AICPA Personal Financial Planning (PFP)

In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS discusses strategies for estate tax planning in anticipation of the TCJA (Tax Cuts and Jobs Act) sunset on December 31, 2025. The sunset, which will reduce the double exclusion amount from approximately $14 million to $7 million and many practitioners will need to evaluate gifting for their relevant clients. Bob covers various techniques, including: Spousal lifetime access trusts (SLATs) and dynasty trusts, to ensure effective estate planning. The importance of cash flow planning, understanding portability rules, and careful trust design to avoid issues like the Reciprocal Trust Doctrine. Practical considerations such as timing of gifts, administrative preparation, and the use of private annuities for income. The need for thorough documentation and legal compliance to prevent estate inclusion and litigation. Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Prepare large estates for TCJA sunset now article Upcoming webcast: Multi-year income tax planning in preparation for the sunset of TCJA included in PFP Section membership Video: Planning with SLATs and SLANTs ahead of the TCJA sunset This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

As a follow-up to Debra's webcast Planning for Clients with $1-15M in Net Worth, she discusses some important practice management considerations. An annual financial planning service calendar structures the delivery of client services and communication and is the foundation for adding valuable client relationships. Debra advocates for a systematic approach to client service, ensuring transparency and predictability. She also discusses various fee structures, including AUM (Assets Under Management) fees and alternative payment arrangements, to ensure fair and flexible compensation for the services provided. Your fees reflect your professional value. Debra answers questions like: How can an annual service calendar help your client relationships? How can you charge for your planning services? How do you adjust for clients of different asset levels or extensive projects? Many of the PFP Section resources provide ideas on topics that can be discussed throughout the year including: Debra Taylor's video archive Planning for Clients with $1-15M in Net Worth The Advisor's Guide to Financial and Estate Planning is a 4-volume guide that serves as a reference for many client questions and strategies. The Personal Finance Scorecard is a great tool to get feedback from your clients on what is really important and can guide your conversations throughout the year This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Life inevitably presents us with forks in the road, whether chosen or forced upon us. These transitions can be uncomfortable, requiring us to leave the familiar and step into the unknown. Whether guiding your clients through their life changes or experiencing your own, having a strategy can make these journeys less daunting. In this Deeper CPA Financial Planner Connections episode of the PFP Section podcast, Lyle Benson, CPA/PFS, CFP® interviews Andrea Millar, RLP®, PCC, CPA/PFS to share her expertise on navigating these uncertain times. Tune in to discover: What to anticipate during significant life transitions The primary source of struggle during periods of uncertainty Practical steps to transform these challenging moments into opportunities for growth and deep satisfaction Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Tune into Susan Bradley's podcast episode, Understanding the human side of life transitions. Join Andrea in her session at ENGAGE, Navigating the balance: Prioritizing mental wellness for financial professionals. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

A recent CNBC survey of couples discovers that 64% admitted to being financially incompatible. A money date is a relaxed and open conversation about finances and goals. This is an important component to financial compatibility and avoiding potential conflict. It can benefit relationships of any length and open channels of communication with transparency and respect. Dave answers questions like: What is a money date and why is it important? How can it help understand each other's financial habits and attitudes? What are the places for combined and separate money in marriage? Does this concept work for both newly engaged and long-term couples? Many of the PFP Section resources provide ideas on topics that can be discussed in this manner including: The Life Events section of Broadridge Advisor provides conversation ideas relating to clients' current or future situations. The new Health Transitions Guide help you talk clients through potentially stressful situations. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

As we narrow in on the sunset of the Tax Cuts and Jobs Act, many practitioners will be suggesting that their relevant clients make gifts. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Larry Brody, JD, discuss what needs to be known when valuing life insurance policies for the purpose of filing gift tax returns, including: What do we need to know about the IRS regulations? Can you get a valuation in lieu of relying on the IRS regulations? What value should be used when given a series of values on Form 712? What if you don't agree with the Form 712 values? For more resources related to this episode: Access Bob's decisions charts in the Proactive Planning Toolkit. Use the Adviser's Guide to Financial & Estate Planning for other planning ideas as we head into the sunset of TCJA. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

