Bay Village is the one Life Plan Community (also known as a Continuing Care Retirement Community) in Sarasota County. It is a favorite among seniors nationwide and highly sought after. Learn why seniors love life at Bay Village, how they fund their Entry Fee as they transition to this beautiful community, and download a helpful Funding Guide.
Bay Village Sarasota Review
At Second Act Financial Services, we specialize in helping seniors fund their Entry Fees through convenient bridge financing which we discuss more in detail below. Working with thousands of retirement communities across the USA our clients often tell us which communities they love. Bay Village in Sarasota, Florida, is one such community!
Seniors from all across the USA make the move to Bay Village because it is a life and retirement destination right by beautiful waters, beaches, and no shortage of recreational opportunities from shopping, dining and the arts!
As seniors prepare to make the move one question we hear all the time is “But how do I fund my Entry Fee?” In today’s blog we review Bay Village of Sarasota and how to balance moving out of your home, selling your home, and funding your Entry Fee all at the same time!
A History of Service and Faith
Bay Village was founded in 1975 by Dr. Arnold Poole, a local Pastor at Pine Shores Presbyterian Church and highly respected by his community. Dr. Poole observed at the time that many seniors were leaving Sarasota for other retirement destinations. Recognizing the need to create a community that served older adults in Sarasota so they would not have to leave, he set about creating Bay Village. Bay Village has a core principle of caring for one another with Christian values welcoming all faiths.
An Award Winning Community
More than 400 seniors live and enjoy life in Bay Village. The community is the recipient of numerous awards including:
- Senior Housing News’ Architecture and Design Awards
- Newsweek Best Continuing Care Retirement Communities,
- Honorable Mention in the Environments for Aging competition.
It is a spectacular campus with endless opportunities for meaningful, vibrant, engagement and quality of life. It certainly beats living at home alone!
Bay Village Retirement Community stands out as a premier destination for seniors in Sarasota, Florida. With its rich sense of community, extensive amenities, engaging activities, and comprehensive care options, it’s no wonder that many choose to call this vibrant community home. If you or a loved one are considering retirement living, Bay Village offers the perfect blend of support, connection, and enjoyment in a beautiful Florida setting. Seniors tell us adventures await you at Bay Village in Sarasota!
A Well-Rounded Lifestyle with Meaning
A meaningful, active and engaging life should continue in retirement and at Bay Village, your fellow residents and the community staff strive to create a sense of belonging. From countless social groups spanning just about every interest, to wellness and outdoor life inviting you to walk, think, and relax along natural trails and strolls around the community’s lake, to your own personal garden beds, the physical surroundings of Bay Village are truly second to none.
Couple the physical beauty with the life-long learning opportunities made possible in the community, and you have a community that serves the body, mind and spirit. The Bay Village Institute of Life Long Learning (BILL) hosts studies centered around The Great Courses. From the history of England, Scotland or Wales to the History of Music and everything book in-between, how much you want to learn is up to you!
Faith and Support
Bay Village also has a full-time chaplain to provide spiritual guidance. The community embraces all faiths and expressions. Religious commitment is not a requirement of residence and interactions between you and your peers focus on what is important to you. At Bay Village, seniors tell us the energy of being surrounded by your peers creates an environment for constant action and truly meaningful stimulation.
Costs of Bay Village in Sarasota
According to Bay Village its costs are as follows for 2024:
- Two Bedroom Apartments: $164,100 to $480,700 with applicable monthly fee 2024
- One Bedroom Apartments: $110,000 to $287,000 with applicable monthly fee 2024
- Studio Apartments: $49,900 to $86,400 with applicable monthly fee 2024
- Above Entrance Fees based on Single Occupant. Second Occupant Fee $18,000 and Second Occupant Monthly Fee $738
Fees will vary depending on location. Contact the community directly for most recent pricing options.
A Life Plan Community with complete Life Care Options
As a Florida Life Plan Community, Bay Village offers Life Care. Life Care is the opportunity to contract and lock in your future health or long-term care costs. To enter the community you usually pay an “Entry Fee” which is the purchase of one of the Life Care options available. In certain cases, some or all of that Entry Fee may be refundable to your estate.
