The Square
News and perspectives from Covia.

If you are considering moving to a Senior Living Community – but not just yet – there’s another option available to you: joining a waiting list.

Too often, people start looking for senior living options after a need arises, leaving them scrambling for the first available option, even if it isn’t what they truly want. You may be thinking that a move to a Life Plan Community is something that will happen 2, 3, 5 or more years down the line. It’s still worth taking steps now so that when the time comes, you’ll get what you want.

Of course visiting in person is an important part of the process. Each community has a different personality. Getting to know a community, asking your questions, and meeting other residents makes it more likely you will choose a place that feels like home.

But if you’ve come to the event, taken the tour, and still think it’s not the right time to move, joining the community’s waiting list gives you the chance to consider the pros and cons while reserving your place for the residence you want.

“A waiting list is a terrific opportunity to secure your future plans without a large commitment of time or money,” says Linda McMenamin, Covia’s Senior Director of Sales and Marketing. “Often people will join wait lists at multiple communities to ensure they have options in the event their needs change and they are ready to make a move.”

Joining a waiting list at the community – or communities – of your choice has other benefits as well.

If you do decide to put down a deposit, be sure to ask how long the waiting list is for the home style you’d like, and what the expected waiting time is. Many times, larger homes have longer waiting lists, which may affect your plans. Talk with your senior living counselor about your plans and timeline and they will do their best to accommodate you.

Some communities may have a limit on the number of times you can turn down an apartment offered to you without losing your place on the waiting list. Although you are not obligated to accept a home presented to you, this may mean that eventually you won’t be the first person called.

But when you do get the call for the home you want, at the time you want it, you can feel comfort and confidence knowing the plan you’ve put in place is working as you hoped.

Planning to make end of year donations to support the causes you care about? This year’s tax law changes will make a difference in the way those charitable gifts are treated, with an implication for your 2018 taxes and for the year to come. As you do make your final donations of the year, it’s also a good time to consider your plans for next year’s charitable giving.

While the primary motivation for most charitable gifts is a desire to make a difference, not simply tax breaks, good financial planning leaves more for charitable gifts. Donors are paying attention to the impact of the new tax law – and making plans to maximize the difference their gifts can make.  The Covia Foundation offered several workshops this year on maximizing your charitable contribution and offers the following strategies you can use for your own planning purposes.

The new tax law that went into effect for 2018 nearly doubles the standard deduction to $12,000 for individuals and $24,000 for married couples filing jointly. That means fewer Americans will itemize deductions on their tax returns – including charitable gifts.

Using tax-smart giving strategies can allow some donors to give more and enable others to grow their initial contributions tax-free until funds are disbursed to designated organizations:

APPRECIATED STOCK:

One strategy is to donate appreciated assets such as stocks or real estate directly to a charity. Donors receive the fair-market value of the asset at the time of the gift as a charitable deduction – without incurring the capital gains tax they would face if selling an appreciated asset outright. The charity then liquidates the asset and puts the funds to work to make a difference.

IRA CHARITABLE ROLLOVER:

Taxpayers over the age of 70 ½ can plan a Qualified Charitable Distribution from their Individual Retirement Accounts (IRA). Diverting some or all of the required minimum distribution from an IRA can provide financial benefits. While the distribution doesn’t count as a charitable deduction, it also doesn’t add to the donor’s adjusted gross income – which can reduce income taxes (and possibly Medicare premiums). Up to $100,000 annually may be requested as a Qualified Charitable Distribution.

DONOR ADVISED FUNDS:

Donors can make several years’ worth of charitable gifts in cash or appreciated assets to a donor-advised fund. This strategy can provide an immediate tax deduction on the amount contributed and allows the donor to direct gifts from the fund each year to the charities he or she supports.

Charities are able to continue their work in good part because of the support of people who care about making a difference. Planning ahead gives you the opportunity to make an even bigger impact with your charitable dollars. Generosity combined with knowledge can make all the difference in the world.

If you would like to attend a future charitable giving forum, please contact Michelle Haines, Covia Foundation Development Associate, at mhaines@covia.org. And to join our effort to provide life-changing support for seniors, please visit our secure online donation page.