It’s easy to be caught off-guard when your parents need you to step in and take responsibility for their financial affairs
As parents age it’s common for children to need to step in and provide an increased level of assistance. This assistance can be anywhere from shopping and paying bills through to arranging high levels of personal care, appropriate accommodation and taking over control of the finances.
It is not uncommon for people to be caught off guard. It can be a very stressful time when you need to come to terms with complex financial affairs on behalf of another, while dealing with the practical and emotional challenges of your parent’s increased need for care.
The competing opinions, skill levels and knowledge of family members often adds to the complexity of the situation.
As these decisions arise you need straightforward, reliable and timely advice to assist you manage your parent’s financial affairs.
Finance Women helps families in all stages of the aging process whether as a trusted source of advice to your parents setting up their own affairs right through to families who are in the process of managing affairs on their parent’s behalf.
Typical advice provided:
Optimal structure of aged care bond payments
Preserving access to Centrelink
Ensuring flexibility of financial circumstances to adapt to changing care needs
Ensuring cash flow to retain standard of living
Assessing financial capacity to fund personal care at home