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Related Documents

Superannuation

Superannuation, when held in accumulation phase by a client under age pension age, is an exempt asset for pension and aged care means testing. Account-based pensions are assessable assets that are subject to deeming except where they qualify for grandfathering.

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Funeral Expenses

Pre-paying a funeral enables a client to choose and pay in advance for their eventual funeral.  They can pay for the funeral in full or pay it off in regular instalments over a period of time. The cost is fixed in today's dollars, even if the funeral is not for many years. Funeral bonds are an investment product that can only be withdrawn after death to pay for a funeral, they may not cover the cost of a funeral.

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Low Means

People who enter an Aged Care Facility after 1 July 2014 have their ability to contribute towards the cost of their accommodation and care calculated based on their assets and income. Refer to Residential Aged Care Means Test Factsheet. Where the calculated amounted is less the maximum accommodation supplement of $58.19 per day (as at 31 March 2020) the resident is classified as Low Means.

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Loans to fund a RAD

Loans from family to fund a RAD have impacts on the cost of care and potentially estate planning. The Aged Care Act 1997 does not preclude a family member of a resident making a contribution towards their accommodation payment.  However, an aged care provider must not accept a lump sum payment which would leave the resident with less than the minimum permissible asset level within 28 days of entry and the provider has sufficient information to know the person’s means.

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