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Tax, Healthcare and Asset Protection for Aging Clients

Author/Moderator: Ezra Huber, Esq.
Publisher: AICPA
Availability: 07/15/2008
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Description

Tax practitioners, who have or expect to have senior clients, will acquire guidance in leveraging basic tax and financial knowledge into a wide range of custom, value-added services. This course offers ideal training on ready-to-use analytical tools and expert instruction to meet the needs of this unique client base.

Topics include an examination of various governmental programs for the elderly — including Medicare, Medicaid, and Social Security— and how each fits into an overall plan to protect clients’ assets against the high cost of a catastrophic illness. Strategies for transferring assets in order to protect them, as well as income, gift, estate and trust tax issues are also discussed.

Objectives:
  • Analyze tax and financial data to determine tax, financial and asset planning services needed by elderly clients
  • Deliver those services in a variety of specific situations

Prerequisite: None

Accepted for PFS and CFP® credit.

Table of Contents

  • Overview
    • Course Objectives
    • Introduction
    • Organization
    • Conclusion
  • Chapter 1 - Our Aging Population - Identifying the Client in Need of Planning
    • Learning Objectives
    • Introduction
    • The Client in Need of Planning
    • Conflict between Traditional and Modern Estate Planning
    • Question
  • Chapter 2 - Social Security and Veteran's Benefits
    • Learning Objectives
    • Introduction
    • Social Security Benefits
      • When Benefits Begin
      • Effect of Outside Earnings
    • The Receipt of Social Security Benefits Amounts
      • Receipt of Benefits
      • Death of a Beneficiary
      • Lump-Sum Death Benefit
      • Parental Benefits
      • Representative Payees
    • Veteran's Benefits
      • Eligibility
      • Benefits Available
    • Summary
    • Questions
  • Chapter 3 - Medicare Benefits
    • Learning Objectives
    • Introduction
    • Medicare, Parts A and B
      • Qualifying for Medicare
      • Medicare Enrollment
      • Hospital Benefits
      • Items Excluded from Medicare Coverage
    • Benefit Periods
      • Hospital Benefits
      • Nursing Home Benefits
      • Home Health Care Services
      • Hospice Care
      • Coverage out of the Country
      • Medicare Part B
      • Assignment
      • Medicare Part D
    • Questions
  • Chapter 4 - Medigap and Long-Term Care Insurance
    • Learning Objectives
    • Introduction
    • Long-Term Care (Nursing Home) Insurance
      • Need for Insurance
    • Features of Policies
      • Benefits Paid
      • Deductible/Waiting Period
      • Type of Coverage
      • Pre-existing Condition Limitations
      • Eligibility
      • Renewability
      • Coverage
    • Changes under the Deficit Reduction Act of 2005
    • Summary
    • Questions
  • Chapter 5 - Medicaid Benefits
    • Learning Objectives
    • Introduction
    • Coverage
    • Eligibility
      • Resource and Income Eligibility
      • Spend-Down vs. Income-Cap States
      • Single Individual Living at Home
      • Single Individual in Nursing Home
      • Eligibility of Husbands and Wives
      • Spouses Continuing to Live at Home Together
      • One Spouse Institutionalized - the "Snapshot" Approach
      • The "Income First" Rule under DRA
      • Unlimited Transfer Scenario
      • Divorce as an Option
    • Determining Availability of Property
      • Exempt Property
      • Home Equity Limited to $500,000
      • How Homestead Exemption is Determined
      • Non-Exempt Assets
      • Three Components
      • Annuities
      • Retirement Care Community Admission Contracts
    • Medicaid Liens
    • Residency Requirements
    • Summary
    • Case
    • Facts
  • Chapter 6 - Protecting Assets by Transferring Them
    • Learning Objectives
    • Introduction
    • Transferring Assets
      • 36 or 60 Months Is Called the Look-Back Period
