Aged Care Planning for Farming Families: Why Waiting Can Cost You Control
- Future Accounting
- 7 days ago
- 3 min read
Written by: Chris Mulcahy
The hidden risk farming families face without aged care planning
Article 1 of our 4 part series on aged care planning for farming families
For many farming families, aged care planning still feels like something to worry about later. The farm has always been the long-term plan — a place to live, work, and eventually pass on to the next generation.
But aged care rules have changed, and they will continue to change.
What hasn’t changed is a critical reality for farming families:
If aged care planning isn’t done early, decisions will be made for you — based purely on assets and income at the time care is needed.
For farming families, this often means being assessed as “wealthy” on paper, despite being cash-poor in practice. That mismatch is where problems begin.
Why aged care planning for farming families can’t wait
Aged care planning for farming families is most effective when it happens well before care is required. Waiting until a health event or crisis removes choice and limits options.
Without planning, aged care assessments focus on what exists at that moment — not on the history of the farm, the role it plays in the family, or the intention to pass it on.
Early planning keeps control in your hands, not the system’s.
Why control matters more than thresholds
Aged care rules are often talked about in terms of thresholds, caps, and contributions. But for farming families, control matters far more than the numbers.
When decisions are made early and intentionally, families can:
Choose timing that suits the business and the family
Align ownership with long-term succession goals
Reduce the risk of forced or rushed decisions
When planning is delayed, control is lost and thresholds become the only thing that matters.
The real aged care risk for farming families
Aged care means testing does not understand farming intent. It simply looks at:
Who owns the land
What it’s worth
What income sits in whose name
If the older generation still owns the farm when aged care is needed, the system assumes the farm is available to fund that care, even if:
The next generation is already farming the land
The farm was never intended to be sold
Selling would dismantle the business entirely
This is how families lose control, not through poor planning, but through no planning at all.
This isn’t about avoiding costs — it’s about planning well
Good aged care planning for farming families isn’t about avoiding costs or exploiting loopholes. It’s about making decisions:
At the right time
Without pressure
With a clear understanding of long-term consequences
Most importantly, it’s about ensuring that aged care needs don’t undo decades of hard work, sacrifice, and family effort.
How our 3P’s framework supports farming families
This is where our 3P’s framework — Preserve, Protect, Prosper — comes in.
Aged care planning for farming families must work alongside succession, tax, and family goals. Our framework helps families:
Preserve what they’ve built
Protect themselves and the next generation
Prosper across generations, even as aged care rules continue to change
What this aged care planning series will cover
This four-part series on aged care planning for farming families is designed to give you clarity and confidence before decisions are forced upon you.
We’ll explore:
Preserve — keeping the farm intact before aged care decisions arise
Protect — reducing personal and family risk
Prosper — supporting succession and long-term family outcomes
Ready to start the conversation?
Aged care planning for farming families works best when it’s done early, thoughtfully, and with advice that understands farming businesses and family dynamics.
If you want to protect the farm, support the next generation, and stay in control as circumstances change, now is the time to act.
Next steps: Look out for our next article and contact us when you are ready to discuss further.
Disclaimer
This article does not constitute financial advice and is for general information only. It does not take into account any individual’s personal objectives, situation or needs, and is not intended as professional advice. Any similarity to an individual’s personal circumstances and the examples provided in this article is purely coincidental. Any person acting upon such information without receiving specific advice, does so entirely at their own risk.
Authorisation under an Australian Financial Services Licence (AFSL) is not required in the provision of this article and the author plus Future Accounting Group Pty Ltd is not acting in its capacity as an Australian Financial Services Licence holder
Liability limited by a scheme approved under professional standards legislation.
