Case Study: Aged Care – Kate

Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in touch with your advisor before taking any action on the below points so they can advise on the appropriateness of this for you.

About Kate

Kate has been considering moving from Sydney to Melbourne into residential aged care. She wanted to move closer to her daughter and grandchildren for her remaining years. Kate had a house in Sydney she was planning to sell and wanted help understanding the costs involved with living in an aged care residence.

Kate’s Challenge

Firstly, not knowing the actual cost of aged care presented a significant hurdle for Kate. Kate was unable to properly plan for her future and the future of your loved ones without this knowledge. Another challenge for Kate was how to provide for her loved ones, she really wanted to set up a gift fund for her grandchildren. Given her uncertainty about aged care residential fees and how far her money would go, she was unsure whether or not she could afford to provide a gift fund.

Fortunately for Kate, her great health and financial situation warranted the development of a long-term aged care plan. She needed to find the right aged care option that met her quality standards and would be financially viable for years to come.

How Morrows helped

Kate and her daughter (who had her mother’s Power of Attorney) met with an aged care advisor at Morrows to discuss their financial situation and understand their options. The meeting process allowed Morrows to offer a researched Aged Care Statement of Advice. The consultation process ensured that the recommendations were tailored exactly to what the client wanted. Ultimately, Kate was reassured that there were long-term affordable aged care options that met her quality requirements.

Instead of making a gift fund now, Kate was shown that she could put this money up against the RAD, and later be passed onto her daughter and grandchildren through her Will. She was then able to consult with Morrows Legal to update her estate plan, ensuring that her amendments to her Will were properly implemented. If you have a similar issue and require assistance, don’t hesitate to get in contact with our team today.