Recorded Webinar: Aged Care Residency Arrangements & the Estate Plan

Faced with ill-health and a large family home, high costs and overwhelming maintenance, elderly home owners are seeking alternative living arrangements which meet their needs. While a number of options are available depending on personal circumstances and health, these options have consequences which need to be factored in to estate planning. This session will look at accommodation options and explore important financial and legal issues and consequences for each, including:

• Granny flats: managing the issues of:

• Title and tenure issues – what is the nature of the arrangement?
• Loan to a family member to build the flat – gift or repayable? The importance of documenting the agreement
• Who is responsible for the cost of improvements and maintenance?
• What happens on death or a move to a care facility?

• Retirement Villages and other independent living accommodation:

• Providing advice on the contractual arrangements and nature of tenure

• Funding arrangements in and out
• Advising on limitations and restrictions
• Consequences of death of the occupant and ongoing obligations of the estate

• Aged Care

• Funding the deposit (RAD) and ongoing costs
• What if one spouse remains in the family home?
• What happens to the RAD when the resident dies?

• Selling the main residence – CGT and other financial consequences for pension eligibility and aged care fees.