How Can I Create Low-Cost Senior Housing?
Photo by Alhidayah Kadar Regency on Unsplash
Question:
I would like to find a way to put some low-cost housing for other seniors getting priced out of their homes on land I own in Florida. How can I do this without getting taxed to death?
Response:
That’s definitely an admirable and necessary goal. You can avoid taxes, and even benefit from a tax deduction, by creating your own nonprofit organization to manage the project. By recruiting other board members you can garner their support and expertise and create a structure to continue managing the development in the future.
But before you take that step, I’d recommend looking around to see if there are land trusts or senior housing organizations in your area with which you might be able to work. They may already have the expertise and experience to help make your dream a reality. They should also be able to assist with ongoing management of the project.
A lawyer who works with nonprofit organizations and foundations could advise you on this.
Related Articles
Don’t know how your trust works?
Whether you’re creating a plan, managing a trust, or are a beneficiary of a trust, this book is your easy-to-read roadmap.
