No matter how much money your client has, it's crucial to have a basic estate plan simply because such a plan will then ensure that the financial goals of the client are met after the client dies.

The most comprehensive cost analysis in long term care in the industry and the only one that provides comprehensive data for the past five years was released by Genworth Financial. The study found that nationwide the cost of long term care in nursing homes, assisted living facilities, and in the home increased for the fifth consecutive year. The national average for a year in a private nursing home is now $76,460, more than one and a half times the average annual household income in the U.S. of $48,201. In short, most long term care services in this country are rising at a rate faster than inflation. In fact, for one year in a private nursing home in Miami, the cost is an astounding $91,022. Each year Genworth surveys the cost of care in more than 10,000 nursing homes, assisted living facilities, and among home care providers in all 50 states and 90 geographic regions including the District of Columbia. This year, it also included adult day health care costs for the first time. The study also reveals an imminent shortage of caregivers. In actuality, the U.S. will need to recruit 200,000 new direct-care workers each year to meet future demand among the 78 million Baby Boomers as they age. Moreover, the care-giver workforce is dwindling and faces issues of retention. “Rising long term care costs are creating significant financial planning challenges for millions of Americans and their families,” say Buck Stinson, president of Genworth Financial’s Long Term Care Insurance business. As it stands now, a private one-bedroom unit in an assisted living facility has an average annual cost of $36,090. For home care, the average rate for a non-Medicare certified, state licensed home health aide is $19.18, a cost that translates to $43,884 per year for 44 hours per week of care. As far as adult day health care is concerned, first year research findings indicate the average annual cost for five days a week in an adult day health care facility is $15,236 nationally. The survey, 2008 Cost of Care Survey, along with a research paper, “A Workforce to Care for Our Aging” is available at Genworth./com/CostofCare.

Financial Executives International, a 15,000-member group of CFOs and senior-level financial executives, has formed the Corporate Roundtable on International Financial Reporting, a forum where companies can address issues related to implementing International Financial Reporting Standards.

The Committee of Sponsoring Organizations of the Treadway Commission has released an exposure draft document offering guidance on monitoring internal control systems.

The Financial Accounting Standards Board has issued an exposure draft of a proposed standard for expanding the required disclosures of certain loss contingencies.

The International Accounting Standards Board has formed an advisory panel to deal with the controversial topic of determining the value of financial instruments in inactive markets.

The Government Accountability Office has issued a report containing dozens of recommendations for ways the Internal Revenue Service should improve its internal controls.

Private sector employment grew modestly last month by 40,000 jobs, according to a report by payroll giant ADP.

Sage Software has launched a program to put its Peachtree accounting program in more family-owned businesses by giving away free copies and support.

The Senate Finance Committee held hearings on small business tax issues as part of a series of hearings on tax reform.

The American Institute of CPAs has issued a new standard that tightens ethics requirements for members on indemnification and limitation of liability.

The Public Company Accounting Oversight Board plans to meet to discuss rules on reporting by registered public accounting firms and succeeding to a predecessor firm's registration status.

Cheshire Software has released a new version of its financial planning software program, Cheshire Wealth Manager, with a new feature for analyzing insurance-planning needs.

An international accounting standard-setter has issued a revised set of proposals designed to strengthen the independence requirements for accountants.

I am constantly amazed and intrigued by what is being done via the Internet. In Practical Accountant, we report on how creative some firms are incorporating the Internet into their operations and going way beyond the proverbial virtual firm brochure. My guess is that creativity is stimulated by how others are using the Internet.

Adaptive Planning has added team collaboration and the sharing of best practices to the latest version of its business performance management software.

A new accounting standard is giving executives second thoughts about plans for mergers and acquisitions.

The number of financial restatements finally began to decline last year after a decade-long increase and will probably continue to fall as the Securities and Exchange Commission makes it easier for companies to avoid restatements that aren't likely to greatly affect investors.

Nonprofit accounting software vendor Blackbaud has struck a deal to acquire rival Kintera for $1.12 per share, or approximately $46 million.

Payroll processor ADP has launched an online portal aimed at accountants who service small businesses, giving them free access to some information from BNA and CCH.