CPAs consider elder planning as a niche department, and thus, they should be knowledgeable on elder care problems. Older clients require guidance on paying for lifelong care and updating estate planning documents. You may also experience a crisis that requires you to make quick decisions. During such critical situations, you can reach out to a trusted Poughkeepsie, NY CPA firm, as they are equipped to solve your issues.
The CPA whom you hire should be knowledgeable on certain things. Wondering what? Find them below:
Bookkeeping and bill-paying
Bookkeeping and bill-paying services are valuable for some older clients. People facing difficulties in updating checkbooks and paying bills get exposed to financial risks. They may miss deadlines because of which penalties are incurred. Their families may have a tough time estimating their earnings and expenses. CPAs can manage your books and payments, which prevents possible fraud and financial abuse.
Primary Estate Planning
Many people hesitate to talk to their families and advisers about the possible happenings after their death or getting ill. When families can’t discuss such issues, they get tense when a crisis occurs. CPAs can build a plan for possible outcomes in emergencies or health issues and discuss them with family members. They help clients to finish and update estate planning documents. Your wills get correct and complete as you have proper health care directives and have named the right beneficiaries on IRAs and 401(k) accounts.
Advising on Long-Term Care and Housing Options
It’s tough to decide where to live as an elderly. Older people tend to be reluctant to leave their homes even if they struggle with everyday activities. Senior housing, even when you don’t require nursing care, can get expensive. You will have to choose from a variety of options, such as assisted living facilities, nursing homes, and consistent care communities. CPAs may help you to evaluate finances and identify the most suited senior living /long-term care options. You should think carefully about housing facilities, safety concerns, and plans.
Elder planning is quite a challenging activity. However, you deserve a peaceful life as a senior citizen, and thus, proper elder planning is crucial. With the help of a skilled CPA, you can always do effective elder planning. Ensure you hire the best CPA in Poughkeepsie. All the best!