We look at the types of contracts offered by continuing care retirement communities (CCRCs), the tax treatment of the entrance and monthly fees, entrance-fee refunds, and the importance of a conversation with a client before they enter a CCRC.
F. Lawrence Helmick, Jr., CPA, MST, CFP, is a principal with Helmick & Company Wealth Advisors, LLC, in Philadelphia, Pennsylvania. For more than 20 years, Larry has been providing financial planning and wealth management to affluent individuals. He also specializes in providing retirement plan solutions to business owners with a concentration on medical practices. Larry currently serves as an associate editor of the Journal of Financial Service Professionals and as the treasurer of the Philadelphia Tri-State Area FPA®. He is a graduate of Villanova University, BS in Accountancy, and Widener University, MS in Taxation.