PFP2520. Financial and Legal Aspects of Elder Care Planning

Elizabeth Forspan, Esq., of Forspan Klear LLP, a New York-based trusts and estates and elder care law firm, will discuss the tax issues that clients and professionals must consider when engaging in Medicaid and elder care planning. Her session will review the importance of irrevocable trusts and other planning tools. Elizabeth will discuss situations where good estate planning may not always equal good elder care planning. Her session will focus on Medicaid and long-term care planning and its interplay with income and estate taxation.

Learning Objectives:

• Identify the basics of long-term care and Medicaid planning and how one’s clients can become eligible.
• Recognize the income tax issues involved in elder care planning, including the basis and capital gains tax issues.
• Distinguish the interplay between estate taxation, income taxation, and elder care planning.
• Recognize how planning for long-term care can impact your clients financially and legally.