7 Strategies to Help Elderly Overcome Housing and Health Needs
Financial planners now face a challenge: how to help clients chart a future that will meet their housing and health needs while preserving as much of their assets and capital as possible.
Here are 7 strategies for advisors to consider as they adjust real estate holdings to address changing health care needs of their aging clients.
Source: June Fletcher is the author of House Poor and writes the weekly online House Talk column for The Wall Street Journal.
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<b>1. FOCUS ON APPRECIATION</b>
<b>2. LOWER YOUR TAXES</b>
<b>3. CUT CARE COSTS</b>
Nursing home costs have also risen theyre up 4.45% over the past five years for a private room. Theres a wide geographic disparity here as well, ranging from an annual average of $55,360 for a private room in Oklahoma to $255,891 in Alaska.
<b>4. REMODEL</b>
Another factor that could help clients stay in their home: Many states give property tax breaks to citizens who are over the age of 65 or disabled.
<b>5. TRY ECHO HOUSING</b>
<b>6. REVERSE THE MORTGAGE</b>
<b>7. INVEST AGGRESSIVELY</b>
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