Elder Planning and Life Transitions after Retirement
CPA planners are in the business of helping clients address life transitions, whether it is joining the workforce, starting a business, starting a family, planning for college, or making the decision on when to retire. These transitions do not stop at retirement. Elder planning sometimes conjures images of complicated health and housing issues that CPAs are not as equipped to address. But if we break them down into the different types of transitions and decisions, it becomes clear that the skills and knowledge brought by the CPA planner complement other professionals to best serve their clients.
The AICPA Personal Financial Planning Division assembled both CPA and non-CPA thought leaders to provide resources throughout 2016 on these transitions after retirement to help our members better address these needs with their clients.
In The Adviser's Guide to Retirement and Elder Planning: Life Transitions, author Jim Sullivan tackles the difficult topic of elder planning. The author’s focus is squarely on the client and their family as he guides the advisor through the topics that need to be discussed and helps them to understand the client’s point of view.
Look for the 1st edition of this helpful guide to be released in August.
Coming soon - PFP/PFS members: You will have access to view and download the full guide as a member benefit.
Coming soon - Not a PFP/PFS member yet? You will be able to open a complimentary excerpt.
Practice Management and Client Relationships
- 6 Planning Ideas for CPAs Who Have Aging Clients (Martin Finn, Ted Sarenski, Martin Shenkman)
- What It Means to Be There For Your Clients as They Age (AICPA Insights, Martin Shenkman)
- How to Work With a Grieving Client (Journal of Accountancy, Gina Chironis)
- Afraid to Bring Up Elder Planning with Your Aging Clients? (Journal of Accountancy, Cynthia Kula, Doug Duerr, Reina Schlager)
- Make Your Practice Senior-Friendly (Journal of Accountancy, Gina Chironis, Ted Sarenski)
- Elder Planning: Life’s Transitions After Retirement (AICPA Insights, Lyle Benson)
Elder Fraud and Financial Abuse
- Elder Financial Abuse – How CPAs can Help, Part 1, Part 2, Part 3 (Martin Shenkman, Jim Sullivan, Randal Wolverton)
- Are You Helping Protect Your Older Clients from Financial Scams (AICPA Insights)
Six part series on Planning for Aging Clients (Martin Shenkman - Courtesy of CCH)
- Part 1: The New Aging Client
- Part 2: Later Life Planning
- Part 3: Practice Management Changes to Deal with Aging Clients
- Part 4: Redefining Retirement Planning for the New Aging Client
- Part 5: Care Managers as the New Member of the Planning Team
- Part 6: Powers of Attorney, Health Care Proxies, and Living Wills
General Financial Planning Topics
- Planning for Early Retirement Due to Health Challenges (Martin Shenkman)
- The Elder Planning Documents Your Clients Must Have (Journal of Accountancy, Dirk Edwards, Sid Kess)
- Understanding Senior Housing Options (Journal of Accountancy, Tom Trainor, Scott Pelfrey, Brad Breeding)
- Continuing Care Retirement Communities: Helping Clients Choose (AICPA Insights, Brad Breeding)
- Podcast Series: Protecting Clients from Financial Fraud and Abuse (Martin Shenkman, James Sullivan, Randal Wolverton)
- Practical Planning for Aging and Elder Issues (Jim Shambo, Jean-Luc Bourdon, Dirk Edwards)
- Practical Planning for Social Security and Healthcare in Retirement (Ted Sarenski, Jim Shambo)
- Later Life Planning: New Services to Offer Aging Clients (Martin Shenkman)
- Aging and Incapacity: CPAs Role in Advising Aging Clients (Martin Shenkman)
- Audio Clip: Taxpayer Memory Loss Excuses Rollover Failure
- Why Clients Should Start Elder Planning Early (Lyle Benson)
- Financial Planning for Clients with Chronic Disease (Martin Shenkman)
- Income Tax Planning for Clients with Chronic Disease (Martin Shenkman)
- Estate and Financial Planning for Alzheimer’s Disease (Martin Shenkman)
- Planning for Clients Living with Asperger’s Syndrome (Martin Shenkman)
- Read A Guide to Financial Decisions: Implementing an End-of-Life Guide (for the consumer)
- View helpful Elder Planning related websites
We give special thanks to the CPA planners that have contributed their expertise to the panel discussion on addressing life transitions after retirement; providing valuable insights and creating resulting deliverables throughout the year: Lyle Benson, CPA/PFS, Clark Blackman II, CPA/PFS, Brad Breeding, Jean-Luc Bourdon, CPA/PFS, Gina Chironis, CPA/PFS, Dirk Edwards, CPA/PFS, Elizabeth Forspan, Esq., Sid Kess, CPA, Vicky Kind, Steven Melnik, Carolyn McClanahan, MD, CFP, Scott Pelfrey, CPA/PFS, Ted Sarenski, CPA/PFS, Jim Shambo, CPA/PFS, Scott Sprinkle, CPA/PFS, Tom Trainor, CPA, and Mike Velazquez, CPA/PFS