Roger and Annie tackle a topic they've never covered before: the tax issues that come with aging, for clients and preparers alike. They break down the new senior deduction, Social Security claiming strategies across the 62/67/70 timeline, IRMAA appeals, RMD rules, and when long-term care costs are actually deductible. They close with a cautionary tale about gifting appreciated property too early and the recordkeeping every family should have in place before it's needed.


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Chapters

  • (00:00) - Welcome and Forum Travel
  • (00:59) - Listener Shoutouts and Podcast Origins
  • (02:21) - Tax Talk Today Inspiration
  • (04:23) - Senior Deductions and Filing Thresholds
  • (07:51) - Social Security Tax Basics
  • (08:48) - When to Claim Social Security
  • (15:48) - Solvency Fears and Policy Fixes
  • (20:21) - Medicare Premiums and IRMAA Appeals
  • (22:29) - Retirement Plans and Inherited IRAs
  • (24:57) - RMD Rules and Planning Ideas
  • (27:29) - Long Term Care and Medical Deductions
  • (28:25) - Senior Living Deductions
  • (29:12) - Chronically Ill Criteria
  • (30:35) - Spouses Insurance Statements
  • (32:21) - Meals Fees Itemizing
  • (34:38) - Facility Records Due Diligence
  • (36:26) - Gifts vs Inheritance Basics
  • (37:57) - Basis Step Up Valuations
  • (41:43) - Estate Returns Advisory
  • (43:32) - Gifting Appreciated Property
  • (43:57) - Lake House Cautionary Tale
  • (48:04) - Client Records Planning
  • (51:01) - Bank Red Tape Death Certificates
  • (54:21) - Advisor Role Wrap Up
  • (55:25) - Podcast Closing Updates

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