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responsibilities to
DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS After Medicare reimbursement runs out, the CCRC is on the hook for the difference between the cost of providing care and the monthly service fee being paid by the resident. Other CCRCs offer a fee-for-service contract. In this case, the resident’s monthly service 5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS 5-Stars: Dining Options Evolve at Many CCRCs. is not my idea of living.”. This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. It brings up an important point for those considering whether a continuing care retirement community (CCRC) or other senior livingcommunity is
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE A deduction equivalent to 30-40% of the entrance fee and/or monthly service fee is not uncommon but this can vary dramatically from one continuing care retirement community to another. If adult children pay some or the entire entrance fee, they may receive a deduction. However, other factors are involved in this determination, includingthe
MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus. UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS After Medicare reimbursement runs out, the CCRC is on the hook for the difference between the cost of providing care and the monthly service fee being paid by the resident. Other CCRCs offer a fee-for-service contract. In this case, the resident’s monthly service 5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS 5-Stars: Dining Options Evolve at Many CCRCs. is not my idea of living.”. This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. It brings up an important point for those considering whether a continuing care retirement community (CCRC) or other senior livingcommunity is
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE A deduction equivalent to 30-40% of the entrance fee and/or monthly service fee is not uncommon but this can vary dramatically from one continuing care retirement community to another. If adult children pay some or the entire entrance fee, they may receive a deduction. However, other factors are involved in this determination, includingthe
UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
POSITIVE AGING: CHANGING YOUR MINDSET ABOUT GROWING OLDER Positive aging is basically adopting a positive view of aging as a healthy, normal part of life. And it’s the mindset that you will do whatever is needed in order to continue doing the things that you love and are important to you as you grow older. Just like T. Boone Pickens working hard to regain his speech after his strokes and getting YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES For tax year 2018, it rose from $6,500 to $12,000 for individuals, from $9,550 to $18,000 for heads of household, and from $13,000 to $24,000 for married filing jointly. In tax year 2020, for single taxpayers and married individuals filing separately, the standard deduction increased to $12,400. For heads of household, the standarddeduction
A LOOK AT STATE RANKINGS FOR LONG-TERM CARE SERVICES The Long-Term Services & Supports State Scorecard for 2020 puts some objective numbers to this common query. The scorecard was produced by the AARP Foundation, The Commonwealth Fund, and The SCAN Foundation to look at long-term services and supports (LTSS) by state, from the vantagepoint of users of these services and their families. AVOID THIS MISTAKE WHEN COMPARING RETIREMENT When comparing monthly fees, be sure you know exactly what is included in the price. Suppose, for example, you are evaluating two independent living retirement communities. The communities are comparable in many ways, and you like them both. However, the monthly fee for one community is 25 percent less than the monthly fee at the othercommunity.
EVALUATE THE FINANCIAL VIABILITY OF A CCRC WITH OUR FREE By understanding the key factors that contribute to a community’s fiscal health, you can rest assured that your investment is a sound one that you will be able to count on in the future. Download our free “Guide to Evaluating the Financial Viability of a CCRC.”. Join the thousands who use the most thoroughly researched CCRC information on WILL MY REFUNDABLE ENTRY FEE BE TAXED? Of course, if the total value of the estate, including the refundable entry fee, does not exceed the gift and estate tax exemption, which is $5.45 million (per person) in 2016 then this would be a non-issue. Potential estate or inheritance taxes at the state level could vary from state to state. Disclaimer: The information presented in this NOT YOUR GRANNY’S RETIREMENT HOME: SELLING CCRCS TO Not Your Granny’s Retirement Home: Selling CCRCs to Younger Retirees. I recently visited a beautiful continuing care retirement community (CCRC, or life plan community) in Tulsa, Oklahoma, and was struck by how very attractive and welcoming it was. After staying overnight in a comfortable guest suite, I woke up to take a sunrisejog.
MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus. UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS After Medicare reimbursement runs out, the CCRC is on the hook for the difference between the cost of providing care and the monthly service fee being paid by the resident. Other CCRCs offer a fee-for-service contract. In this case, the resident’s monthly service 5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS 5-Stars: Dining Options Evolve at Many CCRCs. is not my idea of living.”. This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. It brings up an important point for those considering whether a continuing care retirement community (CCRC) or other senior livingcommunity is
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE A deduction equivalent to 30-40% of the entrance fee and/or monthly service fee is not uncommon but this can vary dramatically from one continuing care retirement community to another. If adult children pay some or the entire entrance fee, they may receive a deduction. However, other factors are involved in this determination, includingthe
MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus. UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS After Medicare reimbursement runs out, the CCRC is on the hook for the difference between the cost of providing care and the monthly service fee being paid by the resident. Other CCRCs offer a fee-for-service contract. In this case, the resident’s monthly service 5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS 5-Stars: Dining Options Evolve at Many CCRCs. is not my idea of living.”. This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. It brings up an important point for those considering whether a continuing care retirement community (CCRC) or other senior livingcommunity is
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE A deduction equivalent to 30-40% of the entrance fee and/or monthly service fee is not uncommon but this can vary dramatically from one continuing care retirement community to another. If adult children pay some or the entire entrance fee, they may receive a deduction. However, other factors are involved in this determination, includingthe
UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
POSITIVE AGING: CHANGING YOUR MINDSET ABOUT GROWING OLDER Positive aging is basically adopting a positive view of aging as a healthy, normal part of life. And it’s the mindset that you will do whatever is needed in order to continue doing the things that you love and are important to you as you grow older. Just like T. Boone Pickens working hard to regain his speech after his strokes and getting YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES For tax year 2018, it rose from $6,500 to $12,000 for individuals, from $9,550 to $18,000 for heads of household, and from $13,000 to $24,000 for married filing jointly. In tax year 2020, for single taxpayers and married individuals filing separately, the standard deduction increased to $12,400. For heads of household, the standarddeduction
A LOOK AT STATE RANKINGS FOR LONG-TERM CARE SERVICES The Long-Term Services & Supports State Scorecard for 2020 puts some objective numbers to this common query. The scorecard was produced by the AARP Foundation, The Commonwealth Fund, and The SCAN Foundation to look at long-term services and supports (LTSS) by state, from the vantagepoint of users of these services and their families. AVOID THIS MISTAKE WHEN COMPARING RETIREMENT When comparing monthly fees, be sure you know exactly what is included in the price. Suppose, for example, you are evaluating two independent living retirement communities. The communities are comparable in many ways, and you like them both. However, the monthly fee for one community is 25 percent less than the monthly fee at the othercommunity.
EVALUATE THE FINANCIAL VIABILITY OF A CCRC WITH OUR FREE By understanding the key factors that contribute to a community’s fiscal health, you can rest assured that your investment is a sound one that you will be able to count on in the future. Download our free “Guide to Evaluating the Financial Viability of a CCRC.”. Join the thousands who use the most thoroughly researched CCRC information on WILL MY REFUNDABLE ENTRY FEE BE TAXED? Of course, if the total value of the estate, including the refundable entry fee, does not exceed the gift and estate tax exemption, which is $5.45 million (per person) in 2016 then this would be a non-issue. Potential estate or inheritance taxes at the state level could vary from state to state. Disclaimer: The information presented in this NOT YOUR GRANNY’S RETIREMENT HOME: SELLING CCRCS TO Not Your Granny’s Retirement Home: Selling CCRCs to Younger Retirees. I recently visited a beautiful continuing care retirement community (CCRC, or life plan community) in Tulsa, Oklahoma, and was struck by how very attractive and welcoming it was. After staying overnight in a comfortable guest suite, I woke up to take a sunrisejog.
MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus.BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
SO I'LL PROBABLY NEED LONG-TERM CARE, BUT FOR HOW LONG In a recent post I addressed the odds of needing assisted living. I cited several statistics and arrived at the conclusion that somewhere between 50-70% of people over the age of 65 will require fairly significant long-term care services at some point in their life; meaning they’ll need assistance with at least a couple of activities of daily living, such as eating, dressing, or bathing, and CHOOSING A CCRC: WHICH CONTRACT MODEL IS THE BEST There are five main types of continuing care retirement community (CCRC) contracts: Type A (“Extensive” or “Lifecare”) requires a high entry fee and a relatively stable monthly service fee that typically includes residential services, amenities, and health care. This is considered an all-inclusive option with predictable future expenses, regardless of healthcare needs that may arise. EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES For tax year 2018, it rose from $6,500 to $12,000 for individuals, from $9,550 to $18,000 for heads of household, and from $13,000 to $24,000 for married filing jointly. In tax year 2020, for single taxpayers and married individuals filing separately, the standard deduction increased to $12,400. For heads of household, the standarddeduction
ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus.BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
SO I'LL PROBABLY NEED LONG-TERM CARE, BUT FOR HOW LONG In a recent post I addressed the odds of needing assisted living. I cited several statistics and arrived at the conclusion that somewhere between 50-70% of people over the age of 65 will require fairly significant long-term care services at some point in their life; meaning they’ll need assistance with at least a couple of activities of daily living, such as eating, dressing, or bathing, and CHOOSING A CCRC: WHICH CONTRACT MODEL IS THE BEST There are five main types of continuing care retirement community (CCRC) contracts: Type A (“Extensive” or “Lifecare”) requires a high entry fee and a relatively stable monthly service fee that typically includes residential services, amenities, and health care. This is considered an all-inclusive option with predictable future expenses, regardless of healthcare needs that may arise. EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES For tax year 2018, it rose from $6,500 to $12,000 for individuals, from $9,550 to $18,000 for heads of household, and from $13,000 to $24,000 for married filing jointly. In tax year 2020, for single taxpayers and married individuals filing separately, the standard deduction increased to $12,400. For heads of household, the standarddeduction
ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
AN EXPLANATION OF REFUNDABLE ENTRY FEES AT CCRCS Under a traditional, declining balance contract, the entry fee is refundable on a declining-scale over time (thus the term “declining balance”). For instance, the entry fee may amortize at 25 percent per year for the first four years. After four years, there is no remaining refund. The amortization schedule varies from one communityto another.
