Assisted Living - Points To Ponder By Tom Williams

Quincy - Assisted living is one of the best concepts that has come on the market in recent years for people aged 55 and over. Whether it is due to physical or medical limitations, many adults are in need of assistance, but do not need the intensive care provided by nursing homes. For this reason, assisted living facilities have come a long way and have had great success. Assisted living accommodations can cost anywhere from $2,500 per month to $5,500 per month. Monthly rates are dependant upon the amount of care offered by a particular facility. For example, some facilities may have a monthly base rate of $2,500 but charge additional fees for other amenities, such as housekeeping services, meal services or dispensing of medication. The costs associated with assisted living are typically half or less than the cost associated with living at a nursing home. The assisted living facilities located on the South Shore appear to be thriving communities and comparisons have even been made between them and life on a college campus or even a cruise ship, as the residents are surrounded by their peers and friends with plenty of activities available to them. Most assisted living facilities employee Activities Directors, whose sole purpose is to provide a full schedule of events for residents to enjoy. Unlike in a nursing home, most of the residents are quite active. The wide variety of activities offered allow residents to pick and choose which activities they want to participate in. Before moving to an assisted living facility a person should have a comprehensive estate plan in place. The estate plan should include Power of Attorney, Health Care Proxy, Will and a Trust. Often the funds placed in a properly executed irrevocable trust, can be used to cover the costs of assisted living. Many times when a senior decides to move to an assisted living facility they are selling the family home. When selling their home a couple can make up to $500,000 without having to pay any capital gains tax. A single person can make up to $250,000 without having to pay a capital gains tax. Before selling your home, meet with an attorney to discuss what, if any tax ramifications may occur as a result of the sale. Prior to entering an assisted living facility you should review with your attorney your financial situation. If your funds exceed what you need to maintain you current lifestyle, consider placing a portion of the funds in an irrevocable trust. An irrevocable trust would provide you with an income and preserve the principle for your children or heirs. In order for this trust to be fully effective, it should be established at least five years prior to you entering a nursing home, if the need should occur, as after five years the trust will be immune from any claims a nursing home may have. All of the assisted living facilities that I have visit in the South Shore appear to offer a high degree of care and an excellent environment. I encourage you to visit as many as possible before making your final decision. If you are considering moving to an assisted living facility carefully weigh your options. Do your homework on the facility and talk to people who are residents of the facility. Make sure you pick the place that best fits your financial, physical, and social needs.

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