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LEARNING RESOURCES

Elder and Special Needs Planning
Address individual concerns
In this four-part, four-hour narrated PowerPoint There’s no universal long-term-care plan that’s
presentation, Tom Tillery will examine professional right for all clients. Therefore, ask the right
environment and nonfinancial factors, financial questions to uncover your clients’ concerns about
decisions, taxation and income tax planning, and long-term care, and tailor your advice accord-
integration with other areas of PFP. This course will
address the professional environment within which ingly. One common fear for many people is the
the personal financial planner provides services, and potential need for memory care, so make sure you
financial and nonfinancial factors including types of discuss specific concerns based on your clients’
care, communication with cognitively or physically family history and existing health conditions.
impaired clients, family dynamics, and life planning. Clients may also be more concerned about long-
term-care issues if they’re single and don’t have
CPE SELF-STUDY
friends or relatives in a position to help with care,
Wood said.
Retirement and Elder Planning “Sleep factor” — clients’ risk tolerance and
how it affects their well-being — is also some-
Understand the basic concept of retirement benefits
— its history, the current landscape, and what it thing to consider, Tillery said. “Some people are
means for you and your clients. just more comfortable transferring risk [to an
insurer] because they can’t sleep at night,” he said.
CPE SELF-STUDY It’s a reasonable concern and another example of
how each client is likely to feel differently when
it comes to planning for long-term care.

Encourage clients to put their intentions
For more information or to make a purchase, go to aicpa.org/cpe-learning in writing
or call the Institute at 888-777-7077.
Long-term-care planning will be most effective if
your clients’ relatives understand their wishes. For
example, sometimes planners encounter children
who didn’t want to put their parents in assisted
AICPA RESOURCES living, even though that’s what the parents
wanted, Gordon said. Simply holding a long-
Articles
term-care insurance plan may help indicate that
“The Long-Term-Care Quandary: Helping Clients Prepare,” JofA, clients are prepared to enter a long-term-care
Oct. 14, 2021 facility, if necessary, but it’s a good idea to have
your clients put something in writing, Gordon
“Preparing for Future Health Needs,” JofA, June 15, 2020
said. During long-term-care conversations, be
Publication sure to ask clients if their estate planning docu-
ments and medical directives are in place.
Guide to Retirement & Elder Planning: Healthcare Coverage Planning,
6th Ed. (open to PFP Section members)
SORTING THROUGH THE OPTIONS
Online resource While planning for long-term care can still be
a stressful experience, Weber said she has seen
Financial Decisions Guide — Elder Planning (open to PFP Section
members) changes during her career. “Boomers are moving
through [this process], and when they do, they
Podcast episodes make changes,” she said, noting their volume,
wealth, and voting power. “It’s like they are
“Guiding Clients With Diminished Mental Capacity: Residential
Choices,” AICPA PFP Section Podcast, Sept. 10, 2021 paving the path clear for the next generations
to follow.” There’s greater demand than ever for
“The Importance of Addressing Long Term Care Planning,” AICPA in-home and residential long-term care, which is
PFP Section Podcast, Sept. 4, 2020 leading to more options, especially with Boom-
ers living longer than their parents’ generation.
“Part Two of the Importance of Addressing Long Term Care Plan-
ning,” AICPA PFP Section Podcast, Sept. 11, 2020 With the right planning, these shifts could
mean more options and better quality of life for
your clients. ■

18 | Journal of Accountancy February 2023