Overcoming 3 Big Obstacles When Moving to Assisted Living 

There are three common obstacles many of our clients face as they search for and find their ideal assisted living community.

Home Sale: Often, older adult clients have lived in their current homes for a substantial amount of time, yet as the real estate market begins to stabilize, more of these individuals are considering a home sale this spring.  When selling an older home, it is best to understand the state of the market, including competitive pricing and current listings in your market area. You may be able to find an overview of this information at Realtor.com, but there is no better resource than your local, licensed real estate agent. You may also choose to contact a local attorney who is well versed in older home sales and fully equipped to help support older adult clients and their families. If your “care needs” require immediate attention and there is no time to complete a home sale, a bridge loan may also be an option

Paying for Senior Care: Equity in a home can certainly help offset long term care expenses. According to the Genworth 2015 Cost of Care Survey, the average annual cost of a one bedroom apartment in an assisted living community is $43,200 per year.   This is almost a 3% increase over last year.  A private room in a nursing home averages more than $88,000 per year. Paying for care requires understanding options through research and careful planning.  Care financing options include VA benefits or local public and private programs. Social security benefits are a long term care staple which may be optimized through deferred retirement credits. Long term care advisors can help you navigate benefits of various long term care insurance policies. Agents can help you understand options when it comes to funding care from traditional life insurance policies, including cash surrender, death benefit loans, accelerated death benefits and life settlements.

Moving, Downsizing and Decluttering: Once housing or care choices have been made and financial issues are resolved, many adults are still faced with the daunting task of downsizing, sorting, packing and moving the family home. This “to do” list can be overwhelming, especially for older adults in poor health or for family members, who are often busy supporting jobs and families of their own. With the aging of America, an increasing number of folks are on the move and there is a tremendous need for a professional, efficient and reliable resource to provide solutions to manage the downsizing, relocation and liquidation of household possessions. Obtaining the help of a moving specialist, or a company that specializes in estate sales, can be helpful.

Contact David Schmidt at the Woodlawn Law Center, (636) 240-6667, for assistance in preparing for a move to assisted living and to prepare your legal documents for the future.