AICPA Personal Financial Planning (PFP)

For the last 20 years, Mackey McNeill, CPA/PFS, has been working on building and delivering Prosper for Business. This life changing system has facilitated her clients to achieve the 3 freedoms of money. The methodology is relevant whether you are a CPA financial planner with your own practice or you are advising clients on their businesses.  In part 1 of this 4-part series, Mackey shares: How she went from having the largest CPA firm in her city to intentionally pulling it apart and redesigning her business What she learned about humans and change that helped her make a larger impact in the lives of her clients Why CPAs have an advantage over others when it comes to coaching The five rungs of the Prosperity Ladder The upside of open book management 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. To dive deeper on this topic, save February 7th as the date of Mackey’s webcast, The Prosperity Playbook: A Business Owner’s Journey to Time, Mind, and Money Freedom (registration coming soon!). Read the electronic version of The Prosperity Playbook. Review the Prosperity Ladder Access the Take Back Your Time mini course. 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.

Holiday season is a great time of year to discuss philanthropic intent with your clients. This brings together the year-end planning opportunity to maximize tax deductions and the time of year to have purposeful conversations with family on causes that matter. In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, and Rick Peck share ideas to consider with your clients as the end of the year approaches, including: A smarter way to give than writing checks Using a Donor Advised Fund (DAF) to receive the charitable deduction while also giving breathing room to make decisions on where to give Using charitable donation strategies to offset taxable income Connecting the private foundation to a DAF to make the 5% annual requirement more effective The philanthropic approach to minimizing tax on Roth conversions in a down market 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.  Chapter 5 on charitable giving in the Guide to Financial & Estate Planning Analysis of a tax return for financial planning opportunities checklist (includes a section on charitable giving) When a donor advised fund is right for your client An example of a scholarship fund How to direct a QCD that is an alternative to the DAF 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.

Clients have three years left to use the enhanced unified credit before it gets cut in half. Putting holistic techniques in place that consider tax, financial planning, and asset protection sooner rather than later will be important. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Marty Shenkman, CPA/PFS, JD, and Jonathan Blattmachr, JD, to get their thoughts on using SLATs and other strategies.  They answer the following questions: How do SLATs work? Why are SLATs and other techniques effective for clients who won’t be subject to the estate tax even when the unified credit is cut in half? Why is it important to mix and match techniques like SLATs, DAPTs, hybrid DAPTs, and SPATs to get the best results for your clients? What are the most critical considerations for making sure that your clients get the most access to these trust assets? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links. Access Steve Oshins estate and trust decision charts. Access Bob Keebler’s decision 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 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.

Mark Astrinos, CPA/PFS, has made some bold and scary moves in his career to land where he is now with his own financial planning firm. In this episode of the PFP Section podcast, Lyle Benson facilitates Mark to share his story and the wisdom he has gained. Mark discusses: Why and how he made moves from audit to tax to financial planning to business owner How he got clear on his vision for his life and work and made it happen What he did to move beyond the fear of putting everything on the line when he started his firm from scratch Why he decided to purchase another firm The value he brings to the table that differentiates him from other financial planners His thoughts on the AICPA PFP community and 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 https://pfplanning.libsyn.com/pfp to access show notes with direct links.  Listen to other episodes in this series. Join your AICPA PFP community at the next PFP Summit in Austin, TX on January 30th through February 1st, 2023. Save the date for the next Building Your PFP Business 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 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.

Interest from US donors to be philanthropic to causes overseas is picking up steam. This is often happening without the knowledge that there are ways to do this in a manner that incorporates due diligence and tax benefits.  In this episode of the PFP Section podcast, Jonathan Gassman, CPA/PFS, Rick Peck (NH Charitable Foundation), and Brooks Reid (CAF America) walk CPA advisors through what they need to be considering with their relevant clients. They answer the following questions: What are the 3 main considerations in cross border giving? How do you receive a tax deduction when donating outside the US? What due diligence needs to be done to make sure the charity is on the up and up? Are there resources to make this process more seamless for CPA advisors and their clients? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Learn more about CAF America and giving overseas. 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.