The SECURE 2.0 Act opened new doors for the use of 529 plan funds. Kelley Long discusses the impact of the changes on strategies available to clients using 529 plans. Not only does Kelley review the rules of rolling 529 plan funds to Roth IRAs, but also takes a step further to address the numerous related questions she has gotten on this strategy and other creative ways to draw down 529 plan funds. In this episode of the PFP Section podcast, Kelley will provide the information you need to discuss how 529 plans can fit into your clients' financial plans. The conversation includes the following topics: How to handle beneficiary changes. How to equalize the distributions from excess funds in 529 plans. How to evaluate the 15-year measurement when transferring 529 funds to Roth IRAs. How does a transfer of funds from one beneficiary to another impact the 5-year rule? What is a backdoor 529 to Roth transfer? Can a mature client contribute 529 plans with the intent to roll the funds to a Roth IRA? What are the penalties for 529 non-qualified withdrawals? What are some other ways to draw down excess funds in a 529 plan? How taking out a student loan can be a strategy Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Read Kelley's article: Saving for college: The new 529-to-Roth IRA transfer rule Related podcast: How SECURE 2.0 impacts clients we see in our practice Use the related Education planning resource guide or Roth changes from SECURE 2.0 visual. Learn more about the pathways for getting educated and attaining your CPA/PFS. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Kelley Long began her career in big 4 accounting like so many other CPAs. However, she had to quickly shift her path with the fallout that happened after September 11, 2001. Her roles as a bank trust officer and as a workplace financial wellness provider led her to her passion for coaching on the everyday money issues that clients have. In this episode of the PFP Section podcast, Lyle Benson interviews Kelley to share more of her story with our community. The conversation includes the following topics: How did Kelley go from where she was to where she is now, doing her passion work as a financial coach. How did being a member of AICPA's Financial Literacy Commission impact Kelley's work? What are Kelley's thoughts on working in a remote or hybrid environment? What does Kelley want every CPA to know about HSA planning? What does Kelley enjoy doing most and how does she make sure her time and energy are aligned with this? How does Kelley view the future of CPA financial planning? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Read Kelley's article, 9 facts about HSAs that might surprise your clients - Journal of Accountancy. Learn more about the pathways for getting educated and attaining your CPA/PFS. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

In part 2 of this PFP Section podcast series, experts Lee Slavutin, MD, CLU, and Marty Shenkman, CPA/PFS, JD, LLM share planning details to help you guide your clients in the following areas: The different perspectives on long term care (LTC) insurance that goes beyond the numbers to the psychological benefits. Why it makes sense to have every client go through the process of evaluating LTC insurance, whether they buy it or not. The importance of understanding the nuances of SLATs and SLANTs in the context of filling the gaps with LTC coverage. Avoiding the consequences of not evaluating the beneficiaries for insurance and retirement plans. The nuances that need to be understood with life insurance and buy sell agreements. Understanding the transfer of value issue and how to make sure there aren't unintended consequences. For more resources related to this episode: Access our new PFP Section member exclusive guide on health transitions. Find our life insurance summary and review roadmap and other PFP Section resources here. Check out the AICPA's Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Qualified terminable interest property (QTIP) trusts were created so that spouses could receive the benefit of the marital deduction while also setting aside resources for a surviving spouse and retaining control over what happens to the funds when the surviving spouse passes away. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Paul Hood, JD, LLM, discuss the nuances of QTIPs, including: The confusion is caused by the separate Internal Revenue Code provisions on the estate and gift side. On the estate side, the rules are lax. And, on the gift side, they are rigid. How can a buy/sell agreement interfere with the efficacy of a QTIP trust and what to watch out for to make sure this doesn't happen. What do QTIP limits like fiduciary income to the surviving spouse mean from a family harmony, efficient trust and estate administration, and a fiduciary income accounting perspective. What's the bottom line as CPAs prepare gift tax returns that involve QTIPs in 2024. For more resources related to this episode: Send your relevant clients this Broadridge Alert to educate them on QTIP trusts. Use the Adviser's Guide to Financial & Estate Planning volumes 1, 2, 3, and 4 as a reference for planning with QTIP trusts and much more. Get the basics of estate planning with our certificate program. This is one of 5 certificates that leads to attaining the PFS credential when experience and other requirements are met. Access Bob's decisions charts in the Proactive Planning Toolkit. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Do you want to be the trusted advisor who makes a meaningful difference in your client's life? One of the ways to do this is to get in touch with the qualities of being that you want to demonstrate consistently with your clients. In this episode of the PFP Section podcast, Steve Atkinson, Managing Director with Admired Leadership, shares the behaviors that admired advisors have that separate them from the pack. Steve answers the following questions: Tell us about your prior experiences that gave you insights into how the most admired advisors show up for their clients. What is Admired Leadership and how is it evidence-based? Share some of the behaviors that are seen consistently in the research. How do these high performing admired advisors avoid burnout? What do you suggest to CPA financial planners who are overloaded with work? What's your top takeaway for listeners? For more resources related to this episode: Register for Creating Your CPA Personal Financial Planning Practice workshop so that you can learn from others who have paved the path. Access the Admired Leadership Field Notes. Listen to the Admired Advisor podcast. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

The tables are turned on Lyle Benson, CPA/PFS, in this episode of the PFP Section's Deeper CPA Financial Planner Connections series. Dr. Haesun Moon, communication scientist, educator, and author, interviews Lyle to pull out the gold threads of his professional story. They discuss: Lyle's story of beginning in tax and his why behind diving into financial planning at age 29 and starting his own firm at the age of 36. How leaders in the profession became mentors early in Lyle's career and how this community connection has been the foundation throughout his career. What it's like to be in a family business with Lyle's son, Chris, and how this can help others who are in family businesses. How Lyle is transitioning and transforming to his next life stage. The changes that Lyle has seen in the CPA financial planning profession over the last 30 years and what has stayed constant. How his firm is evolving to meet the needs of the next generation. How Lyle weaves his role as host and human connector through his professional and personal life. Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. Save the date for Creating your CPA financial planning practice workshop in advance of ENGAGE on June 2nd. Save the date for PFS Live! workshop in advance of ENGAGE on June 2nd. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

