Social Security Considerations in Estate Planning
Speakers: Sophia Duffy and Steve Parrish
This session considers integrating Social Security retirement benefits into estate planning. Even with the high net worth client, this benefit is an important planning tool because of tax affects and longevity considerations. We will address issues such as how the system’s underfunding factors into projecting benefits, how to avoid the Social Security tax torpedo, retirement income bridging techniques that help defer and maximize retirement benefits, and coordinating OASDI payments with retirement drawdowns. Practical considerations are also included, such as how to help the client file for the benefit, using the benefit to pay for Medicare, and what to do about Social Security at death.