As we look to the results of the midterm election, it appears that we will have a divided government in 2023-2024 and we will need to carefully consider the impact on our clients.  Year-end planning could include tax loss harvesting for crypto, new energy provisions and investments, Roth conversions and filling up the 22% and 24% tax bracket.  We will also need to give careful consideration to the preparation for the sunset of the Tax Cuts and Jobs Act of 2017 regarding the federal gift and estate tax exclusion.  As you approach this with your clients, conversations and plans will need to be developed in preparation for the changes happening in 2026.  In this PFP Section podcast, Bob Keebler, CPA/PFS also addresses the following: What is going to happen to SECURE 2.0? Will the EARN Act pass? Will there be an Extenders package? Will there be an update to the 10% penalty connected to a corrective distribution? Will there be a change in the required beginning date (RBD)? Will there be changes to Substantially Equal Periodic Payment (SEPP) rules? Will there be changes to the grantor trust regulations? Will the Corporate Transparency Act be passed? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Learn more about this and other year-end planning strategies at Bob Keebler’s webcast on November 17th and 28th (free with CPE for PFP Section members). Find Bob’s decision charts in the Proactive Planning Toolkit, exclusive to AICPA 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 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.

QTIP trusts often allow the testator to have it all by having peace of mind that their surviving spouse will be cared for during their lifetime at the same time as passing assets to heirs of their choosing after the surviving spouse’s death.  In this episode of the PFP Section podcast, Paul Hood, JD, LLM, dives into planning for the surviving spouse. He discusses: The pros and cons of using a QTIP trust The difference between a gift tax and estate tax QTIP election Conflicts of interest that can arise between income and principal beneficiaries Alternatives to using QTIP trusts Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Access more on planning for surviving spouses in Guide to Financial & Estate Planning, updated in 2022. Listen to part one in Paul’s surviving spouse planning series. 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.

2022 has been a volatile year in the stock market. Year-end planning will undoubtedly include tax-loss harvesting to offset capital gains for many clients. As you approach this with your clients, it’s important to keep the wash sale rules in mind. In this PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Mark Fichtenbaum, CPA. Mark answers the following questions. What is the intent of the wash sale rules and what are some simple ways around this? How can you structure a transaction to keep the same position and realize a loss? How do these rules apply to cryptocurrency? What do planners need to watch out for with mutual fund capital gain dividends? What do planners need to think about related to clients who have passed in the last 15-20 months? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Learn more about this and other year-end planning strategies at Bob Keebler’s webcast on November 17th and 28th (free with CPE for PFP Section members). Find Bob’s decision charts in the Proactive Planning Toolkit, exclusive to AICPA 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 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

Mackey McNeill, CPA/PFS, has evolved from a business owner providing traditional accounting services to owning three companies to serve her business owner, business, and personal financial planning clients. She has also gone from running the businesses to handing that duty off and working part time to fulfill other areas of her life. In this episode of the PFP Section podcast, Lyle Benson facilitates Mackey to share her story and what she has learned along the way. Mackey talks about: How identifying her vision and her why for what she does has guided her decision making along the way What she does to holistically integrate all the needs for her clients with prosperity and intention as the common thread How she was able to prove that she didn’t need to run the business day to day The importance of living life from the inside out Her prediction 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 http://pfplanning.libsyn.com/ to access show notes with direct links.  Listen to other episodes in this series. Join your AICPA PFP community at the next PFP Summit in Austin, TX on January 30th through February 1st, 2023. Save the date for the next Building Your PFP Business 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 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.

Andrew Fisher, CPA, CFA, has had a long-held passion for international travel, culture, and business. He has made it his career to weave this together with his interest in finance. For twenty years he has been serving his private wealth clients in the niche of cross-border planning. He currently focuses on the community of foreign-born citizens who have moved to the US. In this episode of the PFP Section podcast, Andrew shares highlights of the six financial challenges to be aware of as you serve these clients. Optimal tax planning Saving strategies Real estate US immigration milestones Planning for cross border retirement Global estate planning Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit http://pfplanning.libsyn.com/ to access show notes with direct links.  Join Andrew at the upcoming AICPA Personal Financial Planning Summit as he leads a panel discussion on the benefits of having a niche. Register by October 31st to receive the lowest pricing. PFP/PFS members receive an additional discount. Read Andrew’s insights on cross-border planning tax complexities. Listen to a primer on international and cross border planning. Get ideas for how to support clients with international and cross border questions. 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.