My father is going into permanent aged care. While my mother will remain in their home for now and the house is not deemed an asset, when she sells to downsize, part of the settlement will then be an asset for my father therefore needing to pay a residency fee. In order to avoid this, would it be beneficial to transfer the home ownership to my mother (or another family member)?
Hi AC Queries, Without knowing the complexity of your parents financial circumstances I would advise you get specialist aged care financial advice before making any decisions on whether to transfer home ownership . The wrong decision can have consequences on pensions and asset assessment for aged care fees and potentially cost money unnecessarily. Reg