Investing in the Farms at Bailey Station
Good day! My name is Paul Monaco and my purpose is to inform you why my wife, Desley, and I have invested our future in The Farms at Bailey Station. We made our first deposit in March of 2013 and have been living in one of the garden homes since December of 2017.
Our decision was based on a number of factors, the most important being, the people involved in the concept and administration of this lifecare community. They have all proven to be top notch, honorable people. Also, our neighbors and other future residents are interesting and accomplished individuals who have worked in various areas, including industry, banking, finance, legal, military, government, education, medical, transportation, construction, and the clergy. No matter how great the facilities, the most important aspect of life is the personal relationships.
The second factor was the history of success of the founders at Kirby Pines, the award-winning retirement community in the area for many, many years. The same people at The Farms.
The third factor was the location. Churches, town administration, library, shopping – both retail and grocery, banks, restaurants, medical facilities are all minutes away. Also, of note, was/is how many “locals” are now or are future residents. That speaks volumes!
Fourth is the non-ownership aspect. Having possessions at this point in life is a liability more than an asset. The “no responsibility” feature for maintenance and repairs is the lifting of an onus. Just think, yard care and housekeeping services (that are scheduled every two weeks) are included in the monthly service fee. If you experience a problem or have a need, just call management and presto, the solution is at hand. Oh yes, your children will not want your possessions either (except for cash and maybe jewelry).
If you are the initial occupant of a garden home or apartment, you get to design the place. A really nice feature.
Income tax and sales tax considerations. The year that you pay the entrance fee, you can add to your medical expenses an amount in excess of 30% of the entrance fee. This ability along with other tax planning strategies can be significant benefit. Since the farms is a not for profit organization, no sales tax is paid on construction items or appliances and this can be viewed as a savings or to increase your budget.
Medical facilities. The medical campus located “across the street”, once constructed, will provide health care, assisted living, and memory support that is touted as “the finest anywhere”.
Peace of mind. Once you have completed your financial requirement and are medically approved, you have life time care. Management will not turn you out. You do not have to depend on your children or the government, and your children do not have to worry that you will be a burden to them.
We are here until the Lord comes to call!
I hope these thoughts have given you some insight to how we made our decision and help you in your considerations.
Come join us at the Farms. The people and facilities are great!
Your decision to invest in the Farms is not irrevocable, as there is an exit strategy if your circumstances should change.
Good luck in your deliberations!
– Paul and Desley Monaco
Click here to see photos of the Monaco’s completed custom-made garden home.