You know in Australia, almost 20 per cent of people have a disability and this number is only increasing with an ageing population!
Total and Permanent Disability almost always means that you are dependent on another for assistance for many daily needs.
Being a Risk Specialist in this Financial Planning world you can only imagine some of the excuses I hear about Insurance. BUT when the unexpected happens it is too late to re consider protection. Have you ever thought about not having choice? Trying to survive on the Government’s Pension or Centrelink? Not likely.
While caring for a family member with a disability can be very rewarding, it’s also a huge responsibility and, in some cases, a full-time occupation. Where do the funds come from? Affordability is having the funds available for care. Money alone is not the answer either.
A Financial Adviser is the person to not only organise the risk protection for you and your family but also the person who knows where to direct you to the specialist people you need to put the otherwise confusion together. We make it simple to understand, even thought it is a little daunting.
As Aussies, we are reluctant to consider the thought of not being free of will and decision. The mind-set changes because we like to think that we are OK and nothing is going to change our enjoyable lifestyle for the worse.
If you are a parent of a disabled son or daughter or if you were fortunate and had an Insurance Cover Payout on disability then simply leaving money or the balance of your estate to a family member with an intellectual disability may not provide them with an adequate level of financial support. In fact, it could do more harm than good. It could disqualify them from access to important Government entitlements. Not only that, but if the money is accessible or they are easily influenced, it could be spent too quickly and ineffectively given their long term needs.
However, by engaging a specialist estate planner and a professional trustee company you can help prevent this from happening. A specialist estate planner can help you structure your estate appropriately and will consider the following issues:
• Control and protection of financial affairs (for example ensuring ongoing income and payment of bills)
• Healthcare (who makes the important medical decisions?)
• Housing and wellbeing decisions (who decides on day-to-day expenses?)
• Lifestyle maintenance (what are their routines, likes and dislikes, etc)
By appointing a professional trustee, they can make important financial or medical decisions on behalf of your relative with an intellectual disability, when you are no longer around.
While it’s the requirements of the intellectually disabled person that are of significant concern, it’s also important to consider the other family members’ needs, including brothers and sisters. Having a clear and effective plan means that when the inevitable does happen, you can be sure that all the important issues have been considered and subsequently addressed and that there are clear processes in place to ensure continuing care as well as financial stability.
So who will look after your loved one when you are no longer around? This includes not only their financial affairs, but their personal affairs such as care and rehabilitation as well. It also raises the question, ‘who becomes responsible for that person’?
Quality of Life
Having a plan in place and appointing a professional trustee not only protects the vulnerable person and provides for them throughout their lifetime, but gives you and your family certainty and peace of mind.
Don’t leave it to chance, or to your family to work out, ask us today how you can plan for the future needs of your family.
Financial Advice and Planning gives individuals so much more…………..proper help to plan a decent future and guidance through the maze of information. Complete access to a person that fully understands the intricacies of your personal life and details and that of your families. Good, sound planning trickles down to your siblings. The trust and personal relationships are formed with the entire family giving them the opportunity to become guided to independent structured lives.
Being disabled is not always physical as it includes those mentally disabled. Not being able to function normally. Not able to work. Organisations like beyondblue http://www.beyondblue.org.au/get-support/find-a-professional are there to assist.
Having support in time of need is a catalyst to recovery. Having the funds to support you require in time of need helps with the recovery process. Imagine not being able to work then your funds deplete after your sick leave and holidays have been paid out then there are no other monies coming into the household. None, zero not a cent. That is enough to make a healthy person sick.
Life is precious and the people around are precious although at times, not appreciated. Implementing some control mechanisms with a healthy goal orientated plan along with having a Will and Estate Planning might sound too hard. I can assure you with an empathetic, understanding, professional Financial Adviser that knows the risks is a good person to know and hold you in a quality of life.