CPA financial planners help clients live meaningful lives and pass on their legacy. Often, estate planning is heavy on the practical and complex elements that can be seen as the housekeeping of who gets what and when. What we don't always explore is the deeper why behind the estate planning. The good news is that you can coach clients to discover their legacy so that it can be communicated and so that your client can see the meaning of their life story and what they want to leave behind. Jean-Luc Bourdon, CPA/PFS, guides you in how to take on this role in this episode of the PFP Section podcast. He discusses the following: What legacy is, why it's so important, and why it's not optional Understanding the difference between the default, political, and organic legacies How to guide your clients to discover meaning, purpose, and legacy A client example where Jean-Luc illustrates how to have this conversation The enormous amount of research behind the benefits of reflecting on life How to integrate legacy planning into your work with clients Email us for the list of resources mentioned during the podcast. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Proper insurance planning is one of the most overlooked areas of personal financial planning. In part 1 of this PFP Section podcast series, experts Lee Slavutin, MD, CLU, and Marty Shenkman, CPA/PFS, JD, LLM share planning details you will want to know, including: Buying the adequate amount of life insurance Using whole life insurance as a way to save, to diversify client portfolios, and to protect assets How to protect against a fraudulent conveyance Buying insurance from highly rated companies Making sure disability insurance needs are not overlooked For more resources related to this episode: Find our life insurance summary and review roadmap and other PFP Section resources. Check out the AICPA's Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

PFP Executive Committee (PFP EC) chair, Brooke Salvini, CPA/PFS, and PFS Credential Committee (PFS CC) chair, Oscar Vives, kick off the New Year in this episode of the PFP Section podcast. They answer the following questions: What did you learn in 2023 that was meaningful to you personally and professionally? What were the PFS CC and PFP EC milestones in 2023? What is the PFP Division celebrating in 2024? What are the focus areas for the committees in 2024? What is your favorite PFP Section resource? What are you looking forward to personally and professionally in 2024? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Join your AICPA PFP community at the next PFP Summit in Austin, TX January 15th through 18th. Learn more about the PFP certificate program, the PFS experienced track, and PFS Live! Apply to become a PFP Champion. Join the emerging leaders Slack channel. Save the date for ENGAGE PFP and Creating Your CPA Financial Planning Practice Workshop. Download the latest Adviser's Guide to Financial & Estate Planning and find other PFP Section benefits. Hear more about the PFP Division history and 2024 milestones in our history and future podcast part 1 and part 2. Listen to the Deeper CPA financial planner connections series to hear success stories from other members in your PFP community. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Jim Shambo is one of the pioneers of the CPA financial planning profession, the PFP Section, and the PFS Credential. He has a lot of insight to offer on many topics that can be useful takeaways for listeners. In this episode of the Deeper CPA financial planner connections PFP podcast, Lyle Benson facilitates a discussion with Jim to share the highlights of his story. The conversation includes the following topics: How Jim decided to focus on personal financial planning after beginning his career in tax How Jim and a few of his peers laid the foundation for what we have today with the PFP Section and the PFS credential What Jim learned in college that led to his success in his firm, in his service for clients, and as a volunteer for AICPA What approach Jim takes with investing and how his relationship with Vanguard's John Bogle influenced him How Jim planned for a successful retirement and sale of his business How using the creative side of his brain has been Jim's secret to a life well lived Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. Save the date for How to build your CPA financial planning practice workshop in advance of ENGAGE on June 2nd. Save the date for PFS Live! (registration coming soon) in advance of ENGAGE on June 2nd. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Ed Slott, CPA, and Bob Keebler, CPA/PFS, discuss the complicated inherited IRA RMD rules and what is required in 2023 and 2024 in this episode of the PFP Section podcast. Ed and Bob provide clarity in the following areas: An easy formula to use to get clear on all of the elements that need to be considered The only scenario in which penalty relief is available when the RMD is not taken Who must take RMDs in years 1 through 9 under the 10-year rule and who can wait until year 10 When does the 5-year rule apply What happens when a ROTH IRA is inherited For more resources related to this episode: Check out Bob's IRA distribution flowcharts in the Proactive Planning Toolkit. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

150 million Americans live with chronic illness. And yet, disability and long-term care (LTC) insurance are often overlooked in planning with clients. In this episode of the PFP Section podcast, experts Lee Slavutin, MD, CLU and Marty Shenkman, CPA/PFS, JD, LLM share the most important considerations for client planning, including: What three riders are important to have on a disability insurance policy Why the exercise of determining the impact of disability on a family's finances is critical Why you need to reassess disability, life insurance, and LTC insurance as part of estate strategies being done ahead of the TCJA sunset Who benefits most from LTC and what are the types to consider The importance of considering the human side (aka emotional side) of planning with these decisions For more resources related to this episode: Check out the AICPA's Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

