Case Study | The Forever Holiday - Looming Retirement & Planning Ahead

An accountant had a couple in to see him to discuss their retirement plans. They were in their late 60’s and wanted to ensure they had a future plan for their care and accommodation while they were fit and well. The accountant introduced his clients, Bobby* and Joanne* to DR Care Solutions to discuss their wants and wishes and recommend future care and accommodation options.

Bobby and Joanne were in the retirement phase of their life. They were fit and well and were weighing up whether to:

1. renovate their family home to ensure they could reside there in the longer term;

2. downsize to a strata apartment or villa; or

3. relocate into a retirement village.

While they both had full capacity and a very clear idea of what they each wanted, they also wanted to discuss their wants and wishes before a ‘life event’ intervened.

In this scenario:

• The couple were unaware of what type of care or accommodation they might need.

• They were keen to remain in their own home for as long as possible but wanted to understand what other accommodation options were available to them.

• The family home, and any renovation plans, needed to be risk assessed to ensure the home would be suitable and safe for them, and their carer, as they aged.

The Care Solution

DR Care Solutions was engaged and within five days, DR Care Solutions:

• Completed a comprehensive care needs assessment taking into account the couple's wants and wishes.

• Developed a Life Plan™ with varying accommodation recommendations on what was on offer within their preferred location.

• Visited the family home and made recommendations on alterations that would allow them to remain there.

• Reviewed the renovation plans for the bathrooms and recommended the removal of the bathtub and enlargement of the shower recess. This immediately saved them $5,000 in renovation costs.

• Provided them with various scenarios of likely care and support services should a life event occur, and the approximate costs, including government subsidies and private 'fee for service' costs.

• Provided them with a list of pros and cons in relation to relocating to a strata apartment, retirement village or remaining at home (with modifications).

• Discussed the importance of having their estate planning documentation completed well in advance of having a life event.

The Outcome

After extensive discussions with DR Care Solutions, Bobby and Joanne decided to renovate their family home to enable them to live there longer term. This option was more cost effective for them and it was their wish.

On our recommendation, they engaged an estate planning lawyer to draw up:

• their will;

• their Powers of Attorney documentation (for financial decisions should they lose capacity);

• their Enduring Guardian document (for health, care and accommodation decisions should they lose capacity); and

• an advance health directive (a living will).

Bobby and Joanne can now live their lives to the fullest knowing that they can afford care and support services when required, in the location they desire.

For peace of mind, planning ahead is key!

* Names have been changed to protect the identity and privacy of subjects.

For more information, please reach out to Danielle Robertson at DR Care Solutions for an initial discussion on how to set up the right care, support and assistance for your loved one, at the right time and in the right place.