Assisted living facilities are not inexpensive for most people. Whatever amount of money an elderly person has, there is normally an assisted living facility designed to make moving there just affordable enough to attract the elderly person.
In that way, they are like residential homes. The more money people have, the more expensive homes they purchase. This makes it so almost no one gets a home that is not a significant investment, relative to their overall assets.
However, there has been one group of elderly people who do not have many assisted living facilities designed specifically for them - the wealthiest Americans.
That is about to change, since developers plan on building new luxury facilities in Manhattan, N.Y., as the Wills, Trusts & Estates Prof Blog reports in "Manhattan Gets $20,000-a-Month Homes for New Breed of Seniors."
The wealthy will be able to live in these new facilities for $20,000 a month. For that amount, they will get homes that contain all of the expected trappings of luxury and all of the expected services available in assisted living facilities.
It remains to be seen just how many people there are, who will want to live in facilities that cost more per month than several live-in nurses might.
Of course, most people will not be able to afford these new facilities and they still need affordable assisted living facilities for themselves.
Whatever your income level is, you should be able to find an appropriate place for yourself, if you check around.
Before signing any contracts, however, have a Cincinnati elder law attorney look them over to make sure there are no hidden expenses.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Wills, Trusts & Estates Prof Blog (Sep. 2, 2017) "Manhattan Gets $20,000-a-Month Homes for New Breed of Seniors."