feature image

Spending time where it matters - Big Sky Financial Solutions

Spending time where it matters



The financial world can be a confusing place. Managing our own finances and staying on top of significant changes is hard enough. But what happens if you need to take responsibility for those of an aging family member, especially if you’ve had no in-depth involvement in managing their affairs in the past?

Suddenly you’re faced with spending a lot of time trying to unravel their financial position. Not to mention coming to terms with well-meaning, but overly complex Government programs to work out whether your family member is eligible for specific benefits or allowances.

If you don’t understand how things work, there’s a real chance that your family member could be missing out on age-related entitlements, or even paying more tax than necessary.

Help is on its way



In times like these it’s worth asking for some professional help. A qualified financial adviser is someone who will empathise with your particular situation and can work closely with you to provide unique solutions - for the short term, as well as the longer term.

A good adviser will explain your options in plain English, cutting down on the time you need to spend working through this. This is particularly important where the family needs to act quickly, either to secure a place in a care facility or for medical or other reasons.

Engaging an adviser will allow you to focus on taking care of your family member, instead of spending hours studying the Aged Care and Centrelink Acts. They’ll also appreciate that you and your family or partner have your own lives to be getting on with, e.g. managing your own finances, focusing on the care of children, etc.

Knowing that you are not able to invest a significant amount of time managing your family member’s finances, your adviser will look for ways to make things quicker and easier for you.

A financial adviser may also be aware of options not commonly discussed that could significantly improve your family member’s overall financial position.

The basics



The first thing your adviser will do is help you to understand, as simply as possible, your family member’s current financial position. This means identifying any investments like shares, property or other assets, they hold. It also involves clarifying any income streams, including government pensions, they might be receiving.

Your adviser will then explain how the aged care system works, from a cost perspective, and what your ongoing responsibilities will be in terms of managing your family member’s finances. This also involves developing strategies to ensure:

· care is affordable both now and in the longer term, and that you take advantage of any opportunities to minimise these costs
· your family member receives all their government entitlements
· you are able to protect and, where possible, enhance the value of their estate.

Consulting a financial adviser will relieve the burden of managing your aging family member’s finances and allow you to spend your time where it matters - taking care of people, not money.

< Back