You can give your clients tremendous value by guiding them with their life insurance planning, even if you're not an insurance expert. In this episode of the PFP Section podcast, Ed Mendlowitz, CPA/PFS, interviews expert Lee Slavutin, MD, CLU to share strategies for businesses. Ed poses the following questions to Lee: What are the advantages of having life insurance in a qualified plan for a business owner? What specific rules do CPAs need to watch out for with key person insurance? Share more about the ins and outs of buy sell agreements that CPAs need to consider. Why does split dollar provide tremendous benefits for family business succession planning? For more resources related to this episode: Listen to Lee's podcast with David Kushner outlining the tax traps to beware of with life insurance planning. Listen to Lee's podcast with Ed Mendlowitz covering life insurance planning strategies for individuals. Use the Adviser's Guide to Financial & Estate Planning Volume 1 as a reference with respect to life insurance planning. Check out the AICPA's Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS. Review the PFP Section life insurance policy evaluation tools which includes a checklist for a life insurance policy checkup, issues to consider when evaluating replacing a life insurance policy, and more. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

This is part 2 of the PFP Section podcast that marks our CPA financial planning history and celebrates the journey of where we've been to take us into the future. We once again invited other AICPA volunteer leaders into the discussion to help us share our story. In this episode, Lyle Benson, CPA/PFS, Andrea Millar, CPA/PFS, and other CPA financial planners discuss: What are the investment adviser regulatory issues that CPAs need to understand? Why should we all consider embracing calling these services personal financial planning? The purpose behind The Statement on Standards in Personal Financial Planning Services and how this elevates CPAs Why having personal financial planning on the CPA exam will be a game changer? The education that supports the CPA way of providing these services What is the coach approach and why is it so crucial? What are the attributes you need to flourish into the future? What you get back by being involved in your CPA financial planning profession? Why we all need to come together to leave a legacy? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. The Statement on Standards in Personal Financial Planning Services. The CPA's guide to investment advisory business models and related decision chart and case study. The evolution of the CPA exam. The education created in the CPA way, including the fundamentals and the certificates. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

As with any profession, it's important to understand how we got to where we are today to take us into a successful future. In this 25th episode of the Deeper CPA Financial Planner Connections podcast series, Lyle Benson, CPA/PFS, and Andrea Millar, CPA/PFS discuss how the CPA financial profession got started and led to building a thriving community and resources from there. They also invited other AICPA volunteer leaders to this episode to share their perspectives. The conversation includes: How have CPAs played the role of trusted adviser to individuals since the creation of the accounting profession in 1887? How were personal financial planning services formalized within AICPA to provide robust resources for members? Why was it so important to create the PFP Section in 1986 and add the PFS credential in 1987? Why is the advanced PFP conference a critical aspect of the AICPA PFP community and their learning? Celebration of the incredible member volunteers who have gotten us to where we are and why passionate members are so crucial to our success We have laid a great foundation with the best of the best resources and learning, authoritative PFP standards, financial planning on the CPA exam, an incomparable community of committed professionals, to name a few. Where do we go from here? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Sid Kess was invited to be a part of this episode. Sadly, he passed away before the recording took place. Sid prepared this dictation, graciously shared by his children, in preparation for the podcast. He focuses on the importance of a holistic approach in personal financial planning and how that also applies in the medical field. Learn more about the PFP Division history in our 25th anniversary celebration document. Listen to other episodes in this series. Save the date for ENGAGE 2024 where you will find the most technically advanced learning in personal financial planning, including tax, estate, retirement, risk management, and investment planning. Save the date for How to create your CPA personal financial planning practice at ENGAGE on June 2nd (for CPAs who need guidance on building their financial planning practice) Save the date for PFS Live! at ENGAGE on June 2nd (for experienced CPA financial planners who qualify for the experienced PFS track) This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

In July, California Governor Newsome signed legislation that disallows the incomplete gift non-grantor trusts (INGs) as a way to avoid CA state tax income. The law is retroactive to January 1, 2023. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews CA attorney, Kirsten Wolff, to guide CPAs on how to proactively plan with this new legislation. Bob poses the following questions to Kirsten: Do all ING trusts now trigger CA tax? Say more about the exception for charitable trusts. What types of trusts are not impacted by the new legislation? How do the throwback rules apply? How should CPAs plan for their CA clients who had ING trusts that received income or incurred capital gain before the law took effect? What should be done with ING trusts as a result of the new rules? For more resources related to this episode: Tune in to Steve Oshins and Bob Keebler as they dive deeper into the CA ING trust issue. Find Bob's decisions charts in our Proactive Planning Toolkit. Find Steve Oshins decision charts. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

You can give your clients tremendous value by guiding them with their life insurance planning, even if you're not an insurance expert. In this episode of the PFP Section podcast, Ed Mendlowitz, CPA/PFS, interviews expert Lee Slavutin, MD, CLU to share strategies to consider for your individual clients. Ed poses the following questions to Lee: What strategies would you recommend to make use of the lifetime exemption before the sunset at the end of 2025? Why is doing an insurance audit a great service to provide for your clients at all wealth levels? What are the benefits of a life insurance trust and how do crummy powers play into this? When are split dollar policies allowed, why use them, and who do they benefit? What are some ways to meet charitable goals through life insurance planning? For more resources related to this episode: Listen to Lee's podcast with David Kushner outlining the tax traps to beware of with life insurance planning. Use the Adviser's Guide to Financial & Estate Planning Volume 1 as a reference with respect to life insurance planning. Check out the AICPA's Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

