When most people move into a managed community, they accept the fact that they will need to pay a fee each month for the homeowners association to take care of things like lawn care, leaf removal, rule enforcement and pool maintenance. The preference for this type of living situation is evident in the prominence of managed properties popping up around Florida and the rest of the country. Equifax.com reports that the number of HOA communities has risen from just under 50,000 in 1980 to over 300,000 in 2010. These neighborhoods also account for 80 percent of all new construction in the United States. With the high likelihood that Florida residents will live in a managed community at some point in their lives, it is important for them to realize that neglecting to pay their monthly fees can lead to serious consequences.
When you have a good estate plan in place that accounts for potential long-term illnesses or extended stays in a nursing home, you tend not to worry if you have to visit the doctors down the road. You may experience less stress if you have to stay in a hospital or nursing home to receive care. That's because you've set aside money for this exact purpose and know that you're covered.