Our aged care advice process is designed to help you navigate the difficult process of placing a loved one into aged care. It is generally a stressful time for families, with heightened emotions and uncertainty about how to make care, financial and legal decisions in the best interest of loved ones. Obtaining advice from our solicitor can help ensure you select the best care for you loved one, protect their estate and give you peace of mind.
The Aged Care Process:
Step 1 – Complimentary 30 min Initial Phone Meeting
The start of the aged care advice process is a free, no obligation 30-minute phone discussion to ascertain the extent of advice you need and determine a cost estimate. This is an opportunity for us to get to know your circumstances and provide general advice on the process. Click here to book your complimentary phone meeting with Watson Legal.
Step 2 – Complete an Online Aged Care Questionnaire
This is a critical step in the process. One of the biggest challenges with aged care advice is collating all the required documentation as those seeking the advice (usually the children) often require time to locate the required information (of their parents). This questionnaire helps step you through the process to make sure that nothing is missed.
Step 3 – Review of Questionnaire and Documentation
Once we have received the completed questionnaire and related documentation, we will review it and make sure nothing is outstanding. You will then have a follow up discussion with our Aged Care Adviser Gary Watson either over the phone or in person.
Step 4 – Strategy Paper Preparation
We work in collaboration with Elliot Watson Financial Planning to prepare a comprehensive aged care strategy paper specific to your circumstances which could include:
- Review of current financial situation for the purpose of funding the aged care costs.
- Analysis and verification of aged care accommodation costs (the document compares up to five accommodation funding options).
- Modelling the impact of concessions for the family home.
- Strategies regarding the family home and investment portfolio (including, if applicable, exiting a Retirement Village).
- Where applicable – financial advice regarding the redemption of investments / sale of property to fund costs and resettlement of portfolio.
- Advice on strategies to fund the basic daily fee, means tested fee and additional or extra daily costs.
- Detailed cash flows over five years, taking into account available tax offsets and Centrelink exemptions.
- Projection of future asset values for beneficiaries.
- Your rights under the Aged Care Act and the aged care facility’s Residential Agreement.
- Application of the Aged Care and Social Security provisions.
Step 5 – Presentation of Strategy Paper
We will meet with you to present the recommendations in the strategy paper, answer questions and discuss any associated issues.
Step 6 – Preparation of Centrelink Application(s) for your Submission
If required, we will support you with the preparation and completion of the many complex documents required for Centrelink and Aged Care applications for your submission.
- There is no charge for your initial obligation free, 30-minute discussion.
- Then our advice is fee-for-service, based on the time taken to provide the advice you require.
- As a guide, if the returned questionnaire is complete, the initial/presentation meetings and preparation of the strategy paper will take approximately 2.5 – 5 hours.
- Our Aged Care Specialist hourly rate is currently $330 (including GST).
The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. The views expressed in this publication are solely those of the author. They cannot be reproduced in any form without the express written consent of the author.