Eldercare Tax & Financial Planning (New)

As baby boomers reach their retirement years, and as senior citizens live longer and more active lives due to lifestyle changes and improvements in health care, eldercare planning becomes more relevant and important. Estate planners must confront issues raised by their clients, such as when they can afford to retire, when they should claim their social security benefits, what medical assistance programs they are eligible for, and how they should address estate planning.

This course discusses issues that concern an aging population, including what people should to with their homes and the need for well-thought-out estate plans. The course examines the complexity of the social security system, particularly as it relates to the various choices people have in taking their available benefits. Medicare and Medicaid are reviewed, analyzing what is and is not covered, and how planning can increase the chances of securing the programs’ benefits. Retirement planning issues are explored, focusing on the financial considerations of what must be saved for retirement, the array of alternative plans that are available, and the issues of when and how distributions may or must be taken from plans and taxed.

LEARNING OBJECTIVES:
Upon successful completion of this course, participants will be able to:

• Evaluate a number of estate planning alternatives that address a variety of personal and financial circumstances and recommend the best plan for their clients, including a series of alternatives for handling the equity in their clients' personal residences.
• Explain the tax consequences of an estate plan, taking into account the exemptions provided by law and the choices that can be made to minimize the tax consequences of death.
• Appreciate the complexities of the social security system and gain an understanding of planning techniques for maximizing the enjoyment of benefits.
• Address what the Medicare system does and does not cover and how planning can make a difference in what clients can receive.
• Describe the Medicaid system and how qualification is attained, as well as gain an appreciation of the various planning techniques that can be used to transfer assets to become Medicaid eligible.
• Assist clients in understanding how to address their retirement savings needs, and consider a number of methods for withdrawing funds from a retirement plan without being assessed a penalty.
• Advise clients as to what must be done with their retirement plans upon attaining the age of 70½, and the best ways to minimize tax consequences when leaving retirement plan benefits to heirs.