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Financial planning for dementia care - protecting family and finances

Financial planning for dementia care - protecting family and finances

Caring for a loved one with dementia is deeply emotional and often overwhelming. Alongside the daily responsibilities of care, families face complex financial decisions that affect both immediate wellbeing and long-term security.

At Paris Financial, we understand that every dementia care journey is unique, but what remains constant is the need for clear, proactive financial planning. From managing aged care fees to protecting family assets, the right advice ensures your loved one receives the care they deserve while keeping your family’s financial future secure.

 

Understanding dementia care needs

Dementia affects memory, cognition and daily functioning, and care needs change over time. Many families begin with in-home support and may later consider residential aged care when needs become more intensive.

Why financial advice matters here:

  • Early planning helps you compare the true costs of in-home versus residential care.
  • Decisions about when and how to transition affect cash flow, Centrelink or DVA benefits, and aged care fees.
  • Structuring finances correctly now avoids unnecessary stress when urgent care decisions arise.

 

The financial side of aged care

The Government requires families to complete an income and assets assessment to determine contributions towards aged care. This can feel daunting, particularly when multiple family members are involved.

How Paris Financial can help:

  • Prepare income and asset summaries for Centrelink or DVA.
  • Model how different funding options (pensions, superannuation, annuities, investments) will cover aged care fees.
  • Advise on the financial impact of keeping, renting, or selling the family home.
  • Ensure cash flow covers both care fees and lifestyle expenses such as outings, hobbies and private health cover.

 

The family home and aged care decisions

For many families, the home is their most significant asset and also the centre of emotional discussions. If a partner or family member remains living there, different fee rules apply than if the home is rented or sold.

Our role:
Help you weigh up whether to retain, rent or sell the property.

  • Explain the effect of each option on aged care means-tested fees and Centrelink payments.
  • Work with legal advisers if estate planning or enduring powers of attorney need to be updated.

 

Choosing a care facility 

Residential aged care facilities vary widely in cost, services and payment structures. Families often face decisions about paying a Refundable Accommodation Deposit (RAD), daily fees, or a combination of both.

Paris Financial can guide you by:

  • Comparing payment structures to see which option suits your cash flow and long-term planning.
  • Factoring in aged care fees alongside existing loans, investments or business obligations.
  • Ensuring that payments are structured to protect the financial wellbeing of both the person in care and their family.

 

Planning beyond care fees 

Care doesn’t stop at facility fees. Lifestyle and medical costs continue, from medications and therapies to personal needs such as haircuts, social outings or family travel.

A financial adviser ensures these ongoing costs are budgeted for and integrated into your overall wealth management strategy. That way, your loved one’s quality of life is protected without creating financial stress for the family.

 

Why financial planning is essential in dementia care 

Without structured planning, families can be left scrambling at the worst possible time, selling assets in a rush, paying more tax than necessary, or facing unexpected shortfalls.

Paris Financial provides:

  • Clarity: A clear picture of aged care costs and funding options.
  • Control: Strategies to protect and maximise family wealth.
  • Confidence: Peace of mind that your loved one’s care is funded sustainably.

 

Take the next step 

Supporting someone with dementia is challenging enough without the financial uncertainty. With expert guidance from Paris Financial, you can focus on caring for your loved one while knowing the finances are in safe hands.

Contact Paris Financial today on (03) 8393 1000 or visit our website to start planning with confidence.

 

Source: My Aged Care

Paris Financial Services Pty Ltd is a Corporate Authorised Representative (No. 357928) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. AFSL No. 223135

General Advice Disclaimer

The information in this article is general information only and is not intended to be a recommendation. We strongly recommend you seek advice from your financial adviser as to whether this information is appropriate to your needs, financial situation and investment objectives. Whilst every care has been taken in the preparation of this article, Paris Financial Services Pty Ltd, its directors, authors, consultants, editors and any persons involved in the construction of this article, expressly disclaim all and any form of liability to any person in respect of this article and any consequences arising from its use by any person in reliance upon the whole or any part of this article.


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