The link below reports on the introduction of new aged care fee structures expected to be implemented mid year. Much of the costing models centre on the family home. When considering the variables, dealing with the family home must be approached with caution, as it can have significant estate planning consequences. For example, if the elderly person’s will specifically gifts the home, then a sale likely results in ademption of the gift, which often triggers a Family Provision Claim. In Qld if sold under Power of Attorney, it may result in an action for compensation. If you wish to minimise the risk of litigation and lengthy estate administration, we recommend you seek advice from a team of professionals, including your financial adviser and your lawyer.
If you would like to know more please contact Christine Smyth Accredited Specialist – Succession Law (Qld): 55769999
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