Assisted Living Aiken SC

You should also consider retirement living communities

If you are interested in the sense of community, comfort, and care that comes with living in a retirement village, but don't have the budget to afford it, then you may want to reconsider the idea. U.S. News & World Report recently highlighted that retirement living communities can offer substantial tax breaks that could offset the initial sticker shock.

A turnaround is beginning to occur in the declining home values caused by the recession. Selling your home becomes more attractive. The fear of losing one's home is no longer a reason to hold seniors back. These sales can make up a substantial portion of the cost for admission to a retirement home community.

For retirees considering moving from their home into a retirement living facility, there are even better options. As the newspaper reported, "Seniors who are contemplating or considering such a community should know that they could qualify for substantial tax breaks if it offers skilled nursing and assisted living as part of what are known as lifetime care benefits."

You can get tax deduction benefits even if your offspring or other family members provide major financial support for monthly expenses and entrance fees once you've decided on a senior housing community. The tax savings are available to those who provide more than 50 per cent of the financial support provided by an elderly relative.

An entry fee, which is a part of the monthly resident fee, may be deductible for some individuals at tax time. The main thing is that healthcare services are provided as part the contract services for retirement living communities.

Your tax professional can help you determine if any of these retirement communities' healthcare services may result in write-offs.

• Long-term and short-term care services such as routine dental/vision exams and routine physical examinations

• Speech, occupational or physical therapy services

• Activities of daily living (ADLs), also known as dressing, eating, mobility hygiene, grooming (bathing and toileting, incontinence), are all part of the activities of daily life.

• Alzheimer's Programs or other dementias.

• Pharmacy services

• Consults by staff physicians or your personal doctor to conduct medical checks

Which healthcare services your loved one or you need to use will depend on your particular health situation. These services may also be eligible depending on your tax situation.

Remember that you may be able tax savings by choosing a retirement community that offers these services. This means that the quoted price that you thought was too steep might be more affordable long term than you realize. It's important to not be quick to dismiss retirement communities as too costly until you consult an accountant who understands all the tax implications.