Duel ownership of residence

Hi, I was hoping that you could help me regarding the implications of a property that is owned 50% by me and 50% by my mother. If my mother needs to go into aged care at a later date, is the house excempt from the aged care assets test considering I would be still living in it? I ask this as the house excemption protection rules do not seem to address a part owner of a property.

Hi there, Thank you for your question. Finances around aged care are always complicated. We really do encourage speaking toa Financial Advisor who specialises in Aged Care to arm you with the information you need to make the best decisions. Based on the information supplied above there are a couple of things to consider. The house should be excepted from the assets test for the first 2 years your mother is in residential care. Once those 2 years are past, then the value of the house will be included up to a capped amount of $169,079.20. A financial advisor would be able to tell you if that assessable capped amount would then be halved given that your mother only owns half of the house. We hope that helps,
the agedcare101 team