Assisted living facilities come in all different sorts of varieties to meet the income of different groups of the elderly. The wealthy will soon have facilities especially for them.
Assisted living facilities are not inexpensive for most people. Whatever amount of money an elderly person has, there is most of the time 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 and enlist the help of those with experience in your local area.
Before signing any contracts, however, have an elder law attorney look them over to make sure there are no hidden expenses.
For more information about elder law and long term care planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Wills, Trusts & Estates Prof Blog (Sep. 2, 2017) "Manhattan Gets $20,000-a-Month Homes for New Breed of Seniors."