Financial Planning for Senior Clients

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This easy-to-understand guide addresses the myriad of issues that must be considered when advising older clients.

This book not only examines financial, tax, insurance, and estate planning considerations, it also provides guidance on healthcare choices including Medicare and Medicaid and housing options, such as assisted living and long term care. The guide also addresses issues related to employment, such as the timing of retirement, when to claim social security benefits, and tax issues around IRAs and 401ks. Also covered are the latest laws, such as the required minimum distribution changes and other effects of the Secure Act and the CARES Act.

Case studies provide examples of the issues that retirees and their families face and how and financial planner can address them. Includes a template of questions to ask when discussion a financial plan with a senior client.

This updated look at the Senior Client includes:

Issues related to COVID 19, such as:

  • the advantages and disadvantages of nursing home care or home health care,
    • how senior living communities will need to change, such as increasing the use of outdoor space and designing ways to isolate seniors,
    • the reuse of hotels closed because of COVID as senior communities,
    • nursing home COVID reporting requirements,
    • increased used of Silvertech (electronic and computerized devices that help seniors stay healthier and more connected) during the pandemic,
    • changes to FMLA leave under the Families First Coronavirus Response Act,
    • how isolation of seniors because of COVID has made it more difficult to identify elder abuse,
    • financial exploitation of seniors during COVID, and
    • the effect of the increased rate of seniors retiring as a result of COVID.
  • Discussion of the Secure Act, including the new required minimum distribution (RMD) amounts, the higher age limits when RMDs must be taken, as well as requirement when beneficiaries are required to withdraw funds from inherited IRAs.
  • Issues related to the CARES Act, including the suspension of foreclosures and extension of the Family Medical and Leave Act and new rules allowing increased withdrawls from a 401k without a premature distribution penalty.
  • Analysis of the issues related to Long Term Care Insurance (LTCI), which covers nursing, social and rehabilitation services and hybrid LTCI.
  • Estate planning for digital assets, including cryptocurrency and non-fungible tokens.
Additional Information
SKU 6420000B
Publication Date May 13, 2022
ISBN 978-1-954096-41-7
Page Count 402
Author Dana Shilling
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Dana Schilling