Today’s post continues our case study series, showcasing the many creative solutions you can take when you’ve landed clients with complex planning issues. Here, we’ll explore succession planning for a family business.

As you’re likely aware, Medicaid is a joint federal and state program that provides a range of health care services to individuals with limited financial means. But what you may not know is that states may place a lien on a recipient's probate estate (and, in some states, nonprobate estate) for the amount of benefits paid during his or her lifetime. (Although there are some specific protections for surviving spouses, children younger than 18, and disabled family members.)

In today’s landscape, there are fewer defined benefit (DB) pension plans offered by private-sector employers. Still, you may have clients who are participants in these plans. As their financial advisor, how can you help clients evaluate pension considerations at retirement, including the different payout options for their DB pension plans? Here, we’ll cover the various payout options available, plus other important factors like the changing regulatory environment, that you can review with your clients to help them make the right pension decision for their individual situation.

As you’re probably aware, Medicare is the primary health insurance for people age 65 and older. But it might surprise you to learn that, according to HealthView Insights, the estimated average lifetime premium costs amount to an astounding $266,589 for a 65-year-old couple covered by Medicare Parts B and D and a supplemental insurance policy. Many of your clients may underestimate these costs or fail to account for additional health care coverage expenses.

What is retirement? If you ask 10 people, you may get 10 different answers. Baby boomers are redefining retirement and likely leading the way for future generations. Many are even "dropping out" of high-earning careers to pursue passions like teaching, traveling, and volunteering. Clearly, such decisions can have a major impact on clients' financial planning.