IRC Sections 1202 and 1045 are becoming more popular in recent years due to the tax favorability and private investing being more attractive overall. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews experts Caleb Powers and William Beckett to refresh us on what this is all about. They discuss: What are the criteria to qualify? How do you receive IRC Section 1202 treatment? What happens if you don't hold the QSBS for 5 years? How does IRC Section 1045 come into play? What should employees with 1202 stock options do? How does this apply to estate planning? For more resources related to this episode: Find Bob's decisions charts in our Proactive Planning Toolkit. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Sarah Bradley, CPA/PFS, took a leap from being an employee to being a first-time business owner practicing in tax compliance and personal financial planning. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, facilitates Sarah to share her story so that you can benefit from her experiences. They discuss: How Sarah made her way to her current role as partner in a CPA financial planning firm How she decided to go from employee to business owner and to a very different role in her work What armed her with the ability to make such a bold decision and build the skills needed What got her through a pandemic the first year in business and a partner diagnosed with brain cancer in the fourth How her firm decided their service offering, including not to provide investment advice How she manages time for financial planning in the face of tax compliance deadlines How coaching and mentoring has supported her along the way What she sees for the future of CPAs in financial planning Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. Save the date for the How to build your CPA financial planning practice workshop in advance of ENGAGE on June 2nd. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

We often hear about the soft side of planning. As Lisa Featherngill, CPA/PFS, shares in this episode of the PFP Section podcast, this is really the hard side of planning. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Lisa to get her thoughts on how to have important conversations that lead to whether the quantitative side of planning will be successful or not. The stakes are high and it's important to guide clients to communicate in a way that gets underneath the numbers to the meaning of the wealth. Lisa and Bob discuss: What is the qualitative side of planning? What is the number one reason why families lose control of assets and family unity by the third generation? What can we do to encourage clients to have these conversations? Are there tools that can be used to make it more comfortable for advisors and clients? What gets in the way of having these important discussions and how can we overcome this? What does all of this have to do with AI? For more resources related to this episode: Join the January 2024 PFP Summit where we dive deeper into the soft (aka hard) side of planning for ourselves, our clients, and our businesses. The books mentioned by Lisa are Preparing Heirs: Five Steps to a Successful Transition by Roy Williams and Vic Preisser, Strangers in Paradise by James Grubman, and Bridging Generations by Roy Williams and Amy Castoro. Find Bob's decisions charts in our Proactive Planning Toolkit. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Investors have regained interest in investing in bonds in this higher interest rate environment. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Mark Fichtenbaum, JD, LLM, to guide CPA financial planners on how to give rise to interest like income while paying long term capital gain rates. They discuss: · How to create the economic equivalent of interest income using option strategies · The after-tax benefits of using option strategies versus investing in assets that create ordinary interest income · How to structure the option transaction to create a higher after-tax return in a safe and low risk way · The best scenario of using this strategy when you have clients with capital loss carry forwards · When this strategy may not make sense For more resources related to this episode, access: · Use the slide deck to follow along with the discussion. The Proactive Planning Toolkit, exclusive to PFP Section members. Join Bob Keebler for his year-end planning webcast on October 30th and November 13th. CPE for this webcast is included with your PFP Section membership. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Lisa Featherngill, CPA/PFS, is on a mission to make sure the qualitative side of planning gets as much emphasis as the quantitative aspects. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, facilitates Lisa to share her wisdom so that you can benefit from her experiences. They discuss: How Lisa took the leap from providing tax and financial planning services in a CPA firm environment to joining a large bank What her mom shared with her that helped her make a hard career decision Why her current role is the capstone of her career, bringing all of her experiences together Her passion for helping her family clients be successful by communicating well, especially in the estate planning area The critical role that CPA financial planners play on a team of advisors How she wants to take her knowledge of planning for the HNW to help those with lesser wealth What she sees for the future of financial planning Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. Use Broadridge Advisor to make complex topics simple for your clients. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by theCPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Women control 1/3rd of the total US household financial assets of 11 trillion dollars and they make up 47% of the workforce. And yet many don't seek the financial advice they need to gain peace of mind for their financial futures. In this episode of the PFP Section podcast, Debbie Taylor, CPA/PFS, shares her experience working with women clients and what she has learned about their needs to best serve them. Debbie discusses the following topics: What are the financial challenges that women face? Tell us the good news about women and their finances. What do women want most from their advisor? How can CPA financial planners better serve their existing women clients? How can we reach the women who need an advisor? For more resources related to this episode, access: Use the resources in Broadridge Advisor's Women's Resource Center to connect with your clients. Register for an upcoming webcast on Women & Wealth This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Effective for 2023, Massachusetts taxpayers are now subject to a new surcharge of 4% of income over one million dollars. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Jonathan Blattmachr JD to guide CPA financial planners on the new surcharge. Who is impacted by the new surcharge? How is the new surcharge calculated? Considerations of changing domicile to avoid the new surcharge. How residents can file and structure income to reduce surcharge. How using some trust structures could help reduce the surcharge. For more resources related to this episode, access: Podcast: The tax and legal aspects of trust situs Guide: The adviser's guide to financial & estate planning: Volume 1 CPE: Trusts and estate planning documents CPE: Integrating estate planning with the tax and financial plan This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

