As in every new phase of life, we could all use a little help from the experts, and from those who have gone ahead of us. We hope you benefit from the information on this page, as you venture forward into the best years of your life.
Your finances are about much more than money. The decisions you make in the coming months and years will have a tremendous effect on the comfort and independence of the lifestyle you’re able to enjoy. Naturally, you want important decisions like this in the hands of those you trust the most. Thus it is vital to make certain these trusted loved ones have the legal authority they need to act on your behalf. Please don’t wait until difficulties arise to have this conversation. As you consider a new residential arrangement, now is an excellent time to secure your future finances.
We all do best in life, at any age, when we recognize our limitations. Your decision to seek out Assisted Living may be based on one or more of these limitations, such as the increased difficulty in maintaining your home or property, or of cooking or cleaning. Financial decisions are the same way. The better you are able to correctly ascertain your limitations, the more likely it is that your future will be in good hands.
Tax implications of your move
The income tax implications of moving to an Assisted Living facility is a common asked question. Normally, all of the expenses for Assisted Living are considered to be deductions on Schedule A. We have included an article from CliftonLarsonAllen which addresses the subject. tax deductibilty article
If your assets become diminished down the road, there are several options available for assistance with your monthly expenses. These can include assistance from the Veterans Administration, the Masons, Long Term Care Insurance, etc. The administrator will be happy to go over these various funding options with you.
For additional help navigating your upcoming financial transition, don’t hesitate to email us, or call us at 417-272-6666.
Articulating Your Long-Term Wishes
Now is also the best possible time to discuss a variety of topics concerning the course you will take over these next few years or decades. One important thing is to make sure your loved ones know where you keep important documents, and how to best help you manage your various accounts or obligations. It is also wise to share your recent health history, along with a list of medications, names of doctors and specialists.
Even in regards to issues that may be decades down the road, it is best to have an open discussion with your loved ones about your will, your long-term care preferences, and end-of-life wishes.
Don’t worry if not much gets accomplished on the first try. Sometimes multiple conversation may be necessary to get everything out in the open. And don’t be afraid to bring a professional to the table, who can offer qualified advice based on experience and training.
If you need help finding such a professional, or have questions relating to your Assisted Living needs, as always you can email us, or call us at 417-272-6666.