Tax Deductions

Learn More About Medical Tax Deductions

The Internal Revenue Service (IRS) provides a deduction for medical expenses including the cost of care in a nursing home, personal care home, assisted living community or similar institution if the primary reason for being there is to get medical care. IRS Publication 502 defines a typical situation as one in which an individual is unable to perform at least two activities of daily living (eating, bathing, dressing etc.) without substantial assistance from another individual.

Find out more at www.irs.gov/pub/irs-pdf/p502.pdf

Family members can also pitch in toward the cost of residential long term care and take advantage of the IRS gift tax exemption. Consultation with a tax professional is strongly advised before making senior living financial solutions decisions.

Do you need guidance on ways to pay for your senior living community?

We help you understand your options and ways to maximize  resources available to you!​

OPTIONS FOR FUNDING YOUR LONG TERM CARE

SHORT TERM BRIDGE LOAN

A short term Bridge Loan is a loan that will allow for you to pay for care now until permanent funding is arranged.

VETERAN'S BENEFITS

Veterans have benefits available to assist in paying for senior living with potential maximum monthly awards ranging from $1,244 to $2,295.

REAL ESTATE

You can use the proceeds from the sale of your home by listing your home with a senior-focused Realtor®

LONG TERM CARE INSURANCE

If you purchased long term health care insurance we can help you review your policy to determine if it will pay for your community.

TAX
DEDUCTIONS

Learn about the tax deductions available to you and your family when paying for care in a community.

LIFE INSURANCE CASH VALUE

If you have a life insurance policy, you may be able to transform that policy into a pre-funded financial account that will disburse a monthly benefit stipend to help you pay for long term care needs.

MOVE MANAGEMENT

Free up time and alleviate yourself from the overwhelming process of moving. Senior moving specialists are available to help with as much or as little of the work as you’d like!

Schedule a Time to Talk to a Senior Living Concierge Specialist NOW