JDFP - Diversity by Design

Family Home and Seperation

One of the key decisions and triggers to seek aged care advice is whether to retain or sell the former home. Clients who do not seek advice often assume they have to sell the home to fund lump sum accommodation payments. However, the former home may be eligible for important concessions for both social security and aged care fee purposes which need to be considered. Selling the home may not always be the best course of action.

There are a number of issues and variables with the Family Home, or with a couple Seperated.

When a resident enters the age care facility the family home will normally be counted as an asset and assesed within the means test up to the "maximum home value" (currently about $157,051.20 as at 20 March 2015). There are a number of exemptions to this rule which you can read about here, but it is highly recommended that you contact us and discuss.