I receive many calls from families who have decided to reduce their parents assets, either by giving them away or transferring them to another structure or family member’s control to reduce the cost of aged care.
Hearing “we want to get rid of Mum’s assets” is tough to hear, especially when I understand the intention to to protect what their parents have worked so hard to accumulate in their lifetimes. Protecting family wealth is easily understood, but trying to explain the way the family are hoping to go about reducing the cost of care it isn’t going to offer the best outcome for their parent can be a difficult conversation.
Gifting assets should be treated with extreme caution because excessive gifting can trigger a whole range of unintended consequences, including eating into a families hard earned nest egg.
If you feel you could benefit from a little clarity call Gayle, our Accredited Aged Care Specialist, on 0407159298 for a 15 minute free chat about your circumstances.