Have you ever googled something only to discover there should be a simple answer…but there’s not?
Recently I spoke with a prospective client, she and her sister were at loggerheads over making a decision for their mother’s care.
Sister A) is willing to seek advice, after all she know’s this is one of my specialty areas of advice and has been for ten years since a loved one was placed in permanent care. Sister B) is a ‘Google’ expert…and is missing enough information to make a very costly mistake…and is determined to place her mother into care without understanding the financial implications of the decisions she’s making.
The thing is, the cost of aged care has changed five times in ten years; with each change making the cost of care more expensive!
‘Google’ can’t tell Sister B) about the risks and implications of the decisions they need to make about their mother’s care. By doing-it-themselves, they’ll just have to find out the cost of care later…once they’ve committed to a life-time contract and the fees start drawing down on Mum’s capital!
There is another way! But Sadly Sister B) is not willing to allow us to look at options to improve their outcomes financially, so it looks like their mum will end up footing the bill for poor decision of Sister B). Oh, and there’ll be a much smaller Estate for both Sister A) & Sister B) to benefit from after all the fees are paid.
There is a solution…
If only Sister B) was open to seeking advice; there are ways to reduce the cost of a loved one’s aged care. It involves the correct structuring of assets and allows for improved financial outcomes for families, even to the extent of protecting Estate’s rather than spending them on care costs.
If you’d like to avoid making expensive mistakes with your parent’s money, give Gayle a call on 0407159298 to discover your options.