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Aged care reforms are looming – 1 July 2014 deadline

On July 1, 2014, the Government's new aged care reforms take effect and good financial advice will become more valuable than ever.

Do you have parents and loved ones who need to move into aged care? The reforms mean it's time to start talking. Under the new rules, a resident's accommodation and care fees will be determined by a combination of income and assets tests, so the right advice could make a big difference to them.

There are a number of considerations to take into account. Keep or sell the home? Whilst there are a number of factors that may influence this decision, it is important to know that keeping or selling the home can affect ongoing care fees if entering a facility on or after 1 July this year. Because income and assets are assessed when determining their ongoing care fees, there will also be some other decisions to be made that can influence how much ongoing care fees will cost. As such, an appropriate investment strategy can potentially reduce the amount to be paid.

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