There may come a time when you or an elderly loved one needs to have home care or move to an assisted living home. When this happens the cost can be a shock to the entire family. There are ways that you can fund assisted living without trying to pay for the costs directly out of pocket.

Veteran’s Benefits

There are many programs for military veterans and the spouses of military veterans that can assist with the costs of assisted living. These benefits can include not only moving to an assisted living facility, but also home care providers. Make sure to sign up for your veteran benefits to take advantage of all they have to offer.

Tax Breaks

Even in the climate of high taxes, there are breaks for seniors who are burdened with high medical expenses. While this may not directly reduce the cost of assisted living care, it can help come tax time to reduce the tax burden of yourself or your family. Check into what types of care qualify you for tax breaks and make sure to file them as deductions on your annual tax returns.

Home Equity

If you own a home, it can be an excellent source of revenue to fund assisted living care. Revers mortgages can provide a source of income. Another option is to just sell your home outright and use the money to fund assisted living care.

For any questions about estate planning or elder law issues surrounding assisted living, contact Stano Law Group today.