What about the family home?

The decision about whether to sell the family home when aged care becomes necessary is often one of the most challenging choices families face together. For parents, this home represents decades of memories, milestones, and the foundation of family life. For adult children, it's where they grew up and built their earliest memories. This decision affects everyone, and we understand that it's about much more than just finances.

A Decision That Requires Careful Consideration

As your financial advisers, we're here to help both parents and adult children navigate this complex decision with clarity and confidence. Every family's situation is unique, and the right choice depends on several critical factors:

Partnership and Care Considerations

  • Are both parents still living, and what are their respective care needs?
  • Will one or both parents require aged care services?
  • How significant is the age difference between partners?

Financial Capacity Assessment

  • Do you have sufficient assets beyond the family home to cover care costs?
  • What are the long-term financial implications for the entire family?
  • How will this decision impact inheritance planning?

Our Role in Supporting Your Family

We recognise that this decision carries both financial and emotional weight. Our role extends beyond number-crunching to help families make choices that honour both practical needs and emotional well-being. We work with parents and their adult children to ensure everyone understands the implications and feels confident in the path forward.

The Regulatory Landscape

Your decision about the family home has significant implications for aged care fee assessments and Centrelink entitlements. We analyse whether the home counts as an assessable asset by examining:

  • Who currently lives in the home
  • Whether any residents qualify as protected persons, eligible dependents, or carers
  • How these classifications affect asset testing and care cost calculations

Moving Forward Together

Every family deserves to make this decision with complete information and professional support. We guide you through the financial complexities while respecting the emotional significance of this choice, ensuring that both generations feel heard and supported throughout the process.

To speak to our team about your aged care needs, click here