As a Life Plan Community, Bay Village also offers assisted living, memory care, skilled nursing care, rehabilitative care and home care should you need a little assistance as you age. Your Life Care contract may have locked in a lot of these costs.
In a previous blog article we discussed the ins and outs of Life Care, Life Plan Community Entry Fees, and the contract options Life Plan communities provide. Be sure to click on over and learn more.
Meaning through Volunteering
Over 200 residents volunteer to a variety of causes where they can put to use much of their knowledge and wisdom gained from a lifetime’s worth of experiences. Just some of the volunteer opportunities include volunteering at:
- Bay Village
- Sarasota Memorial Hospital
- Resurrection House
- Wilkinson Elementary
- Food Bank
- MOTE Aquarium
- And more! All you have to do is ask to explore the possibilities of sharing your energy and knowledge!
Healthcare Services and the Peace of Mind of Life Care.
As a community regulated by the Florida Office of Insurance Regulation, or Floir for short, Bay Village offers Life Care. As discussed earlier, Life Care is a promise by the community to care for your needs as you age, with predictable contract options upon entry.
A seminal aspect of CCRCs is the “Life Care” contract which provides you with the opportunity to lock in future healthcare needs at today’s costs. This can bring predictability and peace of mind to your financial and health planning. As you age, if you are in need of assistance, there is often on the same campus the option of Assisted Living, Memory Care or Skilled Nursing Care, making it attractive especially for couples living together.
In a separate blog article we covered the different types of Life Care Contracts available to seniors moving to these communities. Now that you have learned why seniors love Bay Village in Sarasota Florida, how exactly do you fund your Entry Fee to this wonderful community?
Download our free Guide here to learn about contract types offered by CCRCs and how seniors pay for their Entry Fee at Bay Village in Sarasota Florida and similar communities. Be sure to share this Guide with your family or professional financial advisors because they too will find it helpful!
Six Ways Seniors Fund their Entry Fees at Bay Village in Sarasota Florida and other similar retirement communities.
1. Sale of Your Home:
Many seniors use the proceeds from the sale of their home as their “Entry” to Bay Village. This strategy is very common, if not the most common way, seniors fund their Entry Fee to Bay Village and other similar communities across the nation. But preparing the home for sale takes time.
Second Act Financial Services can connect you with the right real estate professionals who understand senior move management and can help coordinate the details for you at no charge. Whether you utilize the free assistance that can be provided by Second Act Financial Services or your own local realtor, be sure to follow these key points: Always use experienced and reputable real estate agents. Call 888.999.7372 for immediate and prioritized assistance in selling your home!
2. Bridge Financing:
Most seniors usually sell their home and use the cash proceeds from their home sale to pay for their Entry Fee. For those seniors who would like to move into a CCRC first and enjoy the benefit of time to prepare, list and sell their home, a Home Equity Line of Credit for Senior Living such as the one offered by Second Act can act as a bridge loan for your CCRC entry fee. It is easier to clean, prepare, stage, list, and sell your home for the best price if you are not living in it.
How Second Act Bridge Loan Financing for Works:
– Apply for an overall line of credit amount.
– Draw what you need to fund your community’s Entrance Fee and monthly service fees.
– Make much smaller, interest-only payments on your outstanding balance.
– Enables you to enjoy the benefit of time so you can prepare and sell your home for the highest and best price.
– Pay back your line of credit when you have sold your home.
Seniors find it helpful to know that bridge financing is an often-used financial tool to help you move now while giving you the benefit of time to sell your home for the highest and best possible price. Call 888.999.7372 to see if bridge financing by Second Act could be of help to you and to receive special, prioritized service.
3. Withdraws from Your Retirement Accounts:
There are many different types of retirement accounts, such as traditional IRAs, Roth IRAs, 401ks, and more. You may own more than one type of retirement account. When considering a withdrawal from a retirement account we strongly recommend a review of your options with a tax accountant and financial advisor before making any decisions. Large withdrawals from most IRAs (with the exception of Roth) will typically trigger a large income tax bill — potentially at a higher tax rate, and may also trigger a Medicare surcharge.
