Video: The intergenerational advice challenge and solution – Part 3

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Part 3: Aged care and the changing boomer equation Zurich’s recent Intergenerational Advice Masterclasses not only brought to advisers deep research, practical solutions and a process to the challenge of becoming the “family adviser”, but also created a forum where advisers shared their endeavours, successes and failures in the quest to become the central hub […]

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Managing home-care fees

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As clients get older they may need help with our daily living activities. The frailty of older age or some illnesses may make it harder to live independently without help from a spouse, family or aged care service provider. The government subsidises a range of aged care services. And clients do not necessarily have to […]

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The ages of 40 and 70 should raise aged care alarm bells for advisers, their clients and SMSF trustees

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The US based senior care network, Home Instead, was the first one to refer to what is now universally known as the 40-70 rule. Since then, many operators in the aged care arena have picked up the term, as it succinctly encapsulates the need for the aged care discussion. “Quite simply, the rule refers to […]

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Average Australian going into aged care will pay around $10,000 more

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The average Australian going into aged care will pay around $10,000 more after 1 July 2014 – harsher fee levels make aged care more expensive AUSTOCK Life has calculated that people entering aged care facilities after 1 July will be up to $10,000 or worse off rather than entering such a facility in the current […]

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Aged-care complexity continues, despite government reforms

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Centric Wealth says bonds now creating most confusion for elderly and their families Leading wealth management advisory firm, Centric Wealth, today said that despite the Federal Government’s Living Longer Living Better reforms, the aged care industry continues to be plagued by complexity and uncertainty, particularly in relation to bonds. An accommodation bond, or accommodation charge, […]

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Too many families powerless when elderly decline mentally

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Far too many retired Australians have not granted a financial Enduring Power of Attorney, which can lead to problems for their loved ones and unnecessary family conflict, said Anna Hacker, wills and estates accredited specialist at Equity Trustees Limited (EQT). “As Australians live longer, it becomes increasingly necessary to have measures in place in case […]

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Negotiating aged care accommodation bonds – December 2013 update

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This is an update of an article last updated in July, 2013. This update addresses recent changes in legislation. Too often articles and information published on aged care focus on how to reduce the accommodation bond. Many clients (and their families) will also express a reluctance to pay the high bonds required. The opportunity to […]

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Have conversations about aged care sooner rather than later

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Unpalatable as it may be, clients should be encouraged to have sensitive discussions with their families about aged care needs sooner rather than later if they want to avoid potential conflict and distress, as well as financial problems, says Derek McMillan, CEO of Retirement Living at Australian Unity. “Our rapidly ageing population, increasing life expectancy, […]

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Aged care reforms – March 2013

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Almost a year after the Government announced its response to the Productivity Commission Report on aged care reform legislation has been introduced into Parliament to effect the proposals. Five Bills were introduced on 13 March which will impact residents who enter residential aged care from 1 July 2014. Residents in care before this date will […]

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Reforming aged care entry fees

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Clients moving into residential aged care may find entry fees more transparent and easier to negotiate from 1 July 2014. Following the Productivity Commission report on aged care, the government set up the Aged Care Financing Authority (ACFA) to provide advice on reforms and monitor pricing in the aged care industry. Recommendations for reforms to […]

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