Taxation & Estate Planning

In NJ Continuing Care Retiremetn Communities must have a Resident on Board

By Deirdre R. Wheatley-Liss, Esq.

Under newly enacted S-425/A-3989, New Jersey's 27 Continuing Care Retirement Communities (CCRC) must now have at least one resident of the CCRC on their governing board. In addition the CCRC is required to discuss certain items, including the financial condition of the CCRC, with the governing body, as well as with the residents themselves at least quarterly.

A CCRC offers independent, assisted living and nursing care to its residents as needed. They promise appropriate care for life in return for the investment the residents make in the community.

Given the very large financial investment people make in a CCRC - usually several hundreds of thousands of dollars at the outset and thousands more monthly, this new law will allow will allow the residents to keep a better eye on their investment.

Full post as published by New Jersey Estate & Elder Planning Blog on November 05, 2007 (boomark / email).