Optimal care solutions
It is important to have a proper care plan done for yourself, which should be as forward looking as possible, so that solutions can be considered, tailored and adopted.
These should be over the areas of home care, personal care and clinical care, and our specialist advisers gain good general knowledge solutions for you and your family to consider, as well as access to these facilities for you.
Meet your income and cashflow needs
This is a very complex area for clients to understand, because sometimes, for the larger proportion of Australians, who need to evaluate a number of factors, you can have a greater disposable income with lesser amounts of funds invested.
Our specialist advisers take into account many factors in the delivery of these optimal solutions, such as investment income when you take into account items such as investment income, pension benefits, tax payments, rates and service fees, care fees, etc. Long term planning also considers potential, future residential care costs as part of the process as well.
Consolidate and retain your Centrelink benefits
Centrelink apply two tests on your financial situation when you enter care, one is based on your assets and the other is based on your assessable income.
Many people lose their pension benefits when they enter care. Not only is this a drop in the dollars you receive, it is also a very large increase in the cost of your care under the means tested fee system. ACS’s strategic modeler examines your situation and calculates the optimal results for you.
This is again relevant as it was only a few months ago since the Government reduced the assets tests for pensioners by a few hundred thousand dollars, and removed a few hundred thousand people from being aged pension recipients – thus hurting their income and dramatically increasing their care and living costs.
Grow your capital through effective, careful investments
Many clients who lose their Centrelink benefits don’t earn enough to pay their daily care fees and end up eating into their capital. Those who look at the big picture and make appropriate investment choices can actually increase their wealth while in residential care.
Review and improve your tax situation
For those residents who sell their homes and have a large amount invested from the proceeds, there is a major problem of tax, both PAYE and PAYG. This can eat into the cashflow for the residents as well as the capital. Again, sensible planning can greatly improve the problem of tax. Many of our clients actually end up paying no tax and getting a refund. This is particularly relevant since the Seniors and pensioners tax rebates were removed a few months ago.
Provide sound Estate Planning
Some circumstances are covered under your Will and some can be outside of these instructions. ACS makes sure that wherever possible, we get the trans generational wealth transfer done as quickly as well as possible to minimise, or eliminate, possible Capital Gains Tax issues for the beneficiaries.
When a sound financial plan is in place, Estate Planning needs to be reviewed on a regular basis and we assist you with that.
Bring order to your financial affairs and peace of mind to your family
Most new clients to residential care have families who worry about making the right decision. ACS understands that and makes sure that all parties are informed of the options and the best possible recommendations are made.
Remove the risks of leaving behind a mess when you are gone. ACS brings order to your financial affairs when you enter aged care. What this means is peace of mind to family members, particularly those who worry about your financial position.
Minimise risk
You don’t have to sacrifice financial security just because you’re in residential care. With ACS’s assistance we can help you secure your financial position and help you grow your investments and overall wealth, while still enjoying your life.