One of the fastest growing arms of our financial services business is Age Care Services. Our principal got into this by default having found nobody who seemed to be expert and in past two years its gone crazy helping existing clients. Then we advertised and have been blown away with response. That doesnt mean we sell / broker people going into care. On a fee basis we can guide but never for kick-backs. We advise on structuring so that centrelink / pensions / DVA / fees etc are all considered so that adverse outcomes don't happen. Often our clients are the adult kids of older parents. Nobody want to use age care - But when it happens its far better to have a plan that doesnt involve losing massive benefits and money.
Recent client approached us explaining they were touched up for a $600k accomodation bond putting mum into high level care following medical concerns. Sell her house ?? No. That is often unnecessary. We assisted to negotiate NO BOND. Client got accom in same facility - Not some dodgy centre they didnt like. The house is now rented out and the rent doesnt affect age pension. This was a huge financial relief for family who didnt want to sell mum's home.
Another - Client in palliative care. Son explains that Dad has huge CGT losses and a large portfolio owned for years. Advice : Trigger CGT prior to death to absorb losses and refresh cost base. CGT losses are lost on death. Double dip annual tax free thresholds too since he dies a few days later. In that instance we worked with the existing accountant who was way out of depth. Lucky he asked for help.
Interested to hear other advisers or even family members views of how they deal with the aging client problem. We have found nobody wants to talk about it but its a industry in high demand.
q: Is this something some advisers need a partner to assist with ?
q: Who is your age care adviser of choice ? Know any who are an expert?
q: If a client approaches with these concerns where can you send them ?
Recent client approached us explaining they were touched up for a $600k accomodation bond putting mum into high level care following medical concerns. Sell her house ?? No. That is often unnecessary. We assisted to negotiate NO BOND. Client got accom in same facility - Not some dodgy centre they didnt like. The house is now rented out and the rent doesnt affect age pension. This was a huge financial relief for family who didnt want to sell mum's home.
Another - Client in palliative care. Son explains that Dad has huge CGT losses and a large portfolio owned for years. Advice : Trigger CGT prior to death to absorb losses and refresh cost base. CGT losses are lost on death. Double dip annual tax free thresholds too since he dies a few days later. In that instance we worked with the existing accountant who was way out of depth. Lucky he asked for help.
Interested to hear other advisers or even family members views of how they deal with the aging client problem. We have found nobody wants to talk about it but its a industry in high demand.
q: Is this something some advisers need a partner to assist with ?
q: Who is your age care adviser of choice ? Know any who are an expert?
q: If a client approaches with these concerns where can you send them ?