Should you sell your family home when entering an Aged Care facility?
If you are part of the ‘sandwich generation’, ie. caring for your own kids and parents at the same time, then issues such as Aged Care Accommodation may be an issue that will arise in the future.
This is a specialist area where good advice can give you more options than just selling the family home, and may literally save you many thousands of dollars.
Seeking out advice can give you clarity on the many options available. It doesn’t always have to simply involve selling the home.
Here are a few questions to keep in mind.
i) What accommodation can I afford?
ii) Will my financial position improve or deteriorate?
iii) Could I be getting more Age Pension?
iv) What will the fees be and can I reduce them?
v) What are the options with our home/other property?
vi) What is the impact on my beneficiaries after I pass away?
vii) Can I manage my cash flow / fees?
viii) Can I afford the extra services?
Age Care can be very convoluted.
It’s important to ensure you do not listen to all the misinformation that exists. Be sure you understand the facts & HOW they apply in your case. It will be different for everyone.
It is best not to assume what worked for someone else will be the best outcome for you.
Their financial situation is likely to be different & your objectives are likely to be quite different.
If you decide that you wish to keep the home, it becomes a matter of determining how to structure your affairs.
The includes planning and budgeting for covering the cost of the aged care and other incidental expenditure and property costs.
No matter what situation you are in, you may find you will need to be prepared to compromise.