ARE THERE TAX ADVANTAGES OF MOVING TO A CONTINUING CARE RETIREMENT COMMUNITY?
Yes. Under current IRS guidelines, the non-refundable portion of your entrance deposit may be submitted as a pre-paid medical expense in the year you occupy your Viamonte residence. Also, on an ongoing annual basis, a percentage of your total annual monthly fees paid is also eligible for the same tax benefit. That annual percentage varies and correlates to the percentage of the community’s total expenditures that are related to healthcare. This information is tracked and shared with all Viamonte residents annually by the community’s Executive Director.
Tax laws are, of course, constantly evolving and always subject to interpretation, but recent legal precedents have been favorable for CCRC residents who have sought to deduct portions of their deposits and fees. Of course, you and your tax preparation professional should consult closely to determine the best strategy.
WHAT IF I HAVE LONG-TERM CARE INSURANCE?
In most cases your long-term care policy will work hand-in-hand with care provided at Viamonte and pay earned benefits directly to you as the policyholder. These payments can help defray and in some cases completely cover, your monthly service fee at Viamonte and help further preserve your assets. As with all insurance matters, you should consult with your carrier or agent for specific answers regarding your individual policy.
HOW MUCH DOES IT COST TO LIVE AT VIAMONTE?
Like most Continuing Care Retirement Communities, Viamonte requires an upfront entrance fee and a monthly fee. Most future residents will choose to fund their entrance fee from the proceeds of the sale of their home. Monthly fees are based on the size of the residence selected and the number of occupants and, in most cases, will be comparable to the cost of living independently.
Our fees have been determined based on providing both the level of residential and medical excellence that you desire, and a financial model that is affordable and sustainable. To learn more about our fees and pricing, please schedule a one-on-one appointment with a Viamonte senior living counselor at 925-621-6600.
WHAT IS INCLUDED UNDER THE MONTHLY FEE?
The monthly service fee is a comprehensive charge that varies depending upon the residence size selected and the number of occupants. The monthly service fee covers a host of services, including a flexible monthly dining plan, interior and exterior maintenance, all utilities, weekly housekeeping and scheduled transportation. So, as a resident of Viamonte, you will enjoy access to the community’s many amenities and have the opportunity to participate in a variety of exclusive social, cultural and educational programs and events.
WHAT IS AN ENTRANCE FEE?
An entrance fee is a one-time payment based on the size of the residence selected. As a resident of Viamonte, this entrance fee is 75% refundable to you or to your estate. Payment of this sum, along with a monthly service fee, entitles you to a home at Viamonte for life.
The entrance fee allows Viamonte to offer monthly service fees that are closer to what most retirees pay on a monthly basis to maintain their current homes and lifestyles. The entrance fee also allows residents the opportunity to convey the deposit to their estate as desired in the future.