AICPA Personal Financial Planning (PFP)

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.

Spouses receive the best deal when it comes to being an eligible designated beneficiary. There are three options for what can be done when a spouse inherits an IRA from their deceased spouse. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Natalie Choate, Esq., to discuss the choices so that you can implement the most effective strategy for your clients.  They discuss: The three options and which is the best route The better deal that spouses receive as eligible designated beneficiaries When it makes sense to deviate from the best route 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.  Make use materials in the Proactive Planning Toolkit. Don’t miss Bob’s free CPE year end planning webcast, included with PFP Section membership. Read Natalie’s free download of Estate Planning for Retirement Benefits Under SECURE and Proposed Treasury Regulations. 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.

Many professionals haven’t gone through a period of high inflation like we’re experiencing now. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Wade Pfau, PhD, CFA, to get you up to speed with what to be thinking about for your clients nearing and in retirement. Wade answers the following questions: Why is investing for retirement different from pre-retirement? How do risks change in retirement? What is the difference between investment risk and sequence of returns risk? What is the idea behind a "safe withdrawal rate"? Is the 4% rule a useful guideline for retirees? What is the impact of low interest rates and high market valuation levels on withdrawal rates? What is the impact of higher inflation on safe withdrawal rates? 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 the Proactive Planning Toolkit. Don’t miss Bob’s year end planning webcast, included with 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.

Business owners can accumulate significant wealth by making use of a combination of defined benefit and defined contribution plans. In this PFP Section podcast, Bob Keebler, CPA/PFS, interviews actuarial expert Neil Shore. Neil provides insight into the most effective way to help your business owner clients build their retirement nest egg. Neil responds to the following questions: What are the advantages for the business to sponsor a qualified retirement plan? What are the possibilities when you combine a defined contribution and defined benefit plan? Should the costs of these plans give a business owner pause? How do you choose a qualified service provider? 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 the Proactive Planning Toolkit. Don’t miss Bob’s year end planning webcast, included with 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.

Too often estate planning is done without careful consideration for the surviving spouse. This can lead to unintended consequences that may be very damaging. In this episode of the PFP Section podcast, Paul Hood, JD, LLM, provides pointers that will support CPA financial planners to work effectively with attorneys to protect the long-term best interest of the surviving spouse. Paul discusses: What to pay special attention to that is often missed in planning for the surviving spouse How to make sure the surviving spouse has a solid plan that provides peace of mind Using disclaimers and other tax and estate planning tips 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.  Article: The “Disclaimer” Trust: An Ideal Plan for the Medium Size Estate In-Depth Practice Guide: Guide to Financial & 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 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 have heard often in this podcast series, Lori Luck, CPA/PFS, didn’t take a straight path to becoming a CPA financial planner. Though the knowledge and skills she learned along the way developed her into a CPA financial planner who has clients for life. In this episode of the PFP Section podcast guided by Lyle Benson, CPA/PFS, Lori shares her story and her wisdom by answering the following questions: Why do the business, finance, and tax skills of CPAs make them strong personal financial planners? How did your own life events play a role in becoming a financial planner? How do you offer the full scope of needs for your clients from tax compliance to investment management and all in between? What is AICPA doing to make sure students know about this career path and serve CPA financial planners throughout their career journey? What is 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 http://pfplanning.libsyn.com/ to access show notes with direct links.  Learn about the pathways to the CPA Personal Financial Specialist Credential. Make use of the resources in the AICPA Personal Financial Planning Section. Check out the blueprint for the new CPA exam which includes personal financial planning. Submit feedback by September 30th. Save the dates for PFP Summit taking place in Austin, TX from January 30th through February 1st. Save the dates for the advanced PFP conference at AICPA ENGAGE at the Aria in Las Vegas from June 4th through 7th. To listen to more episodes in this series, visit here. 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.