What are we doing with dementia patients?

Financial Services Sydney: Aged Care for Dementia Patients This breaking news from the ABC today is shocking news for those with family members in care for Dementia & Alzheimer’s Diseases. Steve Cananne writes: A new study produced by Alzheimer’s Australia suggests up to 80 per cent of dementia patients in aged care facilities are being treated with psychotropic drugs. The report, to be released today, suggests only one in five dementia patients receive any benefit from taking such medication. Alzheimer’s Australia says the use of drugs in nursing homes is excessive and it has called for reform of the sector. Lateline previously revealed that up to 6,000 elderly Australians could be dying prematurely each year because of the misuse of psychotropic drugs in aged care facilities....
Aged Care Assessment – Holding onto the family home

Aged Care Assessment – Holding onto the family home

A CASE STUDY FOR AGED CARE COSTS Janet seeks our advice on locating and moving her husband to an Aged Care facility that cares for his health issues. He has been assessed by ACAT – the Aged Care Assessment Team – as requiring high level care. Much to Janet’s relief we are able to liaise with the family to find a suitable facility nearby and explain all the necessary requirements of the facility. Janet wants to sell the family home and downsize. Because this will impact upon the size of their assets we advise that she wait a while to do this as the family home is an exempt asset while she is still living in it. Do you know how to manage an ACAT Assessment & Your Assets? Please call us for advice & planning assistance or attend our evening seminar for more...

Who has the power to make decisions for you?

A CASE STUDY – What happens if one of you suddenly needs help? The tale of a missing Enduring Power of Attorney At 65 Tim & Margaret sold their family home in Sydney and purchased a new home on the Central Coast for their dream sea-change retirement. Completely unexpectedly within a short period after the move the Margaret was diagnosed with Alzheimer’s that sadly deteriorated rapidly. Alarmingly she started to wander at night whilst Tim slept and ended up on a busy highway one night. Suddenly the situation was beyond Tim’s ability to manage on his own & it was essential for her safety that Margaret enter a care facility that could watch over her 24 hours a day. However, the only facility with a place available at the time was in the Western Suburbs of Sydney, a long way from the Central Coast. Tim was a pragmatic kind of fellow & so decided to immediately sell the house and move nearby to the care facility. As if he was not dealing with enough difficulty seeing his beloved partner in a care facility and her condition deteriorating, suddenly Tim’s future was also now out of his control. Unfortunately neither Tim nor Margaret had an Enduring Power of Attorney for each other so Tim could not sell the house without Margaret’s permission and she was now not of sound mind. Their case was then handed over to the Public Trustee to decide if it was in Margaret’s best interests to sell the house. Whilst Tim has waited for many months for a decision by the Public Trustee he travels hours...

Is Estate Planning Important?

Our expert Elizabeth Campbell of Smallwoods Lawyers explains the importance of Estate Planning If someone dies and has not left a Will they are said to have died “Intestate”. This means the estate must be distributed according to the laws of intestacy – this may not be what you want. It is very important you have a valid Will in place – even when you have minimal assets. Elizabeth shares a case study of how things can end up. CASE STUDY: Bob aged 19 years was brought up by his mother, a sole parent. Bob lives at home with his mother and is employed as a carpenter. Bob is working on a building site has an accident and dies. Bob never made a Will and has no wife or children. Under the laws of intestacy his parents receive his property in equal shares. Although his only asset is a small amount in a bank account, his Workers Compensation payout is approximately $480,000 which will be paid to his estate and his father will receive half. This is not what Bob would have...
Aged Care – The Burning Issues

Aged Care – The Burning Issues

Financial Planning Implications for Aged Care & Nursing Homes post retirement Is your head in the sand about what happens in the last phase of life post retirement? One of the realities of an ageing population is the need for many Australians to transition ourselves or a relative into aged care at some point in the future. Deciding to go into aged care, or helping a family member make that decision, is never easy, often brought on by deteriorating health and loss of independence. There are so many things to consider and it can have an impact upon all family members. We passionately believe that if you have the information, have had the difficult conversations and planned early enough it doesn’t have to be as stressful as for those who have to deal with the minefield of complicated decisions when there are by then few choices left. Few of us know what the options are, what we’ll need to think about and the costs involved. If you are unsure about the answers to any of the following burning questions then we need to talk soon. Are you or your parents between 60 – 80 years old? Do you or they expect to transition into an aged care facility in the next 10 years? Have you a financial & living plan for the next part of life beyond retirement? Have you discussed this with your family? How would you manage financially if you suddenly needed to move into aged care? How would you manage the cash flow? Would you have to sell your home or is it better to rent...