There are many financial implications to consider before moving to a CCRC. Becoming a resident at RiverWoods may present worthwhile tax and financial advantages to you. Although we recommend speaking to your personal accountant or financial planner about the benefits available to you, here are a few reasons to choose RiverWoods.
Pre-paid Medical Expenses
- A portion of your one-time entrance fee may be included on your federal tax return as a prepaid medical expense.
- A portion of your monthly service fee may also be deducted (typically 30% to 40%).
RiverWoods engages an outside expert each year to calculate the specific amount of the monthly service fees and entrance fees that are deductible as a medical expense on federal tax returns that year. The expert reviews applicable regulations and rulings in compiling their analysis.
Tax Free New Hampshire: The NH Advantage
New Hampshire is a state that fiercely defends our individual rights and freedoms, and has several unique tax benefits that make living here a real financial advantage:
- No general sales tax
- No personal income tax
- No capital gains tax
- The lowest tax burden of any New England state