Elder, special needs & chronic illness planning

TOPICS / PERSONAL FINANCIAL PLANNING

January 1, 2017

Student loans: What you need to know before signing

Proper planning can minimize the risks these loans and their repayment options pose to personal finances.

August 1, 2016

Understand senior housing options

Today senior citizens can choose from a variety of living arrangements.

July 25, 2016

The elder planning documents your clients must have

It’s vital that your clients have certain documents in place to protect themselves and their assets in the event of their physical or mental incapacity.

July 25, 2016

What to know before you take out a student loan

Student loan arrangements can have unforeseen, long-lasting implications for a family’s financial future.

June 27, 2016

Afraid to bring up elder planning with your aging clients?

When clients wait too long to plan, they can find themselves scrambling to pay unexpected bills.

May 31, 2016

6 tips for paying off your student loan debts

Students can practice smart financial management habits that help ensure they’re able to pay off their loans.

March 21, 2016

3 steps clients with kids in college need to take

It’s important clients have a plan in place in the unlikely event that they will need to make medical or financial decisions on behalf of their college-student children.

March 14, 2016

Questions CPAs should ask before having kids

In a demanding field like accounting, it helps to consider what effect having a child will have on your job.

November 13, 2015

More than one-third of students plan to live at home after graduation to pay off loans

In a recent survey, students said their college loan debts will cause them to delay such life goals as moving out of their parents’ home, buying a house, having kids, and getting married.

October 12, 2015

Don’t let clients overlook these key estate planning issues

This column can help clients visualize the consequences of not having an up-to-date plan.

September 28, 2015

Don’t let health care costs catch your clients off guard

If patients don’t fully understand the cost of their treatments, or if they assume their insurance plan will take care of them, they can be hit with expensive surprises.

September 10, 2015

College students think they manage money well, but they don’t, survey finds

Students may be overconfident about their ability to manage money, a new AICPA survey has found.

June 25, 2015

51% of Americans are putting off major life events for financial reasons

More than half of the 1,010 U.S. adults surveyed said they had put off important life goals such as buying a home, retiring, or pursuing higher education.

June 23, 2015

Emotional harm of elder financial abuse outweighs its financial damage

More than one-third (37%) of CPA financial planners said that elder financial abuse caused “substantial” emotional harm to clients, according to the new AICPA PFP Trends Survey.

April 29, 2015

68% of Americans are unhappy with the way they financed college

More than one-third of Millennials wish they had delayed going to school in order to save more money first.

June 1, 2014

Considerations when working with an aging client base

CPAs should be cognizant of the professional liability risks that may exist when working with aging clients.

December 1, 2013

How to help clients make the right Social Security election

As the wave of Baby Boomer retirements continues, it is more important than ever for CPAs to understand how to help clients be in the best position to maximize Social Security benefits. Mastering the intricacies of the rules is no easy task, especially for accountants who don’t concentrate full time

March 1, 2012

Daily money management

As Americans enter old age in rapidly increasing numbers, more accountants will run into situations like the one a Virginia CPA encountered last year. The CPA spent five hours rummaging through the home of a 94-year-old client, trying to find the paperwork needed to complete the man’s 2010 tax return.

July 6, 2011

Tax Court Allows Deduction for Payment to Long-Term Caregivers

The Tax Court held that payments made to an elderly woman’s caregivers for personal care that she required due to her diminished capacity qualified as long-term-care services and were therefore deductible under IRC § 213(d)(1)(C) (Estate of Baral, 137 TC no. 1 (2011)). Lillian Baral was diagnosed by her physician

January 1, 2010

CPAs in an Aging Society: When Alzheimer’s Disease Affects a Client

Jack is agitated. He has been a client for 10 years, and is now 80 years old. He lost his wife of 40 years a year ago. At your last meeting six months ago, Jack was engaged and paid close attention. Today, he is easily distracted. While he has