When to Seek Financial Advice

More and more families are now making the decision to sell the family home to help fund entry of an elderly parent into aged care.

This decision may in part be due to recent Government introduced changes on how income is viewed when a home is rented out. Infinite Care have explained these changes more fully in a previous article, but basically, since 1 January 2017 rental income is now considered when assessing eligibility for the aged pension.

But is it the right choice for you?

When making big decisions like selling your home, it is in your best interest that qualified financial advice is sought. An accountant or financial advisor that specialises in this field can be invaluable. They can analyse your entire situation to work out the best scenario for you, and a financial advisor can also advise ways to invest any surplus sale funds to help support your ongoing care needs.

Be sure to appoint a Power of Attorney

It is also important to have a correctly executed power of attorney in place, as the process of selling a home on behalf of an elderly parent can become very difficult if you become unable to make sound legal decisions.

Big, life changing financial decisions can often seem overwhelming so make sure you share the burden by involving trusted family members and sourcing good, financially qualified advice.

DISCLAIMER: This document and the information contained herein is provided for general use and informational purposes only. It should not be considered personal advice in relation to legal, financial or healthcare matters. You are encouraged to consult other sources to confirm the information contained in this document, and if appropriate, seek independent expert advice from an appropriately qualified legal practitioner, financial advisor or healthcare professional.  Infinite Care Pty Ltd and its related parties do not represent, guarantee or accept any liability whatsoever in respect of the accuracy, currency or completeness of any of the material contained in this document. This document may not be reproduced or published in any way or by any means without our prior written consent.