Taxes

[Biggd]

Originally Posted by MeredithMan

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At the risk of going off-topic, your neighbor had to put down 400K to reserve a spot at an Assisted Living? I've not heard of that before...we looked at a lot of Assisted Living places when we moved my in-laws into one, and the most that had to be paid up front was one month's rent. And you are correct, the rent is not cheap...I think it is like $18K/mo for both in-laws, (they charge by the person and by the services required for each).

These are not nursing homes. They are high end apartments that you buy into and when you pass on, a percentage of the money goes back into your estate. They cater to couples where one is healthy and can continue to live an independent life while knowing your partner is being taking care of 24/7. There are many that require even higher buy-ins for the very wealthy.
There is one in Lexington Ma, Brookhaven, that was getting 400K buy in back in the 90's. I can only imagine what the buy in now is. I had a business at that time that was within a football field away, the residents were very wealthy.