{"id":2210,"date":"2023-07-28T00:20:59","date_gmt":"2023-07-28T00:20:59","guid":{"rendered":"https:\/\/blog.villages.com.au\/?p=2210"},"modified":"2023-07-28T00:22:14","modified_gmt":"2023-07-28T00:22:14","slug":"how-this-financial-adviser-saved-a-client-20000-a-year-in-move-from-retirement-living-to-aged-care","status":"publish","type":"post","link":"https:\/\/blog.villages.com.au\/lifestyle\/how-this-financial-adviser-saved-a-client-20000-a-year-in-move-from-retirement-living-to-aged-care\/","title":{"rendered":"How this financial adviser saved a client $20,000 a year in move from retirement living to aged care"},"content":{"rendered":"\n

Making the move from retirement living into residential aged care can be hard for you and your family.<\/strong><\/p>\n\n\n\n

Shaun Ganguly, a financial planner from Aged Care Financial Planning and Retirement Village Financial Advice, said it is critically important to seek professional advice.<\/p>\n\n\n\n

You need to negotiate and agree to a room price before moving into an aged care home, but not everyone will need to pay this price. Services Australia will conduct a means assessment to see if you qualify for \u2018low means\u2019 status.<\/em><\/p>\n\n\n\n

If you do qualify as a low means resident, you will be eligible for assistance with your accommodation costs.<\/p>\n\n\n\n

Shaun shared this example.<\/p>\n\n\n\n

\u201cA very worried man came to see me, concerned about his mother\u2019s imminent move from a retirement village to residential aged care. The woman, a widow receiving a modest UK pension with approximately $100,000 in savings, was potentially looking at a steep financial hill to climb,\u201d <\/em><\/strong>said Shaun.<\/em><\/p>\n\n\n\n

“Many people often overlook the available options when it comes to aged care. As a result, they end up overpaying due to a lack of information or guidance. In this case, we saw an opportunity to help the family, and ensure the man\u2019s mother could enjoy her future without depleting her savings.”<\/p>\n\n\n\n

Shaun and his team reviewed the woman\u2019s financial situation and discovered she could qualify as a \u2018low means resident\u2019.<\/strong><\/p>\n\n\n\n

\u201cWe worked closely with the retirement village to adjust down the exit entitlement statement to reflect a realistic sale price, which also took into account all associated costs such as refurbishment,\u201d Shaun said. Alongside this, the team implemented several asset shelter strategies.<\/p>\n\n\n\n

\u201cWe established a funeral bond, made a gift to family members, and also brought forward the purchase of essential medical items like new hearing aids and walkers,\u201d he said.<\/p>\n\n\n\n

His team then calculated all her assets, the revised retirement village exit entitlement, her UK pension, and the asset shelter strategies. Using this data, they worked through the Centrelink means tested amount formula, securing her status as a \u201clow means resident\u201d.<\/em><\/strong><\/p>\n\n\n\n

\u201cThis strategy saved her around $20,000 in the first year alone,\u201d Shaun said. \u201cOver a five-year period, she\u2019d be $100,000 better off, thanks to the strategies we put into place.\u201d<\/p>\n\n\n\n

Shaun\u2019s team ensured a seamless transition for the woman and her family, handling all the Centrelink paperwork, conducted negotiations with the facility, and effectively restructured her finances to protect her future.<\/em><\/p>\n\n\n\n

\u201cThis case underlines the profound difference expert advice can make. By allowing professionals to guide you, family members can ensure financial security and peace of mind for your loved ones.”<\/p>\n\n\n\n

shaun@acfp.com.au<\/a> \u2013 1300 000 243<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Making the move from retirement living into residential aged care can be hard for you and your family. Shaun Ganguly, a financial planner from Aged Care Financial Planning and Retirement Village Financial Advice, said it is critically important to seek professional advice. You need to…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[18,71,70],"tags":[77,95],"class_list":["post-2210","post","type-post","status-publish","format-standard","hentry","category-lifestyle","category-money","category-retirement","tag-financial-advice","tag-tips"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/comments?post=2210"}],"version-history":[{"count":1,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2210\/revisions"}],"predecessor-version":[{"id":2211,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/2210\/revisions\/2211"}],"wp:attachment":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media?parent=2210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/categories?post=2210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/tags?post=2210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}