What Does the CCRC Mean for Estate Planning?
November 4, 2015
Planning for your later life and how you’ll use your assets to support your retirement might involve a Continuing Care Retirement Community. This rides the spectrum from independent living all the way through to 24-hour care. And these can offer the benefit of lifetime membership and participation.
Entry fees for these retirement communities however, can be expensive. The fees for initial entrance could be more than $20,000 and monthly fees could reach $3,500. As this is a once in a lifetime decision, great care and consultation should be used to explore the financial soundness and the maturity as far as length and time of business at these facilities.
Many CCRCs mandate Medicare A and B, while some add the supplement and some accept long-term care protections. But State by State standards and enforcement will vary, so care must be taken. When making any decisions about your own future or that of a loved one, consult with an elder law specialist who can advise you about your options and whether a Continuing Care Retirement Community is truly the best fit.
