Will, a retired accountant and his wife Diane, have been long term clients of Cerulean Wealth Advisers since 2005. Both Will and Diane had ageing parents and in 2011, Diane's mother Lorna, had decided that due to ill health and increasing loss of living independence, that although reluctant, it was time to consider moving into aged care.
Will & Diane, although they knew a little about aged care felt like they had the weight of the world on their shoulders when it came to making decisions about Lorna’s care needs. To help them make an informed decision, and put their minds at ease, they sought our help in better understanding the aged care regime and what it meant in terms of Lorna’s aged care fees and social security entitlements if she decided to keep or sell her home.
Together with Will and Diane, we determined that the most suitable strategy was for Lorna to keep and rent the family home and structure the refundable accommodation bond in such a way that the family home would remain an exempt asset indefinitely.
Will & Diane both felt enormously relieved that all of Lorna’s needs would be met which included her preference for keeping the family home.
Will, called on us a few months later to get our support around aged care planning for both of his parents, which presented a number of challenges as both parents were entering care at the same time.
Nonetheless, we were able to determine a suitable strategy, which helped Will's parents reduce their aged care fees, provide sufficient cash flow for the next several years and enable them to retain their family home.
Our advice was able to provide Will and Diane with financial and emotional relief at a time they needed it most.