Investor Education – Living Well
Modifying a Home for Independent Living
Because many homes aren't designed to accommodate changing physical needs, it's sometimes challenging for people with disabilities to live independently. But fortunately, homes can be modified to remove barriers to independence and reduce reliance on caregivers. For older individuals, home modifications can delay or even prevent the need for costly care in a nursing home or assisted-living facility.
Improvement options will depend on individual needs and physical concerns. But here's a broad look at some of the home modifications that might help make day-to-day living safer and easier for you or a loved one.
Inside the home Kitchen- Remove cabinet doors to make it easier to see and reach items
- Use turntables inside cabinets to reach supplies easily
- Lower countertop surfaces and kitchen cabinets to make them more accessible
- Install a cook top and a low wall oven instead of using a range; install an adjustable mirror over the stove to make viewing cook top from a wheelchair easier
- Install a raised toilet with attached handrails (portable seats are also available if replacing the toilet is impractical)
- Cover sink handles with rubber grips to make it easier to turn the water on and off
- Install grab bars or poles near the toilet and shower
- Replace bathtub with low-threshold shower
- Replace door knobs with lever-style handles, or install door knob covers that are easier to grip and turn
- Add nightlights to prevent nighttime falls
- Remove throw rugs and thick doormats; replace padded carpet with thinner, level-loop carpet to prevent tripping and facilitate wheelchair or walker navigation
- Widen doorways, remove doors, or install special hinges that allow doors to open wider
- Install a ceiling lift device that will allow independent movement around the home
- Install a stair lift or an in-home elevator
- Apply nonskid surfaces to garage floors, decks, stairs, and walkways
- Install handrails on both sides of stairs
- Replace standard exterior lights with motion-sensitive or photo-sensitive lights
- Construct an entrance/exit ramp
Many home modifications are simple and inexpensive, but if you need to remodel extensively or hire a contractor, you may need help paying for improvements. Fortunately, financial help is available from public and private agencies and charities. For example, states and communities may offer special financing or grant programs, and charities often organize repair or improvement projects. To find help available in your community, contact your local Area Agency on Aging through the nationwide Eldercare Locator at (800) 677-1116, or through their website, www.eldercare.gov.
Tax breaksIf you itemize deductions on your federal income tax return, you may be able to deduct home improvements that are primarily for medical care and prescribed by your doctor. However, you can deduct only the amount that is more than 7.5% of your adjusted gross income. For example, if your adjusted gross income is $70,000, then you would be able to deduct expenses that exceed $5,250. Expenses that generally qualify include the cost of installing ramps, lowering or modifying cabinets, and adding grab bars. If an improvement increases the value of your home, it may be only partially deductible. For more information and a list of deductible expenses, see IRS Publication 502, Medical and Dental Expenses.
Some employers are adopting "phased retirement" programs to help retain employees who might otherwise retire early, begin receiving their pension benefits, and then seek employment elsewhere, often with a competitor. Phased retirement usually refers to an arrangement that allows employees who've reached retirement age to begin receiving their pension benefit while continuing to work for the same employer with a reduced work schedule or workload.
Some states also offer tax breaks to their residents, including sales tax exemptions, deductions, or tax credits; local property tax credits or abatements may be available as well.
For more information on this topic, please contact us. At Bartlett & Co. we assist high net worth individuals and their families in defining and reaching their life goals.
For more information on this topic, please contact us. At Bartlett & Co, we assist high net worth individuals and their families in defining & reaching their life goals.