Financial Care Services Newsletter

by Christine Hopper
Volume 13 Edition 12 – 20 December 2023

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

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’.

But we are self-funded retirees so how could we be impacted by Centrelink gifting rules?

If you or your partner, become a permanent resident of a Commonwealth regulated (and potentially subsidized) aged care facility then you would be charged a means tested fee for your ‘personal support and nursing care’.
Centrelink would include any ‘excess gift’ amounts in your assets for determining your Means Tested Care Fee.
Read more about gifting at Centrelink and DVA

Finding your lost money rather than gifting to the government

If you do not transact on a bank account for seven years then your bank must transfer your money to the Commonwealth consolidated revenue account.
Your bank must send ASIC the details of your accounts that have been transferred as ‘lost money’.

Life insurance policies that are not claimed within seven years of maturity are also treated as ‘lost money’ with ASIC.

You can reconnect with your ‘lost money’ accounts that have been transferred to ASIC’s care.
The first step is to search for your name in the Lost Money listings.
Then you need to prove your ownership before you could be reunited with your lost money.

Lost superannuation accounts are minded by Australian Taxation Office.

If you had been in paid work with more than one employer during the last thirty years then you might have a ‘forgotten’ superannuation account.

The Australian Taxation Office process for finding lost superannuation can be challenging but possibly worthwhile.
To re-establish your friendship with your lost superannuation entitlements, you need to contact the ATO and follow its procedures.

Lost share dividends and deceased estates are resting with the Public Trustee in each State

If you or your extended family, were not great at updating your contact details with each other or your investment managers then a Public Trustee might be holding money that belongs with your extended family.

You could start a search for that lost family inheritance or company shareholdings.
Maybe your great aunt did leave a bequest to her estranged family.

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?
This summer might be ‘normal’ as in very warm unlike our recent cool damp versions.
Maybe granny could be 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 $60.86 per day plus any Additional or Extra Service fees.

Alternatively, you could arrange a short stay or long-term placement, 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 the last time you had a full family 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

Christine at Financial Care Services will not be ‘closing for the holidays’.

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

Thank you for your support in 2023.
Christine at Financial Care Services look forward to working with you in 2024.

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

Christine at Financial Care Services your independent adviser

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

Christine at Financial Care Services is here to answer your Health Card and 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 has neat handwriting just right for inserting your data into small printed spaces.
She helps clients complete Centrelink forms.
Christine could help you with collating your supporting documents and then mailing your form to Centrelink.

Assistance with completing Age Pension, Low Income Health Card and Commonwealth Seniors Health Card Claims and the Commonwealth aged care means testing forms is available to clients of Christine at Financial Care Services.

Christine charges fees based on the work involved in advising you about health cards, 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.
______________________________

Christine Hopper
Financial Care Services
Independent aged care, strategic lifestyle and Social Security advice for seniors in Melbourne, Victoria, Australia
Telephone – call +61 3 9808 0338
Email – contact Christine@financialcareservices.com.au
Address – mail to 2B Thomas Street, Camberwell Victoria 3124
Website – visit financialcareservices.com.au
LinkedIn – connect https://www.linkedin.com/in/christinehopper1
Past newsletters – see http://financialcareservices.com.au/newsletters/
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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.