American Institute Of Cpas - Personal Financial Planning (pfp)

If you have clients who typically donate between 10k and 50k to charity each year, they may be ideal candidates for the reversionary grantor CLAT (aka simplified CLAT). This planning solution works best in a low interest rate environment.  In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, Rick Peck, and Brad Gornto discuss: What is a reversionary grantor CLAT and how does it work? Who benefits most from this strategy? What are the tax and other advantages of this technique? An example with a client who has a spike in income related to a Roth conversion  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Use Broadridge Advisor’s CLAT case study, included with PFP/PFS membership, to explain how a CLAT works. Read the Adviser’s Guide to Financial & Estate Planning and use this as a reference guide as you advise clients. This episode is brought

On March 28, 2022, the Biden Administration released their 2023 fiscal year budget. The suggested tax reforms give you a heads up on what may be coming so that you and your clients aren’t blindsided and can plan ahead in 2022.  In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares the proposals relevant to CPA financial planners, including: Higher marginal tax rates for high income earners Capital gains taxed at ordinary rates when 1M or greater for MFJ Transfers of appreciated assets by gift or at death taxed as realization events An additional tax for taxpayers with net worth greater than 100M The inability to create a trust that includes GST exemptions for more than 2 generations Limit the use of DAFs to avoid private foundation payouts End the use of GRATs and IDGTs And much more  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Access 2

Beth Gamel, CPA/PFS, has had many wonderful experiences over her 30+ year career as a CPA financial planner. Among other challenges, she was one of the first CPAs to add investment management to her offerings and she had to build her firm from the ground up. She shares her story and the lessons she learned along the way in this new podcast series hosted by Lyle Benson, CPA/PFS.  Beth discusses: How she created a successful retirement transition, financially and psychologically What she did to attract clients in the early days What she learned through the volatile investment markets that applies to today How she mentored her staff to be able to serve the complex HNW clients What the AICPA PFP community has meant for her success and her friendships  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Visit the landing page for Deeper CPA Financial Planner Connecti

Making the philanthropic decision between a donor advised fund and a private foundation boils down to three main factors.  In this episode of the PFP Section podcast, Paul Hood, LL.M, JD, breaks down key differences between these charitable giving strategies and the factors to guide your conversations with clients, including: The level of contribution or investment The importance of retaining control The family’s ability and willingness to participate in the administration Other considerations like set up costs and management and compliance fees  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  AICPA members can access more in-depth information on charitable planning in Volume 1 of The Adviser’s Guide to Financial & Estate Planning and the Charitable Giving Toolkit. Be on the look-out for more from Paul on June 21st in his webcast, Yours, Mine, and Ours

It has long been a widely accepted rule of thumb to advise clients who want to work past the age of 65 to enroll in Medicare part A.  This episode of the PFP Section podcast covers the caveat to the rule that needs to be considered when clients want to continue to contribute to their health savings account. Kelley Long, CPA/PFS, discusses: When it makes sense to postpone Medicare enrollment so that your client can continue to fund their HSA Calculating the 6-month look back period to make sure contributions stop on time and how to fix ineligible contributions made Examples of how this plays out with a family or a married couple The power of the HSA post 65  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  The power of planning with high-deductible health plans Unique and under communicated HSA benefits What is a super HSA and how does it work This episode

The long-awaited SECURE Act proposed regulations related to post-mortem IRA distributions are finally here. Bob Keebler, CPA/PFS, walks through the latest proposals and shares what you need to know in this episode of the PFP Section podcast. Topics covered include: 2021 RMDs that were missed in the case of death post required beginning date Key points related to the new proposed regulations compared with the existing rules When the 5-year rule, 10-year rule, and the life expectancy rule apply Expansion of the definitions of eligible designated beneficiary, disabled, and chronically ill  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links. PFP Section members and PFS Credential holders can follow along with the detailed slides. Keep up with latest proposals and find the 2022 planning decision charts in the Proactive Planning Toolkit. This episode is brought to yo

Jean-Luc Bourdon, CPA/PFS has worn many hats in his career including accountant in corporate America, CPA tax professional, and owning his own wealth management firm. He shares his story and wisdom he has gained along the way in the fourth episode in this new podcast series hosted by Lyle Benson, CPA/PFS.  Jean-Luc discusses: What it takes for CPA firms to be successful in wealth management His chef’s table ultra-customized approach to his client services How he learned to be present and empathetic with his clients His proactive “retirement tribe” framework How he opened his eyes to the importance of self-care Why defining purpose and values provides meaning to our lives Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Visit the landing page for this series and access the first three episodes with Lyle Benson, Michael Goodman, and Sue Stevens. Use the AICPA P

