Financial Modelling Now Available Australia Wide
Balance now offers a convenient and cost-effective video appointment Australia wide for people moving into residential aged care. Having helped 30,000 over the past 25 years with retirement village and aged care we wanted to provide a financial service that wouldn’t charge over $2,000 like most financial planners in this space. If your loved one is needing to move into aged care contact us today for a free initial call to see how we can assist.
If you have a loved one moving into residential aged care, then potentially you may need assistance financially to work out the best way to move into care. If your loved one has the following below, then getting financial help can make sure they have a cashflow surplus, reduce income tax and find the best home or room for their financial situation
- Single person with assets above $61,500 including the value of their principal place of residence
- One of a couple moving into care with joint total assets above $123,000 not including the principal place of residence
- Both members of a couple moving into care with joint total assets above $123,000 including the principal place of residence
If selling property or other assets to pay for the accommodation bond in aged care then depending how much you spend could affect you financially
- Too much money left in the bank account – could reduce pensions, earning high interest could also attract income tax
- Having less money in the bank – Could effectively allow more pension
- Selling investments – could result in capital gains tax
- Borrowing money from family – could reduce pensions and increase your means test fee
Most people want to make sure that when entering into care they have a nice home, cash flow to cover the costs, and potentially funds to leave family when they pass. Financial modelling can make sure you find the best outcome for your individual situation.
If you are needing other services including aged care placement to find a home for your loved one, please let our team know.
Call Balance today on 1300 556 287
