CPA ELDERCARE SERVICES
Here are some of the ways CPA ElderCare Services can help you make the best choices so you or someone you love can get the most out of life:
RETIREMENT ISSUES
- Pre-retirement planning
- IRA Minimum Distribution planning
- Verify third party calculations, such as pension payouts, annuity payouts, life insurance payouts
- Social Security/Medicare benefits
- Arranging retirement account distributions
- Naming beneficiaries
- Tax planning for retirement distributions
- Post-retirement planning
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TAX ISSUES
- Federal income tax planning
- State income tax planning
- State residency planning
- Deductibility of medical expenses
- Income tax preparation
- Selling the family business
- Estate and Trust income tax preparation
- Gift tax return preparation
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ESTATE PLANNING ISSUES
- Minimizing your family's tax burden
- Planning the transfer of assets and making the most of your bequests
- Developing a gifting strategy to meet your financial and personal objectives
- Ensuring that legal documents, such as financial and healthcare powers of attorney and wills are in place
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STRUCTURING AND FUNDING TRUSTS
- Understanding tax considerations
- Arranging charitable giving
- Developing asset preservation strategies
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EVALUATION OF HEALTHCARE FINANCING OPTIONS
- Medicare and Medicaid
- Long-term care insurance
- Medigap insurance
- Annuities
- Viatical insurance settlements
- Reverse mortgages
- Cash surrender value of life insurance
- Alternative costs of retirement communities and other housing options
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ANALYZING AND MONITORING INCOME AND EXPENSES
- Budgeting
- Cash flow planning
- Report to client and family on monthly financial activities, including complete accounting for all financial transactions
- Bill paying
- Monthly bank statements reconciliation
- Ensure expected revenues are received
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LIFESTYLE CONSIDERATIONS
- Buying or selling a home or other property
- Minimizing estate and income tax ramifications of real estate choices
- Determining the assets you need to maintain your lifestyle
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PICKING UP THE FINANCIAL PIECES AFTER A SPOUSE'S DEATH
Tracking down financial data can be overwhelming, particularly while confronted with the emotional trauma of dealing with a loved one's death. Even when death is anticipated, few survivors are prepared for the extent of the paperwork, procedures, and decision making that follows.
We assist surviving spouses and their families in locating and analyzing important financial and legal documents by working with the myriad of paperwork, collecting and sorting data, changing titles, addressing insurance issues, and determining what funds are available.
We further assist surviving spouses by:
- Locating insurance policies and applying for applicable benefits.
- Determining the existence of and extent of retirement funds available.
- Changing IRA and Life insurance beneficiaries.
- Locating and analyzing paperwork from former employers detailing a deceased's corporate benefits, such as company stock options, 401(K) plans, etc.
- Alleviating the survivors' needless anxiety about their own long term care.
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