Have you been faced with how to best support clients when you see that their money behavior has changed? With the prevalence of dementia and Alzheimer’s and the related impact on cognitive function, you may very well observe the signs that something is off before others in the family notice. Tune in to this episode of the PFP Section podcast to hear money and memory expert Christine Moriarty answer the following questions: What are the key points to notice about memory loss? What is the difference between dementia and Alzheimer’s? How can CPA financial planners be proactive with these matters from the beginning of the engagement? What preventative steps can be taken to protect a client’s finances?  This podcast is dedicated in loving memory of Christine Moriarty’s sister, Mary Ellen. Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Read Christine’s recent art

If you have had clients pass away recently, you will want to talk with their surviving spouse about the option to file to receive the benefits of portability, even if the decedent doesn’t have a taxable estate. Tune in to this episode of the PFP Section podcast to hear expert Steve Siegel, JD, LLM, discuss: What portability is, how it works, and how to make the election How you can fix a missed portability election going back to January 1, 2011 The nuances of GST and state estate taxes Why it is important to make this election to create flexibility in the plan Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Use Steve Siegel’s and Sid Kess’s Adviser’s Guide to Financial & Estate Planning as a reference library for topics like portability and more, exclusive to AICPA PFP Section members. Register for Bob Keebler’s webcast, Practical Planning Strategies fo

The timing of this new IRS notice 2022-6 is perfect in this phase when many are reprioritizing their lives and considering retiring early.  Up until now, clients have likely been unable to make use of SEPPs because of low interest rates mandated by the IRS in prior guidance. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares: What IRS notice 2022-6 and substantially equal periodic payments (SEPPs) are all about The significant difference that the 5% interest rate will make in calculating SEPPs A case study to walk you through how this would impact a 50-year-old client who would like to retire early Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Follow the slides that provide visuals for what is covered in this podcast. Join Bob for his upcoming webcast, Practical Planning Strategies for the Mass Affluent, where he will cover this noti

Sue Stevens, CPA/PFS, has forged her own unique path to create her successful financial planning firm. She shares her journey and the wisdom she learned along the way in the third episode in this new podcast series hosted by Lyle Benson, CPA/PFS.  Sue shares: What led her from being a cellist recording albums to becoming a CPA financial planner How she made the decision to merge her firm with Buckingham Advisors How her love of music and writing has shaped her work for clients Her blueprint for a successful life and career (hint, begin with your vision!) Her predictions for the future of financial planning What the AICPA PFP community has meant to her work and her life  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Visit the landing page for this series and access the first two episodes with Lyle Benson and Michael Goodman. Use the AICPA PFP Section to hel

Make sure you are making the most of the benefits available for your clients or their family members who have disabilities by tuning in to this episode of the PFP Section podcast. ABLE account experts Anita Kelley, with the Office of Alabama State Treasurer, and Dante Allen, Executive Director of CA’s ABLE Act Board, answer the following questions: What are ABLE accounts, how do they work, and who is eligible? How do the state programs differ and how are they similar? What should clients know to make sure they don’t put other benefits like SSI and SSDI in jeopardy? How do beneficiaries avoid taxes and penalties on distributions?  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Access volume 4 of the Adviser’s Guide to Financial & Estate Planning which includes chapter 44 specific to ABLE accounts, including final regulations effective in 2021. Follow th

Emotion can trump logic at times when making decisions and guiding clients through this may be more complex when advising a couple who is contemplating retirement. In this episode of the PFP Section podcast, Christine Moriarty with MoneyPeace answers the following questions: What if couples have different ideas of what they want to do in retirement? How can a couple create a “Budget” for retirement without all the information? Is it best for all the income – social security to investments - to go to one account and then decide what to do with it each month? When have you seen that couples have the most disagreements around money? What if one person is more of a risk taker around investments than the other? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Listen to Bringing together couples and their money and How emotions affect financial decisions This epi

