AICPA Personal Financial Planning (PFP)

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.

Clients who have large IRAs and are charitably inclined may benefit from making a qualified charitable distribution (QCD) or naming a charity as the beneficiary of their IRA. In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, and Rick Peck, ChFC, discuss how to approach these opportunities with clients. They share: What QCDs are, how they work, and the tax benefits The clients who are best suited to use this strategy The options for setting up endowments or scholarship funds with a QCD Tips for making QCD and beneficiary designations seamless with charities 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.  Distribute this concept piece on charitable contributions from IRAs to your clients to get ahead on this year-end planning strategy. Access the Guide to Financial & Estate Planning for more planning tips and techniques. 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.

There may be subconscious internal barriers to wealth that are getting in the way of the goals and lifestyle that your clients say they want most. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, helps you identify when these money stories have taken control and how to help your clients see the truth of the matter so they can shift their behavior. Kelley shares: The three most common money mindsets for those who work with CPA financial planners What to say and do to help your clients see and go beyond their limiting beliefs When you may need to give the opposite of traditional advice 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.  Podcast: How emotions affect financial decisions Upcoming webcast: Women, divorce and money August 16, 2022 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.

Where your clients choose to set up a trust can have significant tax and legal ramifications. There are nuances to consider whether you are involved in setting up new trusts for your clients or contemplating moving a trust to another state. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews attorney experts Jonathan Blattmachr and Richard Nenno to get their take on what CPAs and advisors need to be thinking about related to locating trusts. They answer the following questions? What are the laws of the various states? How does location of the trustee impact taxation? What factors are most important for creating a new trust or fixing an existing trust? How does location impact asset protection? 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 Proactive Planning Toolkit for 2022 planning decision charts and the latest leg/reg issues. Use the Guide to Financial & Estate Planning as a reference library for these issues 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 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.

Howard Safer, CPA/PFS, fell into financial planning when he worked for business owners who valued Howard’s ability to respond to personal finance questions and bring balance to their lives above all other services. He shares his story and nuggets of wisdom in this PFP Section podcast guided by Lyle Benson, CPA/PFS. Howard discusses: Why trust companies are a great platform for CPAs to provide these services How CPA tax professionals can provide value in the investment area Why tax expertise is second to none in being able to provide sound financial planning advice How he integrates lifestyle planning into his services and how this plays into 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.  Access the financial planning checklist to identify opportunities from your client’s tax return. Use the personal finance scorecard to have your clients rate themselves in the areas of financial 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.

Divorce is often extremely difficult for all parties involved. In this episode of the PFP Section podcast, Dave Stolz, CPA/PFS, shares how to support clients through this challenging time. He discusses: Lessons in divorce he learned by surveying his clients How to be with your clients during this emotional time Roles that CPAs can play and the conflicts to avoid Why this work is more fulfilling than you may imagine 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.  Register for Dave’s webcast Women, Divorce, and Money on August 16th or 29th (free with CPE for PFP/PFS members). Read Dave’s book Women, Divorce, and Money. 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.