Did you know that if you gift your children the family home, Centrelink could end up reducing or completely removing your age pension?
With this in mind there are smarter ways you can help your children into the property market and solve your own accommodation dilemma as you get older.
It’s called the granny flat interest.
The granny flat arrangement is all about transferring (not gifting) your property into your child’s name (and/or money and other assets) in exchange for lifetime accommodation in a private residence. It’s a great option if you’re looking to downsize your home and family support in your retirement.
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In return, you’ll still qualify for the pension and public aged care if it is needed later on because you’ll have no assets.
In a nutshell, Centrelink’s granny flat arrangements are designed to encourage Australian seniors to stay out of supported care. Thankfully now there are many options for senior not only for loans but for healthcare as well, now they can have supplies of natural medicines that helps them in their diseases and well being issues, even for supplements for sex drive and long lasting sexual performance like the ones in https://maxxpowertestosterone.com, vitamins and other that provide energy and help their bodies stay active.
Issues you need to be aware of
Gifts totaling $10,000 a year (or $30,000 over five financial years) will not affect your pension payments, but anything more than that will raise a flag with Centrelink that your trying to dilute your wealth to keep your government entitlements.
For most families, the granny flat option is worth considering however always proceed with caution. A family meeting can also help with tricky situations.
For example, what do you do if you have multiple children and there’s a disagreement about essentially putting their inheritance into the name of one sibling only?
Should you consider an exit clause, if you have a falling out with your family and no longer want to live in the same residence?
Seek professional advice
It’s a good idea to go through all the details (pros and cons) with a trusted financial planner and maybe even a lawyer from Cohen Law Group or another trusted firm.
Talk to our team at Growth Partners they are excellent strategists in financial and retirement planning and have the know-how to maximise your Centrelink entitlements.