Professional firms that offer aged care advice for local constituents provide a healthy amount of value for each client.
This can be a tricky industry to negotiate without an experienced hand to guide individuals through, but they will arrive with the grounding to know exactly which avenues should be taken.
The transition from living at home to an aged care facility brings about all manner of logistical concerns, not to mention the integration of trust funds, retirement savings, investments and Centrelink payments.
Here we will examine why the inclusion of these specialists is warranted for retirees who are hoping to secure their next step.
Identifying Trustworthy Aged Care Facilities
A majority of participants who are looking at aged care services and facilities find that their struggle is centered around the need to identify trustworthy providers. Many retirees won’t have the capacity to run background checks and review businesses, and this is where professional aged care advice comes into play. They will have intimate knowledge and understanding of the terrain, being able to offer direct referrals and examining the strengths and weaknesses of the prospective facilities.
How To Structure a Suitable Payment Plan
Arguably the greatest service that is on offer for clients who utilise professional and experienced aged care advice is understanding how to structure a suitable payment plan. From those who are calculating the inclusion of a nursing home fee via a daily accommodation payment (DAP), using a refundable accommodation deposit (RAD), taking out a reverse mortgage on the home or engaging in a commonwealth home support program, there is a variety of options on the table for participants. It will be dependent on a myriad of factors speaking to the client’s personal circumstances and their financial status, but it can be tailored according to that specific situation without compromising on the level of care.
Knowing What To Do With Property
Whilst taking out a reverse mortgage to cover aged care costs has been mentioned, the property can be leveraged as an asset when entering in talks with professionals who offer aged care advice. In some circumstances a direct sale on the open market is the best strategy, particularly when there is high sell-on value in a popular location. Others would prefer to keep the property within the family name as use it as a vehicle for an investment property.
Seeking Additional Investment Opportunities
Just because a client is transitioning to an aged care facility, that does not mean their savings cannot still be working for them to increase the value of the overall portfolio. This is one of the key selling points that makes aged care advice such an attractive proposition, opening up pathways for stocks and investment properties that builds on the hard work that has already been undertaken by the retiree in the years before.
Establishing Safe Transfer of Assets
Organising a Will and distributing assets to loved ones can be enough of an exercise in isolation. So how are retirees expected to tick that box as well as managing a transition as well? This is where the inclusion of professional aged care advice is beneficial, offering guarantees and assurances that covers all bases in the event of a death. They will already have these established networks in place, allowing for participants to have a transfer in place as they safely make the switch from their home to a facility.
The use of professional aged care advice allows retirees and the elderly to make a successful transition without being stressed or surprised about the process. There can be a lot of paperwork and logistics to factor into these decisions, and these operators will be able to provide objective analysis and recommendations that are tailored to the client’s specific needs.