The first step in determining your options for potential withdrawals is to understand which types of accounts you have. Be sure to visit www.secondact.com/LifePlan to learn about all the various types of retirement accounts, along with the most recent limits and details. While the page is not tax or financial advice, it can give you a good baseline for a conversation with professionals who specialize in tax and retirement account management.
4. “Margin Loans” – A Loan based on the value of your securities
If you have a sizeable investment account with a large brokerage firm, you may be able to obtain cash quickly by borrowing against their value. How much you can borrow depends on the firm. In some cases, you may be able to borrow up to 70% or more of the value of the underlying securities you post as collateral, depending on the size of the account. Sometimes referred to as a “portfolio loan” or a “securities-backed line-of-credit,” many investment and brokerage houses offer this kind of loan. We discuss this option in our Funding Guide which you can download from this blog.
5. Sale of Your Securities:
Selling securities is also an often utilized approach to funding your Entry Fee. But be mindful because large and unintended tax consequences are not only triggered by withdrawals from retirement accounts, but potentially from other investments you hold, such as stocks, mutual funds, and ETFs which you decide you want to sell. The amount of time you’ve held the shares, which shares you choose to sell, whether there is a gain or loss, and timing of the sale can all make a big difference in the potential tax due. As of September 2024 the short-term capital gains tax is your ordinary income tax rate which ranges from 0% to 37%. And the long-term capital gains tax rate ranges between 0% – 20% again depending on your Adjusted Gross Income for the year.
6. Sale or Borrow from Your Life Insurance:
Life insurance is often purchased during the income-earning years so if the unexpected happens the survivors have adequate cash on hand to replace lost income and cover debt burdens. But as circumstances evolve, you may no longer have as much of a need for coverage. If you find this to be the case, then your life insurance policy may be an asset you can tap into or even sell for cash. The possible options include:
Life Settlement
The most common life settlement solution is an all-cash lump-sum payment to the policy owner where the purchaser takes over all future premium obligations and becomes the beneficiary
Exchange to an Annuity
You may be able to do a tax-free 1035 exchange of your life insurance policy into an annuity, which can then be used to provide a guaranteed income stream for a period or for life. This may not necessarily help pay the entry fee directly, but it may help replace income that otherwise would have come from other assets you choose to sell.
Long-Term Care Benefit
Many life insurance policies include a rider for long-term care insurance. Yet, there are other types of hybrid policies available that still provide life insurance but also include substantially more coverage for long-term care. You may have the option to convert your life insurance policy to a hybrid policy if it makes sense for your unique situation and financial plans.
Retained Benefit
You may also decide to keep a portion of your coverage intact with no future premium obligations. If you have a life insurance policy in the amount of $100,000 or greater and want to explore your options, call the Second Act Financial Services number below for prioritized service.
Call 888.999.7372 to be connected to a life insurance sale options for your consideration with prioritized care and service.
Conclusion:
Bay Village truly does have it all. From an award-winning campus, a culture of faith and dedication to care and service, a bustling number of residents actively focused on meaningful daily lives, along with the care you may need down the road available on the same campus, retirement and peace of mind are truly possible at Bay Village in Sarasota.
Important Disclaimer
The information in this page is not meant to serve as financial, tax, or personal financial planning advice. No decisions should be made from reading the information on this page. Decisions should be made after careful analysis and consultation with your financial, tax, accounting, or other professional advisor licensed to provide retirement advice. Second Act is a Division of Liberty Savings Bank, F.S.B. Member FDIC. Lending and loan services provided by Liberty Savings Bank, F.S.B. NMLS # 408905. Equal Housing Lender. All other services provided by Second Act Financial Services, LLC. This information is current as of 1/01/2024. Subject to credit and loan approval. Conditions and limitations apply. Information, rates and terms are subject to change without notice. © 2024 Second Act Financial Services, LLC. All Rights Reserved.
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