Working with Older Adults Certificate Program
FINANCIAL AND ESTATE PLANNING FOR AGE 65 AND OLDER
Financial resources affect quality of life in later years, including choices for housing, health care, and long-term care. The knowledge from this course enables you to generally discuss key financial planning topics and to raise important questions that your clients should consider about their financial health. Recognize when you should refer your clients to tax financial, legal and other experts for an integrated, more effective approach o making the best use of their accumulated resources.
Estate plans should be done to cover the possibility of mental incapacity and to help ensure timely and proper distribution of any amount of assets after death, large or small. Use the guidelines in this course to help your clients prevent or reduce fairness issues among their heirs, and introduce your clients to ethical wills, also called legacy letters, as a way to pass on their values, learning, and other intangibles during their lives or after death.
Working with Older Adults Certificate Program
FINANCIAL AND ESTATE PLANNING FOR AGE 65 AND OLDER
Chapter 15: Financial Planning for Retirement
Chapter 16: Main Sources of Retirement Income
Chapter 17: Basics of Investing for Age 65 and Older
Chapter 18: Federal Income Taxes and Older Adults
Chapter 19: Essentials of Estate Planning
LEARNING OBJECTIVES
Chapter 15: Financial Planning for Retirement
· Explain how retirement today is different than in the past.
· Describe the models and stages of retirement.
· Discuss the effect of longevity on retirement income and expenses.
· Identify financial issues of older adults by asset or income level.
· Describe how the financial planning process applies to older adults.
· Identify strategies for managing risk.
· Explain life settlements, accelerated benefits and viaticals.
Chapter 16: Main Sources of Retirement Income
· Identify the main sources of retirement income.
· Discuss the benefits of qualified retirement plans.
· Explain two criteria for distributions from tax-deferred plans.
· Define annuities and list the types and payout options.
· Discuss the role of reverse mortgages in financial security.
Chapter 17: Basics of Investing for Age 65 and Older
· Identify the key factors in creating an investment portfolio.
· Discuss the guidelines for asset allocation.
· Name the most common types of investments.
· Tell how mutual funds are used in retirement planning.
· Identify the most common pitfalls for investors.
· Explain how to make informed investment decisions.
· Discuss how suitability applies to older adults’ financial needs.
Chapter 18: Federal Income Taxes and Older Adults
· Identify frequent tax questions and errors by older taxpayers.
· Discuss specific tax issues for older adults.
· Recognize the genera lflow of the federal income tax return.
· Identify the advantages of both the standard deduction and itemization.
· Tell the difference among a tax adjustment, deduction, and credit.
· Explain cost basis and how it relates to capital gains tax.
· List questions to ask when selecting a qualified tax preparer.
Chapter 19: Essentials of Estate Planning
· Explain why estate planning is important and the consequences of not having an estate plan.
· Recognize the main components of an estate plan.
· Identify the issues that incapacity can cause.
· Describe the probate process and the executor’s role.
· Discuss the function of beneficiaries in an estate plan.
· Identify the taxes related to estate plans.
· Discuss what fairness means in legacy decisions.
· Explain the purpose of ethical wills and how and when to create one.
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Financial and Estate Planning for Age 65 and Older
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| 2 | ||
| 3 | ||
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| 5 |