The CPA's Role In Protecting Aging or Incapacitated Individuals

Martin M. Shenkman, , JD, CPA, PFS, AEP

The U.S. population is aging, and CPAs should consider this fact in determining which services they can offer and how they will adapt their practices to assist this growing client segment. “In 2019, the 65–74 age group (31.5 million) was more than 14 times larger than in 1900 (2,186,767); the 75–84 group (16 million) was 20 times larger (771,369), and the 85+ group (6.6 million) was more than 53 times larger (122,362). In 2019, 3.8 million persons celebrated their 65th birthdays” (“2020 Profile of Older Americans, May 2021,” https://bit.ly/3g3J8ZX). “The 85-and-older population is projected to more than double from 6.6 million in 2019 to 14.4 million in 2040 (a 118% increase).” Which types of services might these clients benefit from, and what might CPAs consider doing to address those needs? Most of these services—even those founded on basic, routine, and low-cost work—share common value-added elements that can be billed appropriately. Although many of the points following may seem obvious, too often even the basic steps are overlooked by aging clients.