As a top senior planning advisor in Utah, we at Utah Senior Planning work with seniors and their families for comfortable, well-timed placement into various senior living facilities. We know you want only the best care for yourself or your loved one, and our wide network offers a number of great options.
One area where you’ll have a few options is the type of ownership you choose for your senior living community. There are three broad types here – let’s take a look at each, and a few qualities to consider.
For assisted living facilities that operate on a for-profit basis, this category applies. These are generally owned by either a private individual or company or by a publicly traded company. In the case of private companies, there’s no obligation for a disclosure of profits and losses to anyone but investors in the company.
As is the case for many for-profit entities, dividends will typically be paid to owners of these properties based on profits. However, this doesn’t necessarily mean there’s anything wrong with a for-profit facility – our placement pros can help guide you toward the ones that provide the best care value for your money.
Nonprofit organizations with tax exempt status operate under corporate charters, meaning they’re owned by members rather than stockholders. In some cases, a religious group or other affinity group will sponsor this type of facility and provide a board of trustees. Any surplus cash is generally invested into improvements or other forms of improving the facility.
In most cases, these communities are cooperatives or condo situations. A cooperative situation is one that’s owned and managed by a corporation, but the tenants themselves are actually the shareholders – they lease apartments from the owners. From there, the size of the unit they lease determines the size of stock they own in the company. There are also separate condo situations where there might be separate or joint ownership situations; our pros can explain the differences to you here if needed.
For more on the types of senior living facilities available, or to learn about any of our estate planning or senior planning services, speak to the staff at Utah Senior Planning today.