If you have a client who is considering surrendering a life insurance policy or allowing it to lapse, it is important to first understand the value of the policy and determine if it can be sold for more than its cash value. In this episode of the PFP Section podcast, Susan Bruno, CPA/PFS, and Jamie Mendelsohn, with Ashar Group, discuss: Why you can’t default to the surrender value as the FMV of the policy What makes a policy worth more than its cash value What is most relevant to potential buyers of these policies How has the pandemic impacted the life insurance marketplace Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Use the keep or sell quiz on Ashar Group’s website. Listen to part one, part two, and part three of this life insurance series. Access Susan’s tool to review life insurance policies with clients. Gain more expertise with the AICPA’s risk

Susan Tillery, CPA/PFS and Dave Stolz, CPA/PFS wish you a happy and prosperous New Year and share what is on their minds as they head into 2022 in this episode of the PFP Section podcast.  As they serve in the last months of their successful tenures as chairs of the PFP Executive Committee and PFS Credential Committee, they share their vision for the CPA financial planning profession and the important milestones that have been achieved in alignment to this vision over the last few years. They discuss what volunteering has meant to them professionally and personally and the many ways you can get involved to build relationships with your peers and forward the mission of CPA financial planners. Susan and Dave learn they are on the same page with what they are focusing on with their clients in 2022 and it may inspire you to do the same! Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes

Lyle Benson credits much of his career as a CPA financial planner to his interactions with colleagues across the country. He wanted CPAs in all stages of their career to be able to benefit from hearing how fellow CPA financial planners have gotten to where they are now, how they work with clients, and what it has meant for their lives. In episode two of this PFP Section podcast series, Lyle interviews Michael Goodman, CPA/PFS. They discuss: How Michael brought his love for business and working with people to where he is today How he made the conscious decision to go from a lifestyle practice to an enterprise Why just doing it, making mistakes, and learning along the way has been a key to success What he did to keep a wonderful culture and a team that feels valued during the pandemic What the AICPA PFP community has meant for him, what sets CPA financial planners apart, and his predictions for the future Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to

Life insurance can be much more than a death benefit. If properly designed, funded, and managed, it can provide an incredible opportunity to grow and distribute assets tax free. In this episode of the PFP Section podcast, Susan Bruno, CPA/PFS, and Michael Fontanini, with Lion Street, share: Who the ideal clients are for this strategy Why this is an excellent way to supplement retirement income Using this approach as an asset location tool How to know if this technique beats investing money directly into the market Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.   Listen to part one and part two of this life insurance series. Access Susan’s tool to review life insurance policies with clients. Gain more expertise with the AICPA’s risk management and insurance certificate. Use the personal finance scorecard to begin planning conversations with clients.   Thi

You don’t have to be an expert in all of the tools and technical strategies to have meaningful philanthropic conversations with your clients. It’s about knowing how to artfully communicate and bring value to your clients. In this episode of the PFP Section podcast, Jonathan Gassman, CPA/PFS, and Richard Peck, with the New Hampshire Community Foundation, share: How to incorporate philanthropic planning in your communications with clients Why engaging with other advisors can deepen bonds with clients The arc of philanthropy and determining where clients are How to get involved personally and building firm culture through giving to your community Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Use the personal finance scorecard to deepen conversations with clients. Help clients see other areas for value added planning with the analysis of a tax return for PFP

Getting couples to align their goals and priorities with their personal finances is often easier said than done. This is when the power skills in the non-technical side of personal financial planning become crucial to use. In this episode of the PFP Section podcast, Christine Moriarty, answers the following questions. How and when do you start the conversation? Does sharing life have to mean sharing money? What if couples’ goals around money are different? How do you support couples to reach agreements about money? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  How emotions affect financial decisions The new approach to retirement planning six-part series How to have transformative conversations This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professi

In the past, guaranteed universal life (GUL) was priced well and easy to understand. This permanent life insurance was attractive because the premiums were certain, the policy often went to age 120, and risks were low. In this episode of the PFP Section podcast, Marc Minker interviews experts Susan Bruno and Martin Flaxman to understand the changes he is seeing in practice. They discuss: Why carriers are withdrawing from offering GUL and what is pushing up the prices. Why it will now require more analysis to know which type of product is best for your clients. What are the other product options and how can you simplify decisions in the face of complexity? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Listen to part one of this life insurance series and access a tool that Susan uses to bring clarity and peace of mind to planning. Find other insurance resou