As more clients consider senior living options, financial advisors are increasingly expected to guide them through both the financial and tax implications of these decisions. Continuing Care Retirement Communities (CCRCs), in particular, present unique planning opportunities—and potential pitfalls—when it comes to medical expense deductions and tax-efficient funding strategies.
In this highly practical session, two leading experts—Larry Pon, CPA and Brad Breeding, CCRC Specialist—combine their expertise to help advisors confidently navigate this complex area.
Brad Breeding will lay the foundation by breaking down the different types of senior living arrangements, with a focus on CCRCs. He will explain the various contract structures, key decision factors, and what advisors should understand when helping clients evaluate these communities.
Building on that framework, Larry Pon will dive into the critical tax planning considerations, including:
- What qualifies as a medical expense under IRS rules
- Which CCRC costs may be deductible—and which are not
- How to strategically use Health Savings Accounts (HSAs) to pay for expenses
- The documentation requirements needed to substantiate deductions
- What the IRS is specifically looking for in audits and compliance reviews