Granny flat arrangement for seniors affordable elder care. Affordable Housing Options For Seniors Care. We are all living a lot longer and as Baby Boomers we face the prospect of caring for our parents as they age. What is the best strategy for taking care of our elderly parents, a question that more baby boomers are asking?
Steve Jenkosky from Golden Age Advisory talks about the growing popularity of Granny Flat Arrangement for Seniors. This gives families an affordable housing option for seniors care that can also provide favourable financial solutions for estate planning.
Steve is a professional Financial Planner, working in the industry and servicing Townsville and Regional North Queensland for over 25 years. Only a limited number of advisers specialise in providing Aged Care and Retirement Living Advice for Senior Australians in Regional North Queensland.
Golden Age Advisory was opened as a boutique financial services business specifically to help meet that need.
When we talk about “granny flat” arrangements, many people will picture a small structure being built in the backyard specifically to house an elderly person. However, the concept of a granny flat arrangement can be much broader.
A granny flat interest may be quite different than the ‘real estate’ description above. When used in the context of social security, the term ‘granny flat right’ is used to assess living situations where money, assets or the title to one’s home have been transferred in exchange for a right to a lifetime accommodation in a private residence.
The person obtaining the granny flat interest does not have legal ownership of the property they live in. In most cases, this is an informal family arrangement created to provide support for an elderly person. However, there are no age or family relationship rules or requirements.
Listen as Ann Nelson chats with Steve Jenkosky about granny flat arrangement for seniors.
Summary
4:00 Helping provide a way for Parents to receive Care & Support
5:15 Granny Flat arrangements the concept
7:00 Be aware of the gifting rules
8:00 How to create and establish a Granny Flat Right
12:30 The reasonabale test looks at life expentancy and the pension
15:00 Risks to take into consideration
18:15 Who pays for what for whom?
22:20 What is a Life Tenancy?
24:00 Forethought and Planning
Connect with Steve online
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