08 May Episode 34– Don’t forsake me in my old age
Have you ever helped a love one move into an aged care facility? In the end, we are all going to face this situation and you will need to deal with the complex emotional and financial issues associated with this difficult transition.
In this week’s episode I’m joined by by Sara Bell and Noel Carter of Next Direction, a firm that assist families in choosing aged care facilities and make informed decisions about the management of finances. They not only provide valuable advice but are involved in making it all happen, whether it is financial negotiations with the aged care facilities, completing Centrelink forms or modelling cashflow requirements.
“It is important to have powers of attorney in place before you need them, to avoid the difficulty of going to VCAT.” – Sara Bell
“We encourage people to be prepared, take advice in advance, well before they need to go into the aged care facility” – Noel Carter
“The importance of talking to your family about what you want for yourself. So when the time comes, they know what your preferences are” – Sara Bell
Today on the Finance Hour Podcast:
- We explain the Refundable Accommodation Deposit (RAD) and different options for how it can be funded.
- The three types of ongoing fees associated with aged care accommodation.
- The important factors to be considered in deciding whether to keep or sell the family home.
- The complex Centrelink forms which need to be completed for all aged care residents (not only those receiving the Age Pension).
- Sara and Noel’s 3 top tips for planning a moved into aged care accommodation.
In my rant of the week, I talk about an astounding phone call I had with TPG as I arranged internet services in my new offices.
And don’t forget to listen all the way to the end for my “Propellerhead of the week” where I talk about superannuation contribution benefits for low income earners which are important to take advantage of well before June 30.
- To contact Sara Bell from Next Direction call 0439 952 311
Thanks for tuning in!
Thanks for joining us on today’s episode of the The Finance Hour podcast! If you enjoyed today’s episode, please head over to iTunes and leave us a rate and review to help us reach even more listeners. Don’t forget to check out our website, visit us on Facebook, or hang out with us on Twitter to stay up-to-date on what’s in store for you!
About Reuben Zelwer
Reuben Zelwer established Adapt Wealth Management in 2011 to help time poor clients achieve financial freedom. For over 15 years, Reuben has helped professionals, executives, business owner and those approaching retirement make the most of their circumstances by making good financial decisions. Reuben’s professional practice is complemented by substantial voluntary work, which has included setting up financial literacy and savings programs in the local community.