Posted by Dana Law Group on December 30, 2021
It’s no secret; senior living facilities can be an ideal living situation for older adults from all walks of life. Nevertheless, since many do not consider moving into these communities until they’re older, they often have lots of questions about the rules and regulations for living in such a community. For instance, many people wonder if they are allowed to leave their homes to their loved ones. The following is an examination of just that.
If you are wondering if you can leave a home you purchased in a senior living community to a loved one, there are a few things to be considered. First of all, many of these communities have general age restrictions that apply to most residents. So, for instance, if the recommended age limit is 55 and older, and your loved one is at least 55, you can definitely leave your home to them.
On the other hand, things get a little trickier if the person has not just reached the minimum age. For instance, many senior living communities operate on an 80/20 rule. This means that at least 80% of the residents must be at least 55, while the remainder may be under the minimum age. Nevertheless, not all senior living communities have this rule. In fact, some require 100% of residents to meet the minimum age. Moreover, some have special parameters for those who have children. In many senior living communities, you may not move in if you have children or teenagers living in your home. This is due to the fact that it’s considered a quality of life or insurance issue. However, some senior communities do allow minors, but they do not allow them to commune in the common areas.
Overall, living in a senior living community can be amazing, but make sure you understand the rules before you commit. If you need some assistance understanding the legal parameters of leaving your home to a loved one while living in a senior living community, we’re to help. Here at Dana Law Group, we are seasoned in estate planning. We go above and beyond to help you understand your options and make the best one for your unique circumstances. Don’t make the mistake of making ill-informed decisions when planning your estate. Contact us today to ensure all of your wishes are heard, understood, and carefully executed.