aged Care, you may be thinking of selling your home to pay for the bond/RAD (Refundable Accommodation Deposit).
Or maybe you’re thinking of renting your home out to help you pay for the ongoing costs?
The choice you make with your property can affect your pension, tax, and care fees. It is important to consider the financial and tax implications.
According to ASIC (Australian Securities & Investments Commission), here are some things you should consider when making the decision about your home.
| If you sell your home… | Its value will count towards the Age Pension assets test. |
| If you rent out your home… | Its value may count towards the Age Pension test depending on when you moved into aged care. |
| If you keep your home without renting it out… | It is exempt from the Age Pension assets test for 2 years from the date you moved into aged care. |
It’s important to note that the table above is only a general guide – specialist aged care financial planning can help you determine what the detailed implications are for your situation.
What are the costs associated with aged care and how can I plan for them?
The costs associated with aged care in Australia can vary based on individual circumstances. According to My Aged Care, the costs generally include the following components:
- Basic Daily Fees that cover day-to-day living costs such as meals, cleaning, and laundry. It is paid by everyone receiving aged care services.
- A Means-Tested Care Fee, which some individuals may need to contribute to the cost of their care based on an assessment of their income and assets. The amount is determined by a means assessment.
- Accommodation Costs, which individuals may need to pay depending on their means assessment, for their accommodation in an aged care home. The costs can vary based on the type of care needed and the chosen aged care home.
- Extra Services Fees may apply for extra services provided by the aged care home, such as higher standards of accommodation or additional lifestyle services.
To plan for these costs, individuals can use the Fee Estimator on the My Aged Care website to get an estimate of the fees they may be asked to pay based on their income and assets.
What is a Non-Concessional Contribution?
A non-concessional contribution is made from after-tax income and is not taxed in your super fund. Common examples of non-concessional contributions include:
- voluntary additional payments made from your after-tax income,
- any made on behalf of your spouse (married or de facto),
- a government co-contribution.
What are my options for funding aged care?
The options for funding aged care in Australia include various sources such as personal funds, government programs, and private financing options. Here are some key options:
- Personal Funds: Many older adults use their personal savings and income to fund their aged care needs.
- Government Programs: The Australian Government subsidises aged care, and the subsidy amount depends on the individual’s needs. This makes aged care more affordable for those in need.
- Private Financing Options: Private payment options, including long-term care insurance and reverse mortgages, are available to fund aged care.
Planning for aged care costs requires considering the type of help needed, the chosen provider, and the individual’s financial situation. Seeking advice from financial professionals like accountants, financial planners, and investment advisors can help navigate the details.
How can I protect my assets and ensure they are passed on to my beneficiaries?
To protect your assets and ensure your beneficiaries receive them, you can consider the following strategies:
- Writing a Will: A will is a legal document that outlines how your assets will be distributed after your death. Update your will regularly to reflect any changes in your circumstances or wishes.
- Beneficiary Designations: Certain assets, such as life insurance policies and retirement accounts, allow you to name beneficiaries who will receive the assets upon your death. Review and update these designations regularly.
- Creating a Trust: A trust is a legal arrangement that allows you to transfer assets to a trustee who will manage them for the benefit of your beneficiaries. Trusts can provide greater control over how your assets are distributed and can offer protection from creditors and other legal challenges.
- Asset Protection Strategies: Asset protection strategies, such as limited partnerships and spendthrift clauses, can help safeguard your assets from creditors and legal challenges.
- Seeking Professional Advice: Seeking advice from financial and legal professionals, such as accountants, financial planners, investment advisors, and estate planning attorneys, can help you understand your options and develop a comprehensive plan to protect your assets and ensure your beneficiaries receive them.
Individual situations and needs may differ, therefore it is critical to personalise your asset protection plan to your specific situation.
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