ACTIVE ADULT COMMUNITIES 55+: LEARN ABOUT THE PROS AND Active adult communities can be comprised of single-family houses, as well as multi-family patio homes, condominiums, or townhomes, with units that are owned by the resident (as opposed to a rental community). Often, this type of 55 and over community will be built near shopping, restaurants, parks, and other attractions, sinceresidents are
HOW DOES NURSING HOME BILLING WORK? The nursing home bill will include the cost of basic charges, but may also include the cost of ancillary services. It is important to know the difference. The nursing home billing rate will also be determined by factors such as the complexity of care, level of services, the type of room (whether it is private or semi-private), and other amenities. DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
3 ALTERNATIVE WAYS TO FUND THE ENTRY FEE AT A Reverse mortgage: This may be the last thing you would have considered as a way to fund the entry fee at a retirement community, and in many cases, it probably should be. However, under certain circumstances, it could make sense. A reverse mortgage is essentially a form of home equity loan. The difference is that, unlike a traditional equity WILL MY REFUNDABLE ENTRY FEE BE TAXED? Of course, if the total value of the estate, including the refundable entry fee, does not exceed the gift and estate tax exemption, which is $5.45 million (per person) in 2016 then this would be a non-issue. Potential estate or inheritance taxes at the state level could vary from state to state. Disclaimer: The information presented in this DATING AND INTIMACY IN RETIRMENT COMMUNITIES Dating and Intimacy in Retirement Communities. It may be the worst-kept secret in the senior living industry: single residents of retirement homes are having sexual relationships with each other. And given the plethora of social activities planned by many senior living providers such as continuing care retirement communities (CCRCs, alsoknown
UNDERSTANDING AGE REQUIREMENTS AT CCRCS & OTHER SENIOR A minimum of 80 percent of the community’s units must have at least one occupant who is 55 years of age or older. The community must publish and comply with policies and procedures that demonstrate they intend to operate as “55 and older” housing. The community must comply with HUD’s requirements for age verification of residents. AVOID THIS MISTAKE WHEN COMPARING RETIREMENT When comparing monthly fees, be sure you know exactly what is included in the price. Suppose, for example, you are evaluating two independent living retirement communities. The communities are comparable in many ways, and you like them both. However, the monthly fee for one community is 25 percent less than the monthly fee at the othercommunity.
MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus.BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
SO I'LL PROBABLY NEED LONG-TERM CARE, BUT FOR HOW LONG In a recent post I addressed the odds of needing assisted living. I cited several statistics and arrived at the conclusion that somewhere between 50-70% of people over the age of 65 will require fairly significant long-term care services at some point in their life; meaning they’ll need assistance with at least a couple of activities of daily living, such as eating, dressing, or bathing, and CHOOSING A CCRC: WHICH CONTRACT MODEL IS THE BEST There are five main types of continuing care retirement community (CCRC) contracts: Type A (“Extensive” or “Lifecare”) requires a high entry fee and a relatively stable monthly service fee that typically includes residential services, amenities, and health care. This is considered an all-inclusive option with predictable future expenses, regardless of healthcare needs that may arise. EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES For tax year 2018, it rose from $6,500 to $12,000 for individuals, from $9,550 to $18,000 for heads of household, and from $13,000 to $24,000 for married filing jointly. In tax year 2020, for single taxpayers and married individuals filing separately, the standard deduction increased to $12,400. For heads of household, the standarddeduction
ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus.BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
SO I'LL PROBABLY NEED LONG-TERM CARE, BUT FOR HOW LONG In a recent post I addressed the odds of needing assisted living. I cited several statistics and arrived at the conclusion that somewhere between 50-70% of people over the age of 65 will require fairly significant long-term care services at some point in their life; meaning they’ll need assistance with at least a couple of activities of daily living, such as eating, dressing, or bathing, and CHOOSING A CCRC: WHICH CONTRACT MODEL IS THE BEST There are five main types of continuing care retirement community (CCRC) contracts: Type A (“Extensive” or “Lifecare”) requires a high entry fee and a relatively stable monthly service fee that typically includes residential services, amenities, and health care. This is considered an all-inclusive option with predictable future expenses, regardless of healthcare needs that may arise. EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES For tax year 2018, it rose from $6,500 to $12,000 for individuals, from $9,550 to $18,000 for heads of household, and from $13,000 to $24,000 for married filing jointly. In tax year 2020, for single taxpayers and married individuals filing separately, the standard deduction increased to $12,400. For heads of household, the standarddeduction
ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
ACTIVE ADULT COMMUNITIES 55+: LEARN ABOUT THE PROS AND Active adult communities can be comprised of single-family houses, as well as multi-family patio homes, condominiums, or townhomes, with units that are owned by the resident (as opposed to a rental community). Often, this type of 55 and over community will be built near shopping, restaurants, parks, and other attractions, sinceresidents are
AN EXPLANATION OF REFUNDABLE ENTRY FEES AT CCRCS Under a traditional, declining balance contract, the entry fee is refundable on a declining-scale over time (thus the term “declining balance”). For instance, the entry fee may amortize at 25 percent per year for the first four years. After four years, there is no remaining refund. The amortization schedule varies from one communityto another.
HOW DOES NURSING HOME BILLING WORK? The nursing home bill will include the cost of basic charges, but may also include the cost of ancillary services. It is important to know the difference. The nursing home billing rate will also be determined by factors such as the complexity of care, level of services, the type of room (whether it is private or semi-private), and other amenities. 3 ALTERNATIVE WAYS TO FUND THE ENTRY FEE AT A Reverse mortgage: This may be the last thing you would have considered as a way to fund the entry fee at a retirement community, and in many cases, it probably should be. However, under certain circumstances, it could make sense. A reverse mortgage is essentially a form of home equity loan. The difference is that, unlike a traditional equity WILL MY REFUNDABLE ENTRY FEE BE TAXED? Of course, if the total value of the estate, including the refundable entry fee, does not exceed the gift and estate tax exemption, which is $5.45 million (per person) in 2016 then this would be a non-issue. Potential estate or inheritance taxes at the state level could vary from state to state. Disclaimer: The information presented in this DATING AND INTIMACY IN RETIRMENT COMMUNITIES Dating and Intimacy in Retirement Communities. It may be the worst-kept secret in the senior living industry: single residents of retirement homes are having sexual relationships with each other. And given the plethora of social activities planned by many senior living providers such as continuing care retirement communities (CCRCs, alsoknown
UNDERSTANDING AGE REQUIREMENTS AT CCRCS & OTHER SENIOR A minimum of 80 percent of the community’s units must have at least one occupant who is 55 years of age or older. The community must publish and comply with policies and procedures that demonstrate they intend to operate as “55 and older” housing. The community must comply with HUD’s requirements for age verification of residents. AVOID THIS MISTAKE WHEN COMPARING RETIREMENT When comparing monthly fees, be sure you know exactly what is included in the price. Suppose, for example, you are evaluating two independent living retirement communities. The communities are comparable in many ways, and you like them both. However, the monthly fee for one community is 25 percent less than the monthly fee at the othercommunity.
MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS The most thoroughly researched continuing care retirement community (CCRC) website. Compare senior living fees, amenities, resources, financial calculator. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. DEALING WITH THE DEMENTIA COMMUNICATION BARRIER Brad Breeding is president and co-founder of myLifeSite, a North Carolina company that develops web-based resources designed to help families make better-informed decisions when considering a continuing care retirement community (CCRC) or lifecare community. MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS In a previous post titled Long Term Care: What Does Medicare Actually Cover?, I described the possible out-of-pocket financial impact someone may face by receiving care in a private-pay skilled nursing facility (SNF) versus a Medicare-certified SNF.. In a nutshell, Medicare Part A will cover medically necessary skilled nursing care—for a limited time and limited amount—if certain CHOOSING A CCRC: WHICH CONTRACT MODEL IS THE BEST There are five main types of continuing care retirement community (CCRC) contracts: Type A (“Extensive” or “Lifecare”) requires a high entry fee and a relatively stable monthly service fee that typically includes residential services, amenities, and health care. This is considered an all-inclusive option with predictable future expenses, regardless of healthcare needs that may arise. UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE Continuing Care Retirement Communities (CCRCs), sometimes referred to as Life Plan Communities, are a popular choice for older adults who are healthy today, but who want to live in a setting that can readily provide assisted living or healthcare services if later needed. 5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS “Wearing a sport coat and eating with other old people in a big dining room is not my idea of living.” This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL According to data collected at My LifeSite, about three quarters of all continuing care retirement communities (CCRCs, or “life plan communities”) require an entry fee, and about 80 percent of these offer a refundable entry fee, with 50 percent and 90 percent refunds being the most popular.It isn’t uncommon for one community to offer a refundable entry fee contract in addition to a ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE Continuing care retirement communities, also called CCRCs or life plan communities, provide services spanning the full continuum of care. New residents of CCRCs typically live fully or mostly independently, and are often still quite active in many cases, but have assisted living, memory care, and/or skilled nursing services available when needed. MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS The most thoroughly researched continuing care retirement community (CCRC) website. Compare senior living fees, amenities, resources, financial calculator. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. DEALING WITH THE DEMENTIA COMMUNICATION BARRIER Brad Breeding is president and co-founder of myLifeSite, a North Carolina company that develops web-based resources designed to help families make better-informed decisions when considering a continuing care retirement community (CCRC) or lifecare community. MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS In a previous post titled Long Term Care: What Does Medicare Actually Cover?, I described the possible out-of-pocket financial impact someone may face by receiving care in a private-pay skilled nursing facility (SNF) versus a Medicare-certified SNF.. In a nutshell, Medicare Part A will cover medically necessary skilled nursing care—for a limited time and limited amount—if certain CHOOSING A CCRC: WHICH CONTRACT MODEL IS THE BEST There are five main types of continuing care retirement community (CCRC) contracts: Type A (“Extensive” or “Lifecare”) requires a high entry fee and a relatively stable monthly service fee that typically includes residential services, amenities, and health care. This is considered an all-inclusive option with predictable future expenses, regardless of healthcare needs that may arise. UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE Continuing Care Retirement Communities (CCRCs), sometimes referred to as Life Plan Communities, are a popular choice for older adults who are healthy today, but who want to live in a setting that can readily provide assisted living or healthcare services if later needed. 5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS “Wearing a sport coat and eating with other old people in a big dining room is not my idea of living.” This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL According to data collected at My LifeSite, about three quarters of all continuing care retirement communities (CCRCs, or “life plan communities”) require an entry fee, and about 80 percent of these offer a refundable entry fee, with 50 percent and 90 percent refunds being the most popular.It isn’t uncommon for one community to offer a refundable entry fee contract in addition to a ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE Continuing care retirement communities, also called CCRCs or life plan communities, provide services spanning the full continuum of care. New residents of CCRCs typically live fully or mostly independently, and are often still quite active in many cases, but have assisted living, memory care, and/or skilled nursing services available when needed.BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. AVOID THIS MISTAKE WHEN COMPARING RETIREMENT Shopping for a retirement community typically requires a lot of research, and your final decision will be based on many factors–care services, location, amenities, quality ratings, and more–though price often is one of the most-heavily weighted.. As you are looking at the side-by-side costs of communities, you must ensure you are making an apples-to-apples comparison about what YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES Brad Breeding is president and co-founder of myLifeSite, a North Carolina company that develops web-based resources designed to help families make better-informed decisions when considering a continuing care retirement community (CCRC) or lifecare community. EXPLANATION OF REFUNDABLE ENTRY FEES Many entry fee retirement communities offer residents the choice of a refundable entry fee as an alternative to a traditional, declining balance contract. Learn more about the trade-offs in this blog postfrom My LifeSite.
