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AICPA offers guide to end-of-life financial planning

September 23, 2009 by  

AICPA offers guide to end-of-life financial planning It may not be the most exciting financial arrangement to consider, but the American Institute of Certified Public Accountants (AICPA) says everyone who has dependents, owns a business or property should make end-of-life plans to facilitate inheritance and succession.

AICPA is the professional association of CPAs which sets ethical standards for the profession and U.S. auditing standards. It is now offering a free guide to help navigate the complexities of end-of-life financial planning.

The guide, published jointly with the institute’s 360 Degrees of Financial Literacy program, covers a range of topics, including planning for yourself; dependents; your property and assets, including business ownership, retirement accounts and long-term and disability insurance; and your estate, which covers overall estate planning, wills and living trusts.

"The guide is meant for a wider group than just aging parents and their children," says Ted Sarenski, CPA/PFS, chair of the AICPA PrimePlus ElderCare Task Force, which developed the publication.

"The end of life does not discriminate according to age," he adds.

For those who are looking for ways to preserve and protect their wealth, some financial experts have also recommended converting liquid assets, especially U.S. dollars, into gold and silver. That is because many analyst have warned the government spending and the resulting massive budget deficit is setting the stage for hyperinflation in the next few years.

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  • eyeswideopen

    Watch out AICPA, or the Republicans will be accusing you of trying to steal people’s money, by getting them to decide issues prior to death or disability. The “death panels” may get to you sooner than you think. Look at what they said about Medicare paying for visits with the doctors to explain the living wills, etc.. Run for your life, knowledge is dangerous according to the Conservatives. LOL
    P.S. Think it is an excellent idea for everyone with any holdings.

    • Robert

      Bring back Government Baby Bonds. An estate planning tool that our government axed because it allowed people an opportunity to pass on their hard earned success dollars to their children and grandchildren and great grandchildren. If you look at the real tax we all pay, we pay 110% of our gross earnings. Just look at other hidden taxes. Gasoline taxes, communication taxes, sales taxes, real estate taxes, sin taxes, etc.etc. When goverment grows exponetially, the cost is burdened on all of us. Tell me what goods and services any government provides except for national defense, police, fire, transportation? Education,health care, a national tradgedy. Politicians have no incentive for success. They’re all on the freeloader wagon compliments of the overtaxed American worker.

  • Luigi Fulk

    The Class Act only covers $50.00 per day of home care and you have to pay into it for five year at a premium I belive is over $100.00 a month. So don’t get your hopes up for long term care coverage in the Health Reform Act. Long term care insurance is still the safest option for protection.

  • William Hernandez

    A career in financial planning is still lucrative despite the worldwide financial crunch. As long as money is used in our economy financial planners will be needed. You have to pay your dues to become a financial planner but once you pass the test and prove your mettle, you can expect a handsome return for your efforts.


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