Hi Everyone,

Just looking for some suggestions for my parents who are in their early 90's (but with plenty of life to go) please.

Here is the current situation...

They are currently living in a nursing home in separate rooms. (near Adelaide.)

My father is getting very concerned that the cost of the home is very high and is whittling away their cash assets - which he wanted to give as an inheritance to 6 children. (Only about $200k is left from the sale of their house).

Mum's room costs 80 or 85% of her pension, plus extra from her bank account (which will be empty in about one year).

Dad's room is partly paid for from the interest on the $200k, and partly from the capital. (He didn't mention anything about his own Veteran's pension.)

Veterans Affairs suggested that he could give some of it to the family now, but he would be limited to $10k pa over 5 years - to a maximum of $30k over that period - otherwise it would reduce his pension. (So it is not a very great option.)

If I understand correctly, once their assets are reduced to $40k each, the room would be fully subsidised by the government (but I'm not sure about that).

Dad's original plan was to leave the house to their (adult) kids, but Mum needed the nursing home – and to Dad's distress, it is eating up their greatest financial asset and destroying the inheritance he wanted to give. (The inheritance is of no importance to us, but it is very important for Mum and Dad... and I feel the same way about my own kids and grandchildren.)

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I'm not at all familiar with accounts or trusts for inheritance purposes (only that they seem to have a bad rap from the ATO), but what I'm hoping, is that someone would have an easy idea or solution... something that protects their financial legacy to the family without upsetting their pension and home (or the ATO).

Thanks in advance, and sorry if I've given too much detail. (This is my first message.) :-)

Michael