Description
Note: this webinar is the second of a 2-part series. You can save 10% by purchasing both webinars together.
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Part 2 is all about putting theory into practice— gain clear, practical guidance on navigating the Residential Care Subsidy application process
Residential Care Subsidy (RCS) applications have three components:
- a needs assessment
- a means assessment, and
- an income assessment.
The income assessment determines how much the applicant must pay towards the cost of long-term residential care. However, there are many hurdles for applicants and their families to consider. This practical webinar series provides a clear overview of the relevant rules, thresholds, and processes supported by explanatory case studies. It is relevant to all practitioners who advise clients regarding RCS applications or expectations and will be presented in two parts.
In Part 2, we build on the foundation set out in Part 1, which explored the relevant thresholds and asset considerations, to consider the practical elements of an application for an RCS.
Matters covered in this webinar include:
- what the application process involves
- issues for blended families
- practical considerations and common challenges when completing the application
- responding to MSD’s requirement to ask trustees for assistance (including a precedent letter and trustee resolutions)
- communicating complex structures to the MSD
- what happens once the subsidy is granted
- changes in circumstances
- what trustees can expect regarding their ongoing involvement and long-term care costs, and
- how to advise clients who are wanting guidance on whether to retain or wind up a trust.
LEARNING OUTCOMES
This webinar will enable attendees to understand the application process in detail, how to provide the information requested, and how to communicate changes in circumstances.
SUITED TO
All practitioners involved in long term asset and estate planning and advisers with elderly clients.
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PRESENTER
Vicki Ammundsen, Director, Vicki Ammundsen Trust Law
Vicki is a director at Vicki Ammundsen Trust Law. Vicki's approach to trust law is practical but also grounded in a good understanding of trust law principles, related legislation, and case law. As the author of a number of texts including Taxation of Trusts, the Trustee's Handbook and Trustee Liability, Vicki is well placed to provide advice on all areas of trust law.