AICPA Personal Financial Planning (PFP)

Figuring out health insurance for early retirees can be shrouded in confusion, frustration, and mystery. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, discusses options that are available for your clients. She answers the following questions: What are the options to cover the risks of health-related costs in early retirement? How do you uncover whether retiree healthcare is available through prior employment? What are the common misconceptions or overlooked areas with spousal coverage? Why should COBRA get a closer look? When are alternative coverage arrangements a good fit?  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 PFP/PFS exclusive Guide to Retirement & Elder Planning: Healthcare Coverage Hear more from Kelley and other top experts at the upcoming PFP conference at ENGAGE on June 6th through 8th (attend in person or virtually) 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.

With the SECURE Act’s 10-year payout rule, it becomes more important to understand how income flows from IRA to trust to beneficiary and the surprising consequences that may arise. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Jere Doyle, JD, LLM. Jere responds to these questions: From a fiduciary standpoint, what happens when an IRA is payable to a trust? What unintended results can happen when a QTIP or conduit QTIP is in place? Why is flowcharting and spreadsheeting how the estate plan will pay out so crucial to planning? How can separately managed accounts get around the fiduciary accounting income allocation rules? What changes when paying out from a Roth IRA to a trust?  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 PFP/PFS exclusive Proactive Planning Toolkit to get Bob’s 2022 planning decision charts. Hear more from Bob, Jere, and other top experts at the upcoming Advanced PFP, Advanced Estate Planning, and Advanced Tax Strategies for High Income Individuals Conferences at ENGAGE in June (attend in person or virtually). 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.

Ted Sarenski is in a sweet spot of life where he is doing what he loves most at work and has reaped the benefits of the relationships and business he created.  He shares his story in this new podcast series hosted by Lyle Benson, CPA/PFS.  Ted discusses: How he went from doing small firm accounting and tax work to owning a financial planning business that serves the everyday client. What he did to find a successor that aligned with his values and priorities. His advice for those who want to create a firm like his. How he became a Social Security expert and used media to gain awareness for his business. How the Advanced PFP Conference, PFP Section, and PFS credential shaped his career. His thoughts on the future of tax and 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.  Visit the landing page for Deeper CPA Financial Planner Connections to find other episodes in this series. Register for the Building a Tax and Financial Planning Workshop at ENGAGE or online on June 4th and 5th. For those who meet the requirements of the CPA/PFS experienced track, you can attend the PFS Live! Workshop on June 4th and 5th. Join your community of CPA financial planners at the Advanced PFP Conference at ENGAGE on June 6th through 8th. Access Ted’s Adviser’s Guide to Social Security 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.

During tax season, the IRS released SECURE Act proposed regulations that came with some surprises and made calculating RMDs more complicated. In this episode of the PFP Section podcast, Bob Keebler interviews Ed Slott to get you up to speed on the latest. They discuss: What’s important for CPA financial planners to know about these new regulations How the IRS’s at least as rapidly rule has thrown a hitch in calculating RMDs Why the new rules make Roth IRAs more beneficial What to know about spouses and minor children beneficiaries Nuances such as the ghost life expectancy rule and hypothetical RMDs  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.  Dive deeper into this topic with Bob Keebler on May 2nd or May 17th by registering for his webcast, How the 2022 SECURE Act proposed regulations will impact your clients. Tune in to other recent podcasts on SECURE including The ins and outs of the new SECURE Act proposed regulations and How SECURE 2.0 will impact 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.

The term legacy can come across as vague and intimidating. Often it is associated with assets left behind at death. In this episode of the PFP Section podcast, expert Susan Turnbull sheds light on the broader way to view legacy that will support your clients to get in touch with the difference they want to make in the lives of others now and later. Getting clear on these desires will help you to create a more targeted financial plan while also having meaningful conversations with your clients. Susan answers the following questions: What does legacy mean to you? Why is it important for advisors to talk with their clients about their vision for their legacy? What are some ways to approach this discussion with clients? What is a legacy letter or ethical will and how can advisors use this with 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 creating ethical wills and legacy letters in Susan’s webcast on May 3rd and May 16th, Discover how to have impactful legacy conversations. If you’re interested in resources to have these discussions with clients, visit Susan’s website. 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.

Cryptocurrency has drawn attention in 2022 with super bowl ads, President Biden’s executive order, and its role in the conflict between Russia and Ukraine. In this episode of the PFP Section podcast, Ryan Firth, CPA/PFS, shares how you can add value for your clients who are interested investing in or learning more about virtual currency. Ryan covers: Tax planning and preparation issues to be aware of, including where you can add your expertise and gray areas that will need your professional judgment to resolve What you need to consider if you decide to provide crypto investment planning advice to clients The options for helping clients gain access to cryptocurrencies and the importance of keeping an inventory  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. If you’re interested in learning more, explore the AICPA Blockchain Fundamentals 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 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.

HR 2954, also known as the Securing a Strong Retirement Act, passed the House on March 29th and is now waiting on a vote from the Senate. Bob Keebler, CPA/PFS, shares the sections most pertinent to CPA financial planners in this episode of the PFP Section podcast, including but not limited to: Section 106 increases the required minimum distribution (RMD) age to 73 beginning on January 1, 2023 and continues to increase the age to 75 by January 1, 2033. Section 108 increases IRA contribution limits for those age 62 through 64 to $10,000 after December 31, 2023. Sections 201 and 202 remove RMD barriers for life annuities and qualifying longevity annuity contracts. Section 601 allows SIMPLE and SEP IRA plans to accept Roth IRA contributions after December 31, 2022. Various sections provide relief for prohibited transactions, excess contributions, and RMD violations.  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.  Read a Journal of Accountancy article on this topic. Register for Bob Keebler’s AICPA webcast on May 2nd and May 17th, How the 2022 SECURE Act and SECURE 2.0 proposed regulations will impact your clients. Registration will be available soon. Use the Proactive Planning Toolkit audio learning to keep up with the latest and to access Bob’s 2022 planning 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 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.

If you have clients who typically donate between 10k and 50k to charity each year, they may be ideal candidates for the reversionary grantor CLAT (aka simplified CLAT). This planning solution works best in a low interest rate environment.  In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, Rick Peck, and Brad Gornto discuss: What is a reversionary grantor CLAT and how does it work? Who benefits most from this strategy? What are the tax and other advantages of this technique? An example with a client who has a spike in income related to a Roth conversion  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.  Use Broadridge Advisor’s CLAT case study, included with PFP