Con­si­der keeping your ho­me to pay for your frail ca­re

George Herald - Auto Dealer - - News -

Ma­king ar­ran­ge­ments to en­s­u­re that you will be a­ble to af­ford frail ca­re if and w­hen you mig­ht need it, ranks rig­ht up the­re with re­gu­lar­ly up­da­ting your will - it is not so­mething most pe­op­le re­lish, says Ber­ry E­ve­ritt, CEO of the C­has E­ve­ritt In­ter­na­ti­o­nal pro­per­ty group.

"But si­mi­lar­ly, it is so­mething worth doing to re­lie­ve your child­ren or ot­her fa­mi­ly mem­bers of a lot of per­so­nal and fi­nan­ci­al anx­ie­ty."

Pla­ces in old age ho­mes and re­ti­re­ment vil­la­ges, and es­pe­ci­al­ly tho­se with good frail ca­re fa­ci­li­ties, are scar­ce and wai­ting lis­ts are u­su­al­ly long, he no­tes. "Full-ti­me frail ca­re can al­so cost up to a­round R25 000 a month or e­ven mo­re, which can be a se­ri­ous pro­blem for re­ti­rees who are li­ving on a fixed in­co­me, or for the fa­mi­lies that mig­ht need to sub­si­di­se tho­se cos­ts. Ho­we­ver, if it is do­ne pro­per­ly, the fa­mi­ly ho­me you own can be u­sed as an as­set to help pay for frail ca­re. We be­lie­ve the be­st op­ti­on is to pay off the ho­me lo­an on the pro­per­ty as soon as pos­si­ble and then, if it be­co­mes ne­ces­sa­ry, to let it and use the monthly ren­tal in­co­me to con­tri­bu­te to the cost of frail ca­re. T­his si­tu­a­ti­on can be ma­de e­ven mo­re fa­vou­ra­ble if you own mo­re than one pro­per­ty."

W­ri­ting in the la­test is­sue of the

Pro­per­ty Sign­post new­slet­ter, E­ve­ritt says the big­ge­st ad­van­ta­ge of t­his ty­pe of ar­ran­ge­ment is that the pro­per­ty will still form part of your e­sta­te, alt­hough land­lord is­su­es, such as who will accept the ren­tal pay­ments, chan­nel the mo­ney to the frail ca­re cen­t­re and see to main­te­nan­ce of the pro­per­ty do need to be cla­ri­fied with your fa­mi­ly a­he­ad of ti­me.

"You should of cour­se al­so con­sult your at­tor­ney and your ac­coun­tant or fi­nan­ci­al plan­ner to dis­cuss mat­ters such as o­w­ners­hip and in­her­i­tan­ce, who needs to hold a po­wer of at­tor­ney to ma­ke de­ci­si­ons should you fall ill, and how to ta­ke ca­re of pa­per­work to re­du­ce tax and le­gal li­a­bi­li­ties - for your heirs as well as your­self."

- Is­su­ed by C­has E­ve­ritt In­ter­na­ti­o­nal

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