Age care pension and gifting

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Age care pension and gifting

My mother has been admitted to Age Care. She will not pay a bond but has $95k in a bank account which is all pension savings. Can she gift $10K a year as a residenent of a nursing home. Is the year June 30th or 31st of December?

Jill_Donaldson

Hi Badger,

Our expert Robert  Craven at Affinity Aged Care Financial Services says yes,  your mother can gift $10,000 per financial year (30 June) to a maximum of $30,000 over five financial years without the gifts being assessed as 'deprived assets' by either Centrelink or the Department of Veterans' Affairs.

 

Regards

Jill

merian5

Hi, I  don't think it is necessary to pay. Well it depends on your mom. 

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