The matter of aging in the U.S. and the tax issues that come into play cannot be ignored. The Population Reference Bureau projects that the number of elderly—age 65 and older—will more than double by 2060 with many of these seniors being age 85 and older. This on-demand CPE Course provides you with an overview of recent tax developments and highlights planning tips and techniques to help you in your practice.
Publication Date: January 2021
Topics Covered
- Planning Ahead for Longevity
- Social Security Benefits
- Paying for Elder Care
- Medical and personal care costs related to aging
- Medicaid and Medicare
- Qualified Income Trusts
- Long-term care insurance
- Paying for long-term care and housing considerations for the elderly
- Cost of in-home care
- Long-term care facilities costs
- Other matters
- Life insurance
- Health Care Power of Attorney
- Durable Power of Attorney
- Revocable or irrevocable trust
Learning Objectives
- Identify and apply strategies for planning ahead for elder care
- Recognize the options for paying for long-term care
- Identify the tax-related matters to be included in a durable power of attorney
- Describe true statements about Social Security
- Identify which types of trusts are suitable for someone who needs nursing home care
- Differentiate qualified retirement plans which can create tax-free income for old age
- Recognize tax breaks for health savings accounts
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructors
Barbara Weltman
Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.
Sidney Kess
Sidney Kess, Esq., CPA, JD, LLM, Of Counsel, Kostelanetz & Fink, LLP, New York, NY is a nationally renowned tax expert and author/coauthor of hundreds of tax books on financial and estate planning. Having lectured to more than 50,000 practitioners on tax, financial, and estate planning, he is one of the nation’s best known lecturers in continuing professional education. Mr. Kess is consulting editor of CCH Incorporated’s Financial and Estate Planning Repoorter. Mr. Kess was chairman of the advisory board of Tax Hotline and is a member of the PPC Tax Action Panel. He has edited a column on “Tax Tips” for the New York Law Journal for the past 43 years. Mr. Kess edits the AICPA’s CPA Client Bulletin and CPA Client Tax Letter. He is Executive Editor of CPA Magazine. He has also written hundreds of AICPA tax workshops, audio and video programs, and is the recipient of the AICPA Distinguished Lecturer Award. Mr. Kess is often quoted in The Wall Street Journal, The New York Times, and other national publications. He was included in Accounting Today’s “100 Most Influential CPAs in the U.S.” for several years as well as CPA Magazine’s “Most Influential CPAs in the U.S.” Mr. Kess was the National Director of Tax at KPMG Main Hurdman and a tax partner at KPMG Peat Marwick. Mr. Kess is the recipient of the AICPA’s “Special Recognition Award” for his many years of contributions to the AICPA’s continuing professional education program, received the 2011 AICPA Gold Medal Award for Distinguished Service to the Accounting Profession, which is the highest award in the industry, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils for his distinguished service to the field of estate planning. The AICPA established the Sidney Kess Award for Excellence in Continuing Education to recognize individual CPAs who have made significant and outstanding contributions in tax and financial planning and whose public service exemplifies the CPA profession’s values and ethics. Sidney Kess was the first recipient of this Award. Mr. Kess was inducted into the New York State Society of CPAs’ Hall of Fame. He received his JD from Harvard University School of Law, LLM from New York University Graduate School of Law, and BBA from Baruch College.