AICPA Personal Financial Planning (PFP)

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.

401k plans offer sophisticated resources that your clients may not know about. These tools can supplement the advice that you offer so that your clients are best prepared for their future retirement. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, discusses who can benefit from the use of these tools and how they can help you in your practice. Kelley covers the ins and outs of: Auto escalators Investment education and guidance built into 401k platforms General financial wellness benefits 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.  Guide to practical retirement 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 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.

International and cross border financial implications are extremely complex. This is an area that likely requires speaking with other knowledgeable advisors before giving your clients recommendations and advice. In this episode of the PFP Section podcast, Global Financial Planning Institute Founder, Ashley Murphy, answers the following questions: What are the operational challenges facing advisors working with these types of clients? How does international planning differ from cross border planning? What financial issues are involved in each phase of the expat move? Where can financial planners go to get the help they need with these client questions? 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 the first episode in this series. Increase your knowledge in U.S. international tax with the AICPA certificate. Visit the GFP Institute to find referral sources or to pursue additional education. 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.

Experiencing hurricanes, fires, and other disasters is overwhelming. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews disaster expert Jerry Schreiber, CPA, to discuss how CPAs can best support their clients through these events.  Jerry answers the following questions: What defines a casualty or disaster loss? What are the primary authorities to figure out valuations, losses, etc.? How has the insurance market changed over the years with claims, premiums, and deductibles? How can CPAs best support clients facing a current or imminent disaster? 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.  Aftermath of a natural disaster checklist Dealing with catastrophic property loss Disasters and Financial Planning: A Guide for Preparedness and Recovery If you are personally affected by disasters of any kind, please consider applying for assistance through the AICPA Benevolent Fund. If you’d like to help fellow members in need, you can make a contribution here. The IRS has provided tax relief, including extended filing deadlines and dyed diesel penalty relief for taxpayers affected by Hurricane Ian; see the IRS’s Help for Victims of Hurricane Ian webpage for the latest updates. Additional information can be found on the IRS’s Tax Relief in Disaster Situations page and on the U.S. Small Business Administration’s Disaster Loan Assistance. 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.

Hurricanes Ian and Fiona and Typhoon Merbok are the latest natural disasters in the US to leave many people in a state of emergency. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews IRA expert Sarah Brenner, JD, to discuss the implications of taking withdrawals from IRAs during times of hardship.  They share: Is there penalty and tax relief for those who face financial hardship in natural disasters? What help can IRA owners expect from Congress and the IRS? How can people use their IRAs to help hurricane victims? 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.  Aftermath of a natural disaster checklist Dealing with catastrophic property loss Disasters and Financial Planning: A Guide for Preparedness and Recovery If you are personally affected by disasters of any kind, please consider applying for assistance through the AICPA Benevolent Fund. If you’d like to help fellow members in need, you can make a contribution here. The IRS has provided tax relief, including extended filing deadlines and dyed diesel penalty relief for taxpayers affected by Hurricane Ian; see the IRS’s Help for Victims of Hurricane Ian webpage for the latest updates. Additional information can be found on the IRS’s Tax Relief in Disaster Situations page and on the U.S. Small Business Administration’s Disaster Loan Assistance. 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.

David Oransky, CPA/PFS, took the leap to start his own financial planning firm from scratch at the age of 26. He has come a long way and shares his story and pearls of wisdom in this episode of the PFP Section podcast guided by Lyle Benson, CPA/PFS. David discusses: How he went from being an auditor in a big 4 firm to figuring out financial planning was the right path for him. What he did to evolve his firm intentionally over time from the clients he works with to how he bills for his services. Why he grounds his financial planning with life planning and how he developed these skills. How he merges his loves of the big picture with the nitty gritty and solving puzzles, all while applying this to clients to make it meaningful. What he found most surprising about the AICPA PFP community. His thoughts on Bitcoin, the future of the CPA financial planning profession, and what those starting out should focus on to be successful. 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.