CA recently passed legislation disallowing ING trusts by treating them as grantor trusts for state purposes retroactive to January 1, 2023. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Steve Oshins, JD, LLM, to guide CPA financial planners on how to rectify this situation. They discuss: What are ING trusts and why are they used in planning for clients? What does the CA legislation allow and not allow going forward? How to pivot to a different technique that still allows for impactful results? Planning opportunities that may be being missed in NY where INGs were disallowed beginning in 2014. What needs to be done now? For more resources related to this episode, access: The Proactive Planning Toolkit, exclusive to PFP Section members This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

There are many professionals involved with clients and their tax, retirement, estate, insurance, and investment planning. In the case of life insurance, it's important to be on the lookout for tax traps before it's too late. In this episode of the PFP Section podcast, David Kushner, CPA, interviews expert Lee Slavutin, MD, CLU to inform us of the issues we need to know. They discuss: The 3 situations in which life insurance premiums are tax deductible and have little risks of being challenged. What is the estate and income tax impact when an individual with a retirement plan that holds their insurance policy passes away? What unintended consequences can happen when clients move policies around and change ownership? The 2 things you need to find out before clients get involved in a 1035 exchange. Valuation issues that arise when gifting a policy. For more resources related to this episode: Use the Adviser's Guide to Financial & Estate Planning Volume 1 as a reference with respect to life insurance planning. Check out the AICPA's Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Tom Trainor is a CPA financial planner in Canada who has given a lot of volunteer time to the AICPA PFP Division. Tom talks about how collaborating with his peers in this community has kept his practice on the cutting edge. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, facilitates Tom to share his wisdom so that you can benefit from his experiences. They discuss: The different on ramps that Tom has taken to land with his own family office How Tom uses technology to keep his firm running smoothly with only 3 owners and employees The differences and similarities between financial planning in Canada, in the US, and in other countries How Tom leads with financial planning to inform all else like estate planning, risk management, and investment planning The way that Tom incorporates human capital into his planning Tom's view that volunteer time is research for his business Tom's take on the future of the profession and more Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

On July 14, 2023, the IRS released notice 2023-54 which provides for relief for RMDs in two circumstances. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares what you need to know, including: If your client mistakenly took a required minimum distribution in 2023 based on SECURE but they could have waited until 2024 based on SECURE 2.0, they have until September 30th to repatriate the RMD without penalty. Relief via IRS notice 2022-53 has been extended into 2023. Beneficiaries subject to the 10-year rule will not need to take RMDs until the IRS releases final regulations providing more clarity on what is required. Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Share the update with your clients with this Broadridge Advisor Alert, included with AICPA PFP Section membership. Learn more on the latest proposals and regulations in the audio section of the Proactive Planning Toolkit. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

If you believe it is a good idea to hold even a small amount of Bitcoin, the next step is to educate your clients and decide on the strategy that will have the best chance for success. In this episode of the PFP Section podcast, David Oransky, CPA/PFS, shares how he approaches this with his clients. Mark Astrinos, CPA/PFS, poses the following questions to David: How to you respond to criticism of Bitcoin from other advisors? What is your approach with clients to include Bitcoin in their portfolio? How do you explain that Bitcoin is money versus a traditional investment that produces cashflow? Why are retirees most at risk if Bitcoin is successful long term (and they haven't allocated a portion of their portfolio to Bitcoin)? How do you assuage fears given the volatility of Bitcoin? Should advisors be worried about compliance regulation or lack thereof? Where can listeners go to learn more? For more resources related to this episode: Tune in to the first episode and second episode in this series. Listen to David's in-depth webcast on Bitcoin and access the related slides. Check out the various books to learn more that David mentions at the end of this episode. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

If you have clients who are contemplating Roth conversions who may also want to take advantage of clean vehicle credits and ACA premium credits, make sure to run the numbers so that you minimize their tax bill. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Martin James, CPA/PFS, so that you can learn more about these scenarios. They discuss: · How the clean vehicle energy and ACA premium credits work · How you can save your clients from missing out on thousands of dollars in clean energy vehicle credits · What to think about with early retirees who want to pay the least amount of insurance premiums before Medicare kicks in Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit https://pfplanning.libsyn.com/pfp to access show notes with direct links. · The Adviser's Guide to Financial & Estate Planning · The Proactive Planning Toolkit This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Ellen Bruno is a CPA/PFS who has taken a career path that puts her in the seat of serving financial planners who are registered investment advisers. Her experience has always tied closely to money management beginning with her first role out of university with PwC. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, guides Ellen to share how she created her remote firm with 11 employees and words of wisdom about compliance in the RIA world. Ellen answers the following questions: What made you take the leap of faith to begin your own firm 18 years ago? How have you been successful running a business with 11 employees that is 100% remote? What advice do you have for CPAs contemplating providing investment advisory services and intimated by the compliance area? What should CPAs watch out for who are shifting from traditional practice to becoming an RIA? How do you guide CPA RIAs who are fearful of having an SEC audit? What do you see for the future of CPA financial planners in the RIA world? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Be on the look out for the Building Your PFP Business workshop registration link coming to ENGAGE 2024. If you are contemplating adding investment advisory services to your practice or if you want to make sure you're not crossing the line and need to register, read the CPA's Guide to Investment Advisory Business Models. Ellen consulted on the writing of this guide. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

