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ENGAGE 2020


EPL2005 - What CPAs Must Know about Planning and Legal Documents Aging Clients Need


Jun 8, 2020 3:00pm ‐ Jun 8, 2020 4:15pm

Description

Our client base is aging and practitioners need to be alert to how planning must evolve to protect and better serve aging clients. There are an array of new services to offer aging clients, many of them vital to the client's financial security. Some of these are value add services that can be profitable for CPAs as well. A key to planning for aging clients is to assure that there are multiple checks and balances. This can include having a revocable trust that has co-trustees and a trust protector. The trust agreement can mandate that specified reports prepared by an independent CPA be prepared and sent to the client, the trustees and the protector. Although practitioners do not draft these documents, understanding the planning is essential as many clients do not have the optimal planning in place for aging. Coordinating the many people clients name to handle financial matters from trustees under the revocable trust, agents under a power of attorney, notification persons for insurance policies, a designated representative for Social Security and more is important but rarely done. Bill paying and other services are also important for clients and entail more than mere bookkeeping functions.

Learning Objectives:
  • Inform practitioners of unique issues affecting aging clients.
  • Explain the role CPAs can play in assuring clients have their attorneys create the correct plan for aging clients.
  • Explain the myriad of financial and legal documents that need to be considered in planning for aging clients and specific tasks that CPAs can provide.

Speaker(s):

Tags: EPL
Category: Concurrent Session (Onsite and Online)

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