Volume 9 Edition 12 Financial Care Services Newsletter

Financial Care Services, the specialist adviser to seniors in transition to new lifestyles

Volume 9 Edition 12 – 20 December 2019

Hello

Gifting

As we celebrate the great gift of Christmas, you could be thinking of gift giving within your family. The good news is that you may give away as much as you choose whenever you choose. Then again you might choose to arrange your larger gifts after considering the impact of gifting on your potential Centrelink benefits and aged care costs.

If your gifts total more than $10,000 in any financial year or more than $30,000 over any rolling five year period then Centrelink will record as an ‘excess gift’ any amounts in excess of those limits. The gifting allowance is the same for a ‘couple at Centrelink‘ as for a single person.

Remember that at Centrelink ‘gifting’ is the disposal or transfer of any asset for less than its market value.

At DVA and Centrelink ‘forgiving loans and failing to collect rent or loan interest could also be ‘gifting’.

Read more about gifting at Centrelink and DVA

A New Year Resolution to transition your parents into a more supportive home.

How are the elders coping at home now?

Is their home really hot in summer? Maybe granny is trying to keep cool whilst stressing about the cost of running the air-conditioner all day and most of the night.

A little Respite or Restorative care stay in an aged care home could provide some respite from the heat and the electricity costs, could be welcome.

If the ACAS allows Respite then a two week stay in a Commonwealth regulated aged care facility could be a holiday for all of the family. Currently Respite is charged at $51.63 per day plus any Additional or Extra Service fees.

Alternatively, you could arrange a short or long term stay in a private guest house for seniors, Supported Residential Services “SRS” in Victoria. Each SRS sets its own service offering and weekly fees.

Please take a moment during the family gatherings to consider the level of activity and involvement of the elders now compared with last year’s gathering.

If anyone is noticeably frailer in body and/or less mentally agile then your New Year Resolution might be to assist them towards a more supported home environment.

Are their outings focused on medical appointments with few social events?
Is the fear of falling or a ‘personal problem’ restricting their social interactions?
Maybe it is time to start thinking about a more supported home environment for your senior family members.

But don’t wait until New Year to seek medical help if anyone is clearly unwell or dehydrated. Serious illness or injury warrants prompt attention even on a public holiday.

Holiday opening

Financial Care Services will not be ‘closing for the holidays’ ;we are just not taking calls on Christmas Day.

Our telephone message and email accounts will be checked regularly because we understand that seniors have challenges all through the year. Our aim is to call you back on the next business day if we do miss your call.

Christine will be available for consultations with seniors and families during January. You are welcome to contact Financial Care Services for help with financing any seniors in transition.

Thank you for your support in 2019. The team at Financial Care Services look forward to working with you in 2020.

May this holiday season be a joyous and safe celebration for you and your family.

Christine at Financial Care Services your independent adviser

Financial Care Services is an independent advisory service specialising in retirees of modest means and aged care entrants. Our core values include working with clients in claiming DVA and Centrelink entitlements.

The team at Financial Care Services are here to answer your Age Pension questions and guide your understanding of aged care costs. Help with Centrelink challenges is available from Christine Hopper at Financial Care Services, the specialist adviser to seniors in transition to new lifestyles.

Christine charges fees based on the work involved in advising you about pensions and aged care fee solutions.

To make an appointment for confidential, independent and professional advice about aged care, retirement lifestyle costs, granny flat or Age Pension issues please contact Christine Hopper or call +61 3 9808 0338.

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Christine Hopper
Financial Care Services Pty Ltd
Independent aged care, strategic lifestyle and Social Security advice for seniors in Melbourne, Victoria, Australia
Telephone – call +61 3 9808 0338
Email – contact info@financialcareservices.com.au
Address – mail to 172 Warrigal Road, Camberwell Victoria 3124
Website – visit financialcareservices.com.au
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Disclaimer: The information contained in this newsletter is of a general nature only and does not constitute “financial advice”.
All eligibility for Commonwealth benefits will be determined by Centrelink or DVA, based on your personal position as documented and the legislation and Regulations in force at that time.