THE COST OF ASSISTED LIVING- WHAT YOU NEED TO KNOW Brad Breeding is president and co-founder of myLifeSite, a North Carolina company that develops web-based resources designed to help families make better-informed decisions when considering a continuing care retirement community (CCRC) or lifecare community. POSITIVE AGING: CHANGING YOUR MINDSET ABOUT GROWING OLDER The concept of “positive aging,†also referred to as “healthy aging,†is achievable by every older person as we work to make better choices in NOT YOUR GRANNY’S RETIREMENT HOME: SELLING CCRCS TO I recently visited a beautiful continuing care retirement community (CCRC, or life plan community) in Tulsa, Oklahoma, and was struck by how very attractive and welcoming it was. After staying overnight in a comfortable guest suite, I woke up to take a sunrise jog. There was a walking/jogging trail that winded around the community, over EVALUATE THE FINANCIAL VIABILITY OF A CCRC WITH OUR FREE In some ways, making the decision to move to a continuing care retirement community (CCRC, also called a life plan community) is like taking out an insurance policy to protect you from the “what ifs” that the future may hold. WILL MY REFUNDABLE ENTRY FEE BE TAXED? Generally speaking the refundable portion of the entry fee at a continuing care retirement community is not taxed as income when received by the resident or their heirs. But there are exceptions. MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus. DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS 5-Stars: Dining Options Evolve at Many CCRCs. is not my idea of living.”. This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. It brings up an important point for those considering whether a continuing care retirement community (CCRC) or other senior livingcommunity is
YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES For tax year 2018, it rose from $6,500 to $12,000 for individuals, from $9,550 to $18,000 for heads of household, and from $13,000 to $24,000 for married filing jointly. In tax year 2020, for single taxpayers and married individuals filing separately, the standard deduction increased to $12,400. For heads of household, the standarddeduction
POSITIVE AGING: CHANGING YOUR MINDSET ABOUT GROWING OLDER Positive aging is basically adopting a positive view of aging as a healthy, normal part of life. And it’s the mindset that you will do whatever is needed in order to continue doing the things that you love and are important to you as you grow older. Just like T. Boone Pickens working hard to regain his speech after his strokes and getting ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
WHAT ARE THE ODDS OF NEEDING ASSISTED LIVING? What are the Odds of Needing Assisted Living? As described on the website of the American Association for Long-Term Care Insurance (AALTCI), your risk of needing long-term care is either 0 percent (you will never need it) or 100 percent (you will need it). This is an oversimplification, but the point is you should not base your personal IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE A deduction equivalent to 30-40% of the entrance fee and/or monthly service fee is not uncommon but this can vary dramatically from one continuing care retirement community to another. If adult children pay some or the entire entrance fee, they may receive a deduction. However, other factors are involved in this determination, includingthe
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniors who are in the highest-risk category for the virus. DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS 5-Stars: Dining Options Evolve at Many CCRCs. is not my idea of living.”. This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. It brings up an important point for those considering whether a continuing care retirement community (CCRC) or other senior livingcommunity is
YOU MAY BE ABLE TO DEDUCT SOME CCRC COSTS FROM YOUR TAXES For tax year 2018, it rose from $6,500 to $12,000 for individuals, from $9,550 to $18,000 for heads of household, and from $13,000 to $24,000 for married filing jointly. In tax year 2020, for single taxpayers and married individuals filing separately, the standard deduction increased to $12,400. For heads of household, the standarddeduction
POSITIVE AGING: CHANGING YOUR MINDSET ABOUT GROWING OLDER Positive aging is basically adopting a positive view of aging as a healthy, normal part of life. And it’s the mindset that you will do whatever is needed in order to continue doing the things that you love and are important to you as you grow older. Just like T. Boone Pickens working hard to regain his speech after his strokes and getting ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
WHAT ARE THE ODDS OF NEEDING ASSISTED LIVING? What are the Odds of Needing Assisted Living? As described on the website of the American Association for Long-Term Care Insurance (AALTCI), your risk of needing long-term care is either 0 percent (you will never need it) or 100 percent (you will need it). This is an oversimplification, but the point is you should not base your personal IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE A deduction equivalent to 30-40% of the entrance fee and/or monthly service fee is not uncommon but this can vary dramatically from one continuing care retirement community to another. If adult children pay some or the entire entrance fee, they may receive a deduction. However, other factors are involved in this determination, includingthe
ULTIMATE CCRC CHECKLIST Page 2 Note: Some of the following questions may only be applicable after you’ve identified a specific residence. Is the residence in which you are interested located UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
WHAT ARE THE ODDS OF NEEDING ASSISTED LIVING? As described on the website of the American Association for Long-Term Care Insurance (AALTCI), your risk of needing long-term care is either 0 percent (you will never need it) or 100 percent (you will need it).This is an oversimplification, but the point is you should not base your personal retirement plan on averages because your experience may not align with the average. ACCESS TO QUALITY SENIOR HEALTHCARE A KEY RETIREMENT Recent studies reveal there is an important senior living consideration to add to your radar: access to affordable, high-qualityhealthcare.
BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS After Medicare reimbursement runs out, the CCRC is on the hook for the difference between the cost of providing care and the monthly service fee being paid by the resident. Other CCRCs offer a fee-for-service contract. In this case, the resident’s monthly service 3 ALTERNATIVE WAYS TO FUND THE ENTRY FEE AT A Reverse mortgage: This may be the last thing you would have considered as a way to fund the entry fee at a retirement community, and in many cases, it probably should be. However, under certain circumstances, it could make sense. A reverse mortgage is essentially a form of home equity loan. The difference is that, unlike a traditional equity EVALUATE THE FINANCIAL VIABILITY OF A CCRC WITH OUR FREE By understanding the key factors that contribute to a community’s fiscal health, you can rest assured that your investment is a sound one that you will be able to count on in the future. Download our free “Guide to Evaluating the Financial Viability of a CCRC.”. Join the thousands who use the most thoroughly researched CCRC information on DATING AND INTIMACY IN RETIRMENT COMMUNITIES Dating and Intimacy in Retirement Communities. It may be the worst-kept secret in the senior living industry: single residents of retirement homes are having sexual relationships with each other. And given the plethora of social activities planned by many senior living providers such as continuing care retirement communities (CCRCs, alsoknown
NOT YOUR GRANNY’S RETIREMENT HOME: SELLING CCRCS TO Not Your Granny’s Retirement Home: Selling CCRCs to Younger Retirees. I recently visited a beautiful continuing care retirement community (CCRC, or life plan community) in Tulsa, Oklahoma, and was struck by how very attractive and welcoming it was. After staying overnight in a comfortable guest suite, I woke up to take a sunrisejog.
MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
POSITIVE AGING: CHANGING YOUR MINDSET ABOUT GROWING OLDER Positive aging is basically adopting a positive view of aging as a healthy, normal part of life. And it’s the mindset that you will do whatever is needed in order to continue doing the things that you love and are important to you as you grow older. Just like T. Boone Pickens working hard to regain his speech after his strokes and getting 5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS 5-Stars: Dining Options Evolve at Many CCRCs. is not my idea of living.”. This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. It brings up an important point for those considering whether a continuing care retirement community (CCRC) or other senior livingcommunity is
WHAT ARE THE ODDS OF NEEDING ASSISTED LIVING? What are the Odds of Needing Assisted Living? As described on the website of the American Association for Long-Term Care Insurance (AALTCI), your risk of needing long-term care is either 0 percent (you will never need it) or 100 percent (you will need it). This is an oversimplification, but the point is you should not base your personal MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS After Medicare reimbursement runs out, the CCRC is on the hook for the difference between the cost of providing care and the monthly service fee being paid by the resident. Other CCRCs offer a fee-for-service contract. In this case, the resident’s monthly service ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
THE STATES WITH THE MOST CCRCS PER SENIOR MIGHT SURPRISE Based on my data and analysis, that state comes in at number 15 for CCRCs per senior. In that state, there are 668,000 seniors (or 16 percent of their population) with 33 Arizona CCRCs. Here are a few other observations based on my findings: When people think of the states with the most CCRCs, they tend to think of states like Floridaor Arizona.
MYLIFESITE | SENIOR LIVING RESEARCH & COMPARE CCRCSABOUT USFREE RESOURCESBLOGSPEAKINGIN THE MEDIAFOR CCRC PROVIDERS myLifeSite | Senior Living Research & Compare CCRCs. Home Brad Breeding 2021-05-04T10:34:18-05:00. Choosing the right CCRC is difficult. We help make it easier. DEALING WITH THE DEMENTIA COMMUNICATION BARRIER But there are ways to enhance your own communication skills and tactics in order to help better convey comfort and support to a loved one with dementia. Be sure to include the person in conversations or discussions that pertain to them, rather than “talking for them.”. Always speak to the person with respect. Maintain eye contact whentalking.
BRAD BREEDING
Brad Breeding, CFP®, President and co-founder of myLifeSite, is a senior living expert and nationally recognized speaker who provides valuable insights on the on intersections between senior living, retirement planning, and closely related topics. Before launching MyLifeSite, Brad spent nearly 14 years as a personal financialadvisor, focusing
EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
POSITIVE AGING: CHANGING YOUR MINDSET ABOUT GROWING OLDER Positive aging is basically adopting a positive view of aging as a healthy, normal part of life. And it’s the mindset that you will do whatever is needed in order to continue doing the things that you love and are important to you as you grow older. Just like T. Boone Pickens working hard to regain his speech after his strokes and getting 5-STARS: DINING OPTIONS EVOLVE AT MANY CCRCS 5-Stars: Dining Options Evolve at Many CCRCs. is not my idea of living.”. This is a comment I heard recently by someone in their late sixties as I was talking with them about retirement communities. It brings up an important point for those considering whether a continuing care retirement community (CCRC) or other senior livingcommunity is
WHAT ARE THE ODDS OF NEEDING ASSISTED LIVING? What are the Odds of Needing Assisted Living? As described on the website of the American Association for Long-Term Care Insurance (AALTCI), your risk of needing long-term care is either 0 percent (you will never need it) or 100 percent (you will need it). This is an oversimplification, but the point is you should not base your personal MEDICARE AND CONTINUING CARE RETIREMENT COMMUNITIES (CCRCS After Medicare reimbursement runs out, the CCRC is on the hook for the difference between the cost of providing care and the monthly service fee being paid by the resident. Other CCRCs offer a fee-for-service contract. In this case, the resident’s monthly service ARE CCRC REFUNDABLE ENTRY FEE CONTRACTS A GOOD DEAL The net cost of the refundable contract in today’s dollars is $360,000 minus the present value of the refundable portion of the entry fee. Using the same 10-year time frame, the present value of $180,000 received in 10 years is around $134,000. Therefore, the true net cost of the refundable contract over a 10-year time frame is$226,000
THE STATES WITH THE MOST CCRCS PER SENIOR MIGHT SURPRISE Based on my data and analysis, that state comes in at number 15 for CCRCs per senior. In that state, there are 668,000 seniors (or 16 percent of their population) with 33 Arizona CCRCs. Here are a few other observations based on my findings: When people think of the states with the most CCRCs, they tend to think of states like Floridaor Arizona.
