Tax benefits of a Lifecare Community

Did you know becoming a resident of a Lifecare Community may present worthwhile tax and financial advantages?

The Refundable Contract

In a world where long-term care costs are continually increasing, lifecare can provide asset preservation and financial security. Many lifecare contracts refund a portion of the original entrance fee (70% – 90%) to the resident’s estate or designee.

Pre-Paid Medical Expenses

The non-refundable portion of the one-time entrance fee may be eligible as a medical tax deduction on your federal tax return. A portion of the monthly service fee may also be deductible each year. Check with your tax advisors or financial professionals for more specific details.

New Hampshire’s Tax Advantage

New Hampshire is one of the most attractive states to retire in, due to its appealing tax profile:

  • No general sales tax.
  • No state income tax.
  • No state estate tax.
  • No capital gains tax.
  • Lowest tax burden of any New England state.
  • In the Top 10 of Lowest Tax States in the US. (www.taxfoundation.org)

New Hampshire is continually ranked high for retirement locations thanks to tax advantages, ideal climate, and quality of life for its residents. Learn more about the Financial Advantages, and what life is like at RiverWoods.

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