Along with a raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
Top 4 Considerations for Aged Care Planning
Many Australians put Aged Care planning in the ‘Too Hard Basket’. One third of the people that require aged care services have done no pre planning into what strategies may best suit their needs. The following 4 steps should be major considerations around aged care planning:
- If you believe you may not have the necessary financial resources to look after your aged care needs, seek expert advice sooner rather than later. Aged care is a complex area, especially for married couples, where the aged care needs of one member of the couple may be more significant than the other.
- Accept the fact that you will likely need aged care services at some stage. One third of Australians over the age of 70 require aged care services, and this increases to 70% for Australians over the age of 85. Once again, seek expert advice from the age of 60 around these issues and get prepared.
- Find out what resources will be available for your specific circumstances e.g. government funded, non-government funded and informal care and services.
- Find out exactly what type of costs may apply to your situation, and cover off important issues such as whether you should retain the family home & rent it out or sell it to get the optimum results. There is no one solution fits all strategy.
“With economics things take longer to happen than you think they will, and then they happen faster than you thought they could” – Rudi Dornbusch.