Tax, Healthcare and Asset Protection for Aging Clients

Author/Moderator: Ezra Huber, Esq.

Publisher: AICPA

Availability: In Stock

Description

Table of Contents

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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 credit.

See full description

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

Tax Practice

Text

Product# 732179

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