Description
Learn about tax issues for seniors and the interrelationship between estate and tax planning so that you may better advise your clients.Many tax topics and issues are not unique to senior clients yet impact them significantly. Other tax topics and issues truly are unique to senior clients. This topic will address many different topics with the goal of making you better versed on a broad range of topics many of which are often either not frequently addressed or are frequently missed.
Date: 2020-10-27 Start Time: End Time:
Learning Objectives
COVID-19 and the End of 2020 – Selected Topics and Updates
• Exact Topics to Be Selected Based on Current Circumstances
Practical IRS Issues for Seniors
• Use of Form 56
• Obtaining Information From the IRS
• Tax Procedure and Scam Challenges
• Where Is Your Client’s Tax Refund?
• Should Your Client File a Tax Return?
Offshore Financial Accounts
• It Is Not Uncommon for a Senior Client to Have Undisclosed Offshore Financial Accounts – Learn What You Should Ask the Client
• Learn Some of the, Sometimes Surprising, Basic Reporting Requirements
• Understand Some of the Challenges Caused by Non-Reporting
Interrelationship Between Estate and Tax Planning and Medicaid/Government Benefits Planning
• Review Why Certain Tax and Estate Planning Can Interfere With Medicaid/Government Benefits Planning
Surrendering – Tax Implications of:
• Surrendering an Annuity
• Surrendering Life Insurance
• Surrendering U.S. Savings Bonds
Miscellaneous Income Tax Issues
• Senior and Disabled Persons Special Tax Provisions
• Income Tax Returns of Sick or Disabled Persons
• Alternative Medical Treatment
• Sale of a Home
Don’t Forget Other State’s Tax Issues
• Selected Income Tax (and Estate and Gift Tax) Traps
RMD and Charity
SECURE Act Tips and Traps
Immediate Pre-Mortem Tax Planning
Basis – the Old and New Elephant in the Room
• A Review of Basis Issues in Planning and Why Newer Tax Law Makes Basis Planning Even More Critical
Michael A. Lampert-Law Offices of Michael A. Lampert, PA
