Lecture Notes
(from Instructor's Manual by Ronald J. Schwartz, J.D., L.L.M.
for textbook
Law and Aging - Essentials of Elder Law - 1st Edition - Pearson
Publications)
Financial Planning for Aging and Elderly Clients
Topical Outline
a. Estate Tax
b. Gift Tax
c. Income Tax
d. Trusts
(1) living trust
(2) irrevocable trusts
(3) credit shelter trust
e. Life Estates
f. Social Security Benefits
Learning Objectives
a. to acquire some understanding of financial planning for the
elderly, including, but not limited to: estate tax, gift tax,
income tax, trusts, life estates and Social Security benefits.
b. to be able to complete an inventory of a client's assets
c. to become familiar with certain tax laws specific to the aging
population
Job Competencies
a. to prepare a simple estate tax return
b. to prepare a simple gift tax return
c. to be able to draft a simple living trust, irrevocable trust
or credit shelter trust
d. to be able to draft the necessary documents to create a life
estate in connection with the transfer of real property.
e. to be able to advise a client regarding Social Security retirement,
disability, and Supplementary Security Income benefits provided
under the Social Security Act.
Key Concepts
It is crucial for a paralegal in the elder law field to understand
basic financial planning for aging and elderly clients. Planning
will assist a client to preserve his or her assets in the event
of a catastrophic illness.