In part 2 of this series, you'll learn about the history of money and how that relates to the likelihood of Bitcoin becoming the future of money. In this episode of the PFP Section podcast, David Oransky, CPA/PFS, shares his knowledge based on his deep dive into understanding Bitcoin. Mark Astrinos, CPA/PFS, poses the following questions to David: What is the history of money? Compare and contrast Gold and Bitcoin. What gives Bitcoin its value and what makes it the perfect money? What will it take to get people to take Bitcoin seriously? How do we assuage concerns of not being centralized or regulated? How does Bitcoin benefit humanity? For more resources related to this episode: Tune in to the first episode in this series. Listen to David's in-depth webcast on Bitcoin and access the related slides. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

David Oransky, CPA/PFS, believes that if you don't allocate a small allocation of your assets to Bitcoin as a hedge, you may be exposing yourself and your clients to a significant risk. In this episode of the PFP Section podcast, Mark Astrinos, CPA/PFS, interviews David Oransky, CPA/PFS, to get his wisdom on what we should know about Bitcoin. David takes a conservative approach to planning, so he was skeptical at first and was not an early adopter. However, after a deep dive to learn more, he discovered that his preconceived notions didn't pan out. David answers the following questions: How do you explain what Bitcoin is to CPAs and other advisors? How do you talk to your clients in a way that they understand and what is their response? Tell us your journey that got you to the point of trusting Bitcoin. Why do CPA financial planners and other advisors need to care about this and pay attention now? What is the risk to waiting? Why do you think it's important that your retiree clients have a small portion of their wealth allocated to Bitcoin? How does Bitcoin play into the larger issues we're facing now like US and global debt at an all-time high, the banking crisis, inflation, and geopolitical concerns? How is Bitcoin different than other cryptocurrencies? What is your prediction for the future of Bitcoin? For more resources related to this episode, listen to David's in-depth webcast on Bitcoin and access the related slides. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

There has never been a better time to focus on tax planning services to give clients high value. Integrating this with financial planning and investment management is even better. In this episode of the PFP Section podcast, Andrea Millar, RLP®, CPA/PFS, interviews Debbie Taylor, CPA/PFS, JD, to get her take on how to deliver the services that will make the largest impact for clients while also giving you high satisfaction. They discuss: What's so important about identifying a target market/niche? How should advisors think about the services they offer and how to position these to clients? What are the downsides to not including investment management in your offerings? What are the services that should be delivered to pre-retirees? What are the "Five Tax Gotchas?" Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Use the Guide to Financial & Estate Planning to guide the advanced planning conversations with clients. Register for the August 1st webcast with Steve Siegel to get a head start on planning ahead of the sunset. Free CPE is included for PFP Section members. Find resources to build your tax and financial planning advisory services. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Clark Blackman started out in tax, moved into financial planning, and eventually honed his expertise in investment advice. He was very likely the first CPA who had a client pay their fees based on assets under management rather than hourly or retainer fees. His experience in large CPA firms paved the way to finally open his own wealth management firm in 2006 where he now works alongside his wife and son. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Clark to learn more about his journey and nuggets of wisdom. Clark answers the following questions: How did you create the successful wealth management firm you have today? Why do you believe the AUM model is the best for your clients? What makes CPAs so well qualified to provide these services? What is most rewarding about your work with clients and how do you structure your day to have as much time for clients as possible? How has volunteering for the AICPA PFP Division enhanced your life and what do you recommend to others who want to have a good volunteer experience? What does the future of the CPA financial planning profession hold and what should we be worried about down the road? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Read the beautifully and simply written AICPA Statement on Standards in Personal Financial Planning Services. These standards came to life under Clark's leadership as chair of the AICPA PFP Executive Committee. They lay out a framework for CPAs to provide financial planning advice in the highest professional manner. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Services like tax compliance and investment management are becoming commoditized. In this episode of the PFP Section podcast, Andrea Millar, RLP®, CPA/PFS, interviews Debbie Taylor, CPA/PFS, JD, to get her take on how to deliver the services that will make the largest impact for clients. They discuss: How do advisors add value beyond basic tax compliance and investment management? What is the breadth of services that clients expect? Are those services actually being delivered? What is the "client value ladder"? How can technology advancements help with adding value? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Use the AICPA's Personal Finance Scorecard to broaden conversations with clients. Read the Technology for a Tax and Financial Planning Services Business Guide. Learn about the ratings of financial planning technology in the annual T3 survey results. Review the technology possibilities in the Financial Advisor Tech Solutions Map. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

The decision to wait until 70 to collect Social Security compared with starting as soon as possible is not as straight forward as it may seem. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS interviews expert Ted Sarenski, CPA/PFS to gain more insight into how to guide clients forward. They discuss: What are the factors that need to be considered when making this decision The straightforward scenarios and when things get more complex Weighing the importance of winning the Social Security game or enjoying a comfortable retirement How do CPA financial planners' approach recommendations to be consistent and give their clients the best advice Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Read Ted's Guide to Social Security Planning. Hear Ted's recent webcast on this topic. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

