With the Baby Boom generation entering retirement in record numbers, advisors are getting more questions about Social Security and Medicare. The pandemic has forced more people to apply for and collect social security benefits earlier than they may have planned.
Political proposals suggest possibly major tax increases on high income earners to support these Programs. Understanding the complex rules and requirements and eligibility issues of these Programs is important when you must answer questions from your clients or their aging parents. Learn the essentials of each Program, when benefits are available, spousal eligibility, divorced spousal eligibility, and more. Examine how these benefits are taxed and which strategies one should employ to maximize benefits and avoid surprising and costly penalties.
Publication Date: August 2023
Topics Covered
- 2023 Rules and COLA Adjustments
- Complex rules and requirements and eligibility issues
- When benefits are available
- Spousal eligibility
- Divorced spousal eligibility
- Examine how these benefits are taxed
- Which strategies one should employ to maximize benefits
- What Medicare does and does not cover
- Avoid surprising and costly Medicare penalties
Learning Objectives
- Identify the complexities of the social security system
- Identify planning techniques for maximizing the timing and enjoyment of benefits
- Recognize how to address crucial timing decisions for Medicare application and eligibility
- Identify what the Medicare system does and does not cover
- Identify how planning can make a difference in what persons may receive
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Specialized Knowledge and Applications (2 hours)
Program Prerequisites
Basic understanding of social security and medicare.
Advance Preparation
None
Instructor
Steven G. Siegel
Steve Siegel is president of The Siegel Group, a Morristown, New Jersey-based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. He holds a B.S. from Georgetown University, a J.D. from Harvard Law School, and an LL.M. in Taxation from New York University.
Mr. Siegel is the author of several books, including the Grantor Trust Answer Book published by Wolters Kluwer, and is a nationally-recognized writer and speaker who has lectured extensively throughout the United States on tax, business and estate planning topics. Mr. Siegel has served as an adjunct professor of law at the University of Alabama Law School Graduate Tax Program and at Seton Hall and Rutgers University law schools.