People are often surprised to find that in addition to the security and grand lifestyle offered, senior living is frequently more affordable than other alternatives. Yet at Good Neighbor Care®, we understand every person and every situation is unique and within this uniqueness, one question is common to all...how to best afford the wonderful Good Neighbor Care® lifestyle. In recent years some new and innovative financial strategies have been developed which, when used alone or in a creative combination, can assist in overcoming budget challenges. With careful research and thoughtful consideration, these tools may allow a retiree to live comfortably and plan for future care without straining current resources. To assist you in evaluating how you can best manage the expense for yourself or for your loved one, we are happy to provide you with some resources to explore.
OPTIONS FOR HOMEOWNERS
More Homeowner’s Information:
National Association of Realtors
Wartime veterans (actual combat not required) or their surviving spouses may be eligible to receive up to $2000 per month to help defray the cost of assisted living or memory care through the Aid and Attendance Pension Benefit. This pension is unrelated to any disability pension. For more information about VA assistance you may locate your Regional Veteran's Affairs office by calling 800-827-1000.
Official periods of wartime
According to IRS Publication 502, the Internal Revenue Service offers tax deductions on some costs related to senior care for both the resident and their family caregiver. Good Neighbor Care® does not provide tax advice, but we encourage you to contact your tax professional for information that will be helpful to you.
GIFT TAX EXEMPTION
Family members can help with the costs of a loved one's Senior Living expenses by taking advantage of the IRS gift tax exemption. Individuals can provide gifts of up to $14,000 per person, per year possibly without paying gift tax. Check with your tax professional about this option.
A retiree on a more limited income or who may benefit from more companionship may choose to share an apartment. This option provides all the features and benefits of the Good Neighbor Care® community only at a more affordable monthly rate by sharing the expense with a roommate. This can be a great option for siblings and longtime friends. Or, your local Good Neighbor Care® community may be aware of other retirees interested in sharing an apartment and can arrange a get-acquainted meeting.
Disclosure: All content contained within this page is provided for general information only, and should not be treated as a substitute for advice and information from a personal financial or tax advisor. Good Neighbor Care® (GNC) is not a provider of any of these financial products nor do we provide any financial or tax advice. GNC does not endorse nor take responsibility for the accuracy of the information contained above. GNC receives no incentive compensation from the companies or products listed here. Individuals should consult with their personal financial planner or tax advisor for advice about what financial options are best for them.