Social Security and Medicare: Planning for You and Your Clients
Live Virtual Seminar
8.00 Credits
Member Price $315.00
Price will increase by $50 on 9/28
Non-Member Price $375.00
Price will increase by $50 on 9/28
Overview
Social Security seems poised for changes in benefits and eligibility age. The leading edge of the baby boomer generation has already reached retirement age. Financial and tax planners can expect increased demand for strategies that dovetail Social Security with other retirement and estate planning objectives. This course provides tax and financial planning professionals with both the background information on the Social Security system and the strategies clients will need in dealing with Social Security, and the myriad other related retirement planning issues.
Highlights
- Legislative developments
- A full chapter devoted to determining the best planning options for maximizing joint Social Security benefits Retirement benefits: Amount of benefits in various circumstances; how the amounts are distributed within the family unit
- Qualification: Has the client retired? How business entities may be used for Social Security advantage
- Income taxation of Social Security: avoidance tactics
- Spousal benefits: Should a spouse return to work? What benefits does a spouse have and when and how do they relate to benefits decisions by the client?
- When can hiring the spouse increase overall benefits? Why should both spouses qualify for survivor benefits?Disability benefits
- When to start Social Security benefits: Advantages and disadvantages at ages 62, full retirement age, and 70 Coordinating benefits: Should you take Social Security first and higher-balance IRA distributions later, or take IRA balances first and enhanced Social Security benefits later?
- Pensions: Distribution strategies; how to use the minimum distribution rules in concert with Social Security benefits IRAs: Is it time to convert to a Roth?
- Medicare, Part D prescription drugs: what retirees need to know
Prerequisites
None
Designed For
Practitioners who have clients contemplating receipt of Social Security
Objectives
- Identify who is entitled to retirement benefits and in what amounts
- Identify factors to consider in determining when to take benefits
- Discuss taxation of Social Security benefits and how this impacts other income tax planning
- Identify and describe the potential effects of retirement and estate planning strategies and tactics that can enhance overall retirement
- Explain Medicare and the prescription drug provision; describe the basic supplementary insurance plans that are available to fill in the gaps in basic Medicare coverage
Preparation
None
Leader(s):
Leader Bios
William Taylor
William (Bill) F. Taylor is president of Benefit Solutions, Ltd., a benefit consulting firm, and a CPA in private practice. Since retiring as Community Bank President of Renasant Bank in Water Valley, MS, he has served as an adjunct assistant professor in the MBA program at the University of Mississippi. Bill has worked in the employee benefit and investment fields for over 30 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS, office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations, and other organizations. He was the recipient of the James L. McCoy Excellence in Education award for 2015 and awarded the Outstanding Discussion Leader award for 2014 and 2016. Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.
Non-Member Price $375.00
Member Price $315.00