UNDERSTANDING THE REGULATORY PROCESS FOR CCRCS Understanding the Regulatory Process for CCRCs. Choosing to move to a continuing care retirement community (CCRC or “life plan community”) is a big decision—one that necessitates thorough research and planning on your part. You want to be certain that you are selecting a community that will uphold its contractualresponsibilities to
ACCESS TO QUALITY SENIOR HEALTHCARE A KEY RETIREMENT Recent studies reveal there is an important senior living consideration to add to your radar: access to affordable, high-qualityhealthcare.
EXPLANATION OF REFUNDABLE ENTRY FEES This means that if the resident were to move out (or in the event of death) during the first few years then the refund would be even more than 50 percent during those years. After two years the entry fee refund remains set at 50 percent of the entry fee paid. If you or a loved one is considering a moving to a CCRC with a refundable entryfee
HOW THE PANDEMIC HAS IMPACTED SENIOR LIVING PERCEPTIONS The COVID-19 pandemic has impacted nearly every aspect of life with many people becoming sick, losing loved ones, losing jobs, and/or struggling with childcare. Throughout all of this, I have been mindful of how the pandemic is affecting people mentally, especially seniorswho are in
ACTIVE ADULT COMMUNITIES 55+: LEARN ABOUT THE PROS AND Active adult communities can be comprised of single-family houses, as well as multi-family patio homes, condominiums, or townhomes, with units that are owned by the resident (as opposed to a rental community). Often, this type of 55 and over community will be built near shopping, restaurants, parks, and other attractions, sinceresidents are
COMPARING RENTAL COMMUNITIES AND LIFE PLAN When comparing rental retirement communities and life plan communities, aka, CCRC or “continuing care retirement community,” there are some important details to consider.Sometimes the options look quite similar at a glance, and some of the distinguishing characteristics may not always be immediately obvious. FOR-PROFIT OR NOT-FOR-PROFIT CCRCS- WHAT’S THE DIFFERENCE If you have begun researching continuing care retirement communities (CCRCs, also known as life plan communities), you have likely discovered that there are both for-profit (FP) and not-for-profit (NFP) options.The vast majority of life plan communities are NFP but the FP providers are beginning to grow their share of the market. UNDERSTANDING PAYMENT STRUCTURES FOR CONTINUING CARE CCRC Buy-In Structure. The buy-in structure dictates how much a resident will pay up-front to move into a CCRC. Among all CCRCs there are three main types of buy-in structures: Entry Fee: The resident pays an entry fee that may or may not be refundable in the future. Equity: The resident purchases the residential unit, which may beresold later.
IS YOUR RETIREMENT COMMUNITY ENTRY FEE TAX DEDUCTIBLE A deduction equivalent to 30-40% of the entrance fee and/or monthly service fee is not uncommon but this can vary dramatically from one continuing care retirement community to another. If adult children pay some or the entire entrance fee, they may receive a deduction. However, other factors are involved in this determination, includingthe
THE STATES WITH THE MOST CCRCS PER SENIOR MIGHT SURPRISE Based on my data and analysis, that state comes in at number 15 for CCRCs per senior. In that state, there are 668,000 seniors (or 16 percent of their population) with 33 Arizona CCRCs. Here are a few other observations based on my findings: When people think of the states with the most CCRCs, they tend to think of states like Floridaor Arizona.
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2021-05-04T10:34:18-05:00 Choosing the right CCRC is difficult. We help make it easier. Choosing the right CCRC is difficult. We help make it easier. NOT JUST ANOTHER SENIOR LIVING DIRECTORY. Find the community that matches YOUR preferences.Begin your search
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