      • The Rules under DRA
      • Transfer Rules Apply Only to Institutionalization
      • The "Rule of Halves"
      • Rule of Halves Does Not Work under DRA
      • Rounding Down of Partial Months of Ineligibility
      • Curing the Transfer of too Much Money or Property
      • Undue Hardship Regulations Governing Transfers
    • Transfer of Specific Assets
      • Real Estate
      • Life Insurance
      • IRA/Keogh
      • Special Rules for Spousal Transfers
      • Transfer Assets and Wait 36 Months (pre-DRA)
      • Transfer Assets and Wait 60 Months (post-DRA)
      • Right of Election Will
      • Transfer of Exempt Resources
    • Spending vs. Transferring
      • The $12,000 Annual Gift Tax Exclusion
      • Transfers with Retained Interests
      • Life Estate Changes under DRA
    • Rebutting the Presumption
    • Summary
    • Case
    • Facts
  • Chapter 7 - Using Trusts to Protect Assets
    • Learning Objectives
    • Introduction
    • Trusts
      • Trust Basics
      • Why Is a Trust Useful?
      • Benefits of Trust Safety
      • Revocable vs. Irrevocable Trusts
      • The 60-month Look-Back Period
      • Medicaid Qualifying Trusts
      • Trusts in Income-Cap States: Miller vs. Ibarra
      • Trigger Trusts and Shifting Interest Trusts
      • Planning the Beneficiaries of the Trust
    • Summary
    • Questions
  • Chapter 8 - Income Tax Issues Affecting the Elderly
    • Learning Objectives
    • Introduction
    • Who Must File, Generally
    • Filing in the Event of a Recently Deceased Spouse
    • Inclusion of Social Security
      • Computation
    • Medical Deductions
      • Medical Expenses of Decedents
    • What May Be Deducted
      • Household Help
      • Deduction of Capital Home Improvements
      • Deduction for Nursing Homes and Home Nursing Services
      • Special Rules under Kassebaum-Kennedy Health Insurance Portability Act of 1996
      • Deductibility of Long-Term Care (LTC) Insurance
    • Sale of Primary Residence
    • Sale of Life Estates
    • Purchase of Life Estates
    • IRA and Elder Law Tax Planning
    • Tax Benefits Available to Children Caring for Their Parents
      • Head of Household Status
      • Deductibility of a Parent's Medical Expenses
      • Dependent Care Credit
    • Question
  • Chapter 9 - Estate, Gift, and Trust Taxation
    • Learning Objectives
    • Introduction
    • Gift Tax, Generally
    • Unified Credit
    • Annual Gift Exclusion
      • Application of Lifetime and Annual Exclusions
      • Medical/Educational Exemption
    • Unlimited Marital Gift Deduction
      • Non-U.S. Citizen Spouse
      • Gift of Present Interest Required for Annual Exclusion
      • Complete vs. Incomplete Gifts
      • Irrevocable Trust
      • Anti-Freeze Rules
      • Powers of Appointment
      • Gifts as Income
      • Gifts from Trust
    • The Estate Tax and the Step-Up in Basis
      • Reserve Life Estate
      • Appreciated Securities
    • Summary
    • Questions
  • Chapter 10 - Estate Planning in Connection with Medical Planning
    • Learning Objectives
    • Introduction
    • Reciprocal Spousal Wills
      • Balancing Tax Factors with Medicaid Factors
      • Estate Planning in Perspective
      • Estate Planning for the Recipient of a Gift
      • Estate Planning and Other Family Members
    • Summary
    • Question
  • Chapter 11 - Powers of Attorney
    • Learning Objectives
    • Introduction
    • Powers of Attorney
      • Springing
      • Standard
      • Durable
      • Bank-Drafted
      • Gift-Giving
    • Living Wills and Health Care Proxies
      • Analysis
    • Question
  • Chapter 12 - Ethics Focus: Consulting Services
    • Ethics Overview
    • Spotlight on Independence
    • Key Ethical Dilemmas
    • Addressing Ethical Dilemmas
    • Available Resources
  • Chapter 13 - Latest Developments

Excerpts

Videocourse Details

NASBA Field of Study: Taxes
Level: Intermediate
Recommended CPE Credit: 9
Important Information on Your CPE Credit
Text
Product# 732179
Availability:07/15/2008
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