SECURE 1.0 eliminated life expectancy distributions apart from eligible designated beneficiaries. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS provides a refresher of how the rules work and client examples to illustrate what needs to happen to maximize IRA wealth transfers. He shares: What happens in 90% of cases How the 10-year works before and after the required beginning date How to manage the 10-year rule from a mathematical perspective when RMDs are required Why every client scenario needs to be customized Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Guide to Financial & Estate Planning Proactive Planning Toolkit This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Portability allows a surviving spouse to add the exemption of the first spouse to die to their exemption for estate tax purposes. This happens automatically on a timely filed estate tax return unless intentionally electing out of portability. The nuances come in when you need to file an extension to give more time to see which strategy works best or when filing an estate tax return wasn't necessary at the time of the first to die. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, discusses: The four ways that you can carry out portability for your clients When it makes sense to extend the 706 return to buy more time What your surviving spouse client can do if within 5 years of their spouse passing away How to file for 9100-3 relief, if needed Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Guide to Financial & Estate Planning Proactive Planning Toolkit This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Dave Stolz started out as a music major and shifted to business and being a CPA along the way. His journey deeper into financial planning began when he lost his dad. This tragedy shifted his perspective on life and took him in a new direction. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Dave to learn how he created his financial planning practice and much more. Dave answers the following questions: How did you create the successful financial planning firm you have today? What did you do to shift tax clients to personal financial planning clients? What's most enjoyable in your day-to-day work? How did you end up specializing in divorce planning and writing a book? How are you designing a succession plan that is best for you, your colleagues, and your clients? What are your thoughts on PFS and the future of the CPA financial planning profession? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series. Join your AICPA PFP community at the next Advanced PFP Conference @ ENGAGE from June 5th through 8th, 2023. Register for the next Building Your PFP Business workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. You can attend in person or online. Register for the next PFS Live workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Bob Keebler, CPA/PFS, discusses the techniques that make the most sense when you have a client who wants to maximize the wealth transfer of their large IRA. Bob walks you through the considerations in the following areas in this episode of the PFP Section podcast. The payout rules Roth conversions CRTs IRA relocation Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Use the Guide to Financial & Estate Planning as a reference library to research issues related to financial and estate planning. Find Bob Keebler's latest Roth conversion decision chart in the Proactive Planning Toolkit. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

As financial planners, we have deep technical knowledge. It's a gift to take that expertise and deliver it in a way that simplifies concepts and ties back to what is most meaningful for your clients. In this episode of the PFP Section podcast, Andrea Millar, CPA/PFS, interviews Christine Moriarty to get her take on how to reduce overwhelm for clients. They discuss: How to be a thinking partner with your clients How to get clients to open up and share their biggest concerns and hidden agendas What can help clients be willing to share their values, goals, and desires What are some ways to reduce overwhelm when it comes to money management and taking steps forward Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to relevant episodes such as: Deeper CPA Financial Planner Connections with Dr. Haesun Moon Understanding the Human Side of Life Transitions with Susan Bradley How to Guide Clients Towards Their Preferred Futures with Dr. Moon This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

If you are approached by clients or other advisors who think it makes sense to move money from an IRA to a life insurance policy, take a look before you throw out the idea. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares situations and considerations where this strategy may be prudent. He discusses: Why it works best for clients with a federal and state estate tax Other factors that make this worthwhile such as tax arbitrage and getting the life insurance out of the estate The importance of the policy being designed correctly and shopping around to get the best ROI Client examples to illustrate when this strategy works Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Review Bob Keebler's latest decision charts in the Proactive Planning Toolkit, including the Roth conversion decision chart. Listen to Susan Bruno's podcast series on life insurance with other experts. Gain more expertise with the AICPA's Risk Management and Insurance Planning Certificate. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

In this special episode of Deeper CPA Financial Planner Connections, Dr. Haesun Moon is back by popular demand. In her fist podcast, she described her simple coaching model that can be used to have more effective conversations with clients and anyone you care about in your life. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Haesun to help you put her communication framework into practice. Dr. Moon answers the following questions: How do we integrate the 4-quadrant model in practice? How does listening for what's the matter point us to what matters most to the client? What key insights have you taken away from listening to 1000s of coaching conversations? How can we have empathy for the client while also keeping focused on what they want most? What's the difference between coaching and consulting? How can tiny nuances in words have a huge impact? Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to Dr. Moon's first episode, How to guide clients towards their preferred futures. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.

Best practices on how to view Roth conversions has shifted now that SECURE 2.0 has changed the age for required minimum distributions up to age 75 beginning in 2033. In this episode of the PFP Section podcast, Bob guides you with what to be thinking about as you make decisions with your clients this year, including: Tax brackets, outside funds to pay the tax on the conversion, and deferral have always been the main factors in deciding whether converting to Roth makes sense When looking at the brackets and tax rates in the year of conversion versus the year of withdrawal, look through the eyes of the married couple, the surviving spouse, and the children Understand the charitable intent of your clients and what they have that will offset the conversion income How the SECURE Act, estate taxes, GST, and special needs trusts impact decision making Access resources related to this podcast: Note: If you're using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Review Bob Keebler's latest decision charts in the Proactive Planning Toolkit, including the Roth conversion decision chart. Check out Ross Riskin's chart, Visualizing Roth changes from SECURE 2.0. This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.