I shall be starting an Income & Assets form for my mother. She owns her own home, and has a small savings. She also has shares, of about $5000 worth. Is it a good idea to reliquish them before the asset test? Are there any particular reasons to keep/discard them?
Sorry for the delay in replying. Thanks for your question. Both cash and shares are classi"Deemed* (not actual) income from financial investments". We dont believe that holding onto the shares or selling them and having them as cash will change much. Gifting has an allowable limit of under $10,000 in a single financial year. Anything over $10,000 must be included in the Income and Assets test. You’re able to read more about it here on our website here. I would advise seeking advice from a Financial Advisor who specialised in Aged Care. The knowledge they have about these sorts of things is incredible and well worth it.
We hope this helps