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Losing the house – are there alternatives?


If you were to go into long-term residential care, do you fear that all your hard-earned assets will be used to pay for that care? Kannangara Thomson Partner Brent Selwyn fills us in on the alternatives.

 

 

 

Let’s get one thing clear. Senior care is expensive and it is asset and income tested. With an ageing population, coupled with low birth rates, there will be increasingly fewer tax payers compared to the number of people in care. For that reason alone, you should know that asset and income testing for senior residential care is here to stay.

When one of a couple goes into care, the family home is not at risk. The home is exempt as an asset for the purpose of asset testing if a spouse or dependent child lives in it. In addition, the family car and other assets to the value of $126,224 are exempt. Everything else must be used to pay for the care of the partner in long-term residential care.

Another problem for the partner left in the family home is that most of their partner’s pension will now go toward their care. The partner in the family home has to make do on one pension and a living-alone allowance.

When one of a couple dies, traditional property ownership sees the family home and all other jointly owned assets pass to the survivor by ‘survivorship’. If the survivor then goes into care, the problem is exponentially amplified because the family home is no longer exempt.

The survivor of a couple going into residential care in those circumstances is allowed exempt assets of $230,495 including the house and car. Their pension is nearly all used for their care also.

For most seniors, a trust is not the answer. Although gift duty has been abolished, the Ministry of Social Development still imposes an ‘allowable gift’ of $27,000 per application in each 12-month period. Anything above that will be clawed back into your assets and used for your care.

However, there is a possible partial solution for couples. It lies in how you own the family home. If you have your home ownership structured so that you each own a distinct share of it, you can then leave a different type of will, known as a ‘life interest will’ whereby instead of your partner inheriting the whole house, you leave them a life interest in your share of it when you die.

If the survivor then goes into care, they only need to declare among their assets the share of the property they own personally.

If that sounds like a possible solution to a problem for you or an older family member, call Brent Selwyn now on 03 377 4421 to book a no-obligation appointment to see if a simple change of ownership structure could protect your assets.

 

 


 

Donna Monk

A family vibe: Elmswood Retirement Village


Donna Monk is the Sales Consultant for Elmswood Retirement Village. Donna tells us why she loves the village and her role there.

 

 

Donna Monk

 

Donna, why is Elmswood special?
It has a soul and a personality of its own. The buildings are well-established and the gardens are just stunning – there’s an area to explore or relax in around every corner and there is a genuine village feel as you come through the gates.

The family vibe is created through being small enough for everyone to know each other.

Residents can be as involved in the in-house social side as they like and maintain all of their outside interests.

 

 

What types of living does Elmswood offer?
We have a selection of living options: villas, serviced apartments and studios, the resthome and hospital-level care.

It is so important for people to be able to future-proof their choices and join us as an individual, or as a couple, at a level of care according to need.

Even for villa-living we can organise for internal and external services to be wrapped around residents, so they can retain their independence for as long as possible.

There are currently some vacancies in each option and we’d love for people to come and see for themselves.

 

 

What do you really love about this village?

I love the people. We have a laugh, the team and the residents, and I wouldn’t be here if we didn’t. We seem to have a really happy mix that makes my job a pleasure.

 



 

Russley Village

Exceptional Retirement Facilites: Russley Village


In Russley Village’s warm and inclusive community there’s always something happening. With 28 group activities on offer, residents can be as social or as independent as they want.

 

Russley Village

 

The impressive facilities at the village include a heated pool, gym, cinema, restaurant, billiard area, plus the newly resurfaced bowling green which is multipurpose and is used for croquet and mini golf. There is a range of accommodation options from villas through to serviced apartments. Serviced apartment living can bridge the gap between independent living and going into an aged care facility. Residents can add additional services if required. There is a basic hospitality package or three higher level service packages which residents can opt into, should health and medical needs change.

“The best thing to do is to come and view the show apartment and our stunning facilities, I’m sure you will be impressed,” says Nola Lamb, Sales & Marketing Manager. “It’s a special village; I’ve been here since the beginning and it really is unique. The staff and residents have created a great atmosphere.” The last phase of Russley’s journey, the Ashley Suites, is currently under construction and due to be completed in late 2019. The Ashley Suites will include an upscale boutique care facility and serviced apartments, ensuring the full continuum of care and support services are provided for within the village.

 


Phone Nola on 03 982 8280 for an appointment to view.


 

Silverstream retirement Village

Boutique Retirement: Silverstream retirement Village

The boutique Silverstream retirement Village in Bishopdale/Harewood is almost too good to be true, for the over-65s seeking the exciting,
but easy life.

Silverstream retirement Village
The boutique village for the over-65s seeking the exciting, but easy life

Walking up The Boulevard to the village’s heart, there were sounds of jazz entertainment wafting from the sunlit lounge, that adjoins the spa, lap pool and coffee area. It is a perfect spot for anniversary parties. Upstairs there’s a gym, hair salon and library; with 24/7 access to this leisure centre, it’s a holiday resort at home.

From outings to barbeques, there’s always an activity to join; residents also run their own social club. “It’s very social and friendly here,” Village Manager Donna O’Reilly says. “You participate as much or as little as you like. We provide a personal service, such as checking up if someone’s unwell. We’re central to everywhere – such as doctors, shops and the airport.”

Silverstream has 49 beautiful villas, set amongst established gardens, all architecturally designed by Weir Walker. Spacious with high ceilings and entrances, large lounge areas, ample storage and carpeted garaging, there’s no need to downsize. Pets are even welcome, with prior permission, and there’s room for visiting family. Each villa is unique, with French doors to private courtyards. These villas are built solid of mainly plaster over brick, with underfloor heating, some with gas fires, and range from 115-142sqm.

A couple of the two-bedroom villas are now available, one with street frontage and larger grounds, and a very spacious three-bedroom villa.

Viewing available Tuesday to Friday 10am-4pm or Sunday 10am-4pm, phone Donna 021 778775, email
donna@silverstreamretirement.co.nz, or visit silverstreamretirement.co.nz

The Russley Village

Luxury living: setting a high standard at The Russley Village

“The opportunities for luxury living continue to grow at The Russley Village, with foundations about to be poured for The Ashley Suites,” says Village Manager Wayne Thompson.

The Russley Village

The Ashley Suites will host resthome and hospital level care and the top floor will contain eight serviced apartments, enabling residents to receive resthome level care in their home if required.
Completed only last December, the Sefton Apartment complex is almost fully occupied with one bed apartments still available. The Sefton Block is home to the glorious 15m x 9m swimming pool and spa pool.

The Russley Village The residents of the existing country estate style 47 villas and 63 spacious apartments (one, two and three bedrooms), have a short stroll to the fully licensed Abode Café and Brasserie, the boutique cinema and the Pavilion which contains cardio room, group exercise space for indoor bowls, low impact exercise classes and dancing. The bowling green is soon to be upgraded which will allow its use for croquet – hoops will be able to be inserted into the green!
“The Russley Village sets a new standard for retirement villages – in terms of physical design, architectural individuality, social variety and quality of care,” Wayne says. “Demand is high, which means people need to plan ahead if they would like to join our warm and inclusive community. So book a visit, finishing with coffee in the café then a stroll around our award-winning gardens.”

Lady Wigram Retirement Village

Unique model of retirement living: Lady Wigram Retirement Village

When it comes to sourcing retirement facilities for your loves ones, not surprisingly quality is front of your mind. As soon as you arrive at the Lady Wigram Retirement Village, it’s clear this is a unique model of retirement living and one that is all about lifestyle.

Lady Wigram Retirement Village

Owned by the Golden Healthcare Group, the concept for the $100 million retirement village was launched post-quake, with the first stage of 101 villas opening in 2015.
This year the development at 210 Kittyhawk Avenue has moved one step closer to completion, with the opening of 16 new apartments and a community centre dubbed The Club House, featuring a restaurant, bar,
billiard room, movie theatre and library.
The next stage of Lady Wigram is also now well underway, and will offer another 14 apartments, a swimming pool, spa and gym. When completed, there will be 73 apartments, a rest home, a dementia facility and a hospital.

Lady Wigram Retirement Village
Golden Healthcare Group purchased the 5.7ha Lady Wigram site in 2013 from Ngāi Tahu Property, the developer of The Landing – the $40 million central hub of the Wigram Skies subdivision, at the heart of which is an architecturally designed town square and a collection of restaurants, cafés, retail and mixed-use community space. Not only is Lady Wigram a short walk from The Landing, it is also just a short drive to Hornby Mall, the Hornby Working Men’s Club and the city.
Everything about the retirement village speaks of the quality and attention to detail this service provider brings to the table, with this resort-style living piquing the interest of a younger demographic.
“In our experience, a lot of people are choosing to move into retirement village life earlier because they recognise the benefits of the ease of living and it allows them greater freedom and more social interaction,” owner John Tooby says.
“This means that it’s really important for us to provide amenities that help residents to socialise and keep active. More and more, retirement villages are becoming communities within their own right.”
Golden Healthcare Group already provides dementia, aged care and mental health support at seven other facilities, employing 259 staff and cares for approximately 350 residents.

Elmswood Retirement Village

Where Your Journey Begins: Focus on Elmswood Retirement Village

Donna Monk is the Sales Consultant at Elmswood Retirement Village and, although she is not a resident there, it feels like a second home.

Elmswood Retirement Village
Where your journey begins.

Donna, why is Elmswood special?
Our residents love our location. We are central, so families from a great range of suburbs find it easy to visit. Access is great for our residents too: close to shops and services and on a good bus route. Our mini-buses go out several times a week, on shopping trips, for lunches, or on scenic drives. Our village is a cosy, comfortable and safe base from where journeys as adventurous or as gentle as you like can begin!

What happens each day in the village for the residents to get involved with?
We offer an ever-changing range of entertainment and activities every week – the concerts and garden tours are very popular. Everyone chooses their own level of involvement in the social life – you can be as busy or as private as you choose.

At what age would people ideally think about moving to Elmswood Village?
Our youngest residents are around 80; any time between then and 85 is a great time to come and see our village, even if it is a future plan. We offer gorgeous villas, assisted living in apartment studios, rest home care and hospital care. We have our own full time registered nurse and a weekly GP clinic. We are privately and locally owned with a family feel; we’re not too big and our staff love knowing every single resident by name.