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.