After you’ve looked at a few care options and have an understanding of the fee schedules for your preferred option, your financial adviser can help you determine how you can pay for your accommodation. This may involve a lump sum payment, periodic payments or a combination of both. 

Your financial adviser can help you determine which fees will be applicable to you and discuss strategies to reduce ongoing care costs. They will consider things such as the impact of selling your home and the impact of different strategies on your Age Pension entitlements. 

Your financial adviser can discuss strategies to pay the agreed accommodation payment and explain how your home will be treated for Centrelink/DVA and aged care purposes. If sold, they can also help identify the best way to invest the proceeds and get the balance right between generating an income, maximising Age Pension entitlements and reducing ongoing care costs. 

The decisions you make such as your choice of investments or keeping or selling your family home may impact your eligibility for benefits. Your financial adviser can discuss the possible impacts with you.

Your financial adviser can help you determine the best way to fund your ongoing care costs.

Your financial adviser can help implement strategies to ensure assets are left to your intended beneficiaries. 

An overall review of your situation will identify the various tax offsets that may be available to you, including the low income and seniors and pensioners tax offsets. A tax adviser can also flag issues concerning land tax and capital gains tax that may affect you.