As you think about moving into assisted living facilities in Rio Rancho, NM, it’s wise to take stock of your assets and consider how to protect them. You want to ensure the people taking care of you know about your financial holdings, including bank accounts, stocks, bonds, even the value of jewelry or collectibles you own. You may consider opening a custodial account with a trusted family member, as an extra precaution. This article contains tips on how to make this transition easier on yourself and your loved ones.
Downsize Your House
Before you move, look at your home and decide what you can do without. This can be challenging, but it’s crucial, to be honest. If items aren’t essential or sentimental, it may be best to sell them if they have value. If you’re keeping many of your belongings, consider storing them in a storage unit, or with family members, until after the move. You want to have a manageable amount of belongings when living in assisted living communities, as you will have limited space. You also want to make sure any items being stored are covered under homeowners insurance, just in case something happens during transportation, or while being stored away from home.
Once the decision is made about what stays, make a plan to sell the items that are going.
Pay off Credit Cards
If you have outstanding credit card debt, it’s best to pay it off before moving into assisted living. Credit cards are usually the most expensive type of debt, and can be paid off in full, or paid down in part. If you decide to pay down some of your outstanding balance, we recommend applying for a secured credit card that allows users to deposit their money into an account and use it as collateral for the loan.
Look at Your Insurance Policies
Check to see if you have enough insurance coverage. You may need to increase your life insurance, disability income, or long-term care policies. Make sure the amount of coverage is adequate for the expenses of a long-term care facility. Some people underestimate their needs and don’t buy enough insurance, only to discover later that they need more when it matters most.
Stretch Your Savings as Long as Possible
One way to stretch your savings is thinking about how to use them efficiently before moving. As you plan for the move, make sure you have enough money saved up to cover it. If you need help, ask family members or friends that had similar experiences for advice on how they handled this stage of life. You should also consider what happens with your assets once you’re settled into an assisted living community. Fortunately, many options available today allow people with limited mobility or other physical disabilities access to financial services, such as check cashing services and bill payment centers. This makes it much easier for individuals in your situation than ever before!
Conclusion
Moving to assisted living may seem daunting, but it doesn’t have to be. You can take your time and plan this transition with the help of your family and friends. The most important thing is to be prepared for whatever happens next.
