Before you or your loved one can settle in to a residential care home, there is the important matter of arranging the payment of your care fees and accommodation.
How much you pay for the Refundable Accommodation Deposit (the upfront lump sum payment required for your care facility) and the Daily Accommodation Payment is something that requires careful planning. Your house may come into the equation and your other assets may also need ongoing management in order to continue paying your fees.
KRA Wealth Management can help you calculate your care and accommodation fees to make sure you aren’t paying more than you have to and your assets are continuing to work in the best way possible for you.
Even people with a seemingly straight forward aged care situation can still have many questions and concerns. As part of our service, our advisers will invite you to an initial consultation meeting to help clarify and make sense of all these issues. At this meeting we will be available to answer all of your questions and comfortably put you in a position to decide whether you need further advice.
You might find yourself in a situation where you are faced with a number of options to pay your fees but have several different assets that are complicating matters. In such cases, we’ll prepare a strategic discussion paper for you outlining a range of scenarios for your consideration. Included in this discussion paper will be calculations to highlight how you can:
- Maximize your cash flow
- Minimize your fees
- Maximize your pension
- Safeguard your assets
- Either keep or sell your home.