When we plan for retirement, we typically plan for financial stability, adequate health insurance, and safeguarding our estate by keeping your Trust and Will up to date. We may even plan for assisted living costs on down the road. But that doesn’t always mean planning for a move to an assisted living community. Some would rather stay in their own home. Enter a new retirement plan – Home Renovation.
As a recent article in Bloomberg highlights, assisted living costs are on the rise. Consequently, many individuals nearing retirement are opting to renovate their homes to avoid increased assisted-care costs. If you are heading towards retirement, it is vital to your financial health and the stability of your estate that you consider “Remodeling as Retirement Planning.” Substantially remodeling your home to further accommodate an aging body may cost a pretty-penny up front, but it may pale in comparison to the yearly cost of a nursing home.
According to a MetLife Mature Market Institute study, the US National Average for yearly nursing home costs is just over $75,000. Accordingly, a relatively simple $10,000 renovation to your home might provide you with extra years of independent living, and save you thousands in assisted living costs along the way.
Think remodeling your whole home could cost too much? Consider simple changes like removing area rugs to reduce the risk of tripping. Or even simply rearranging your kitchen can help you avoid falls due to grabbing items from hard-to-reach areas. Whether you are looking to do a complete renovation or basic changes, consult the aforementioned article for more renovation tips and tricks.
Have you or your elderly loved ones got your affairs in order by updating your Will and Trust so that your home is protected from medicaid and nursing home liens?
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If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com
Our firm helps families taking care of them for life. We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!
Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!
Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston
This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.
Reference: Bloomberg (November 29, 2012) “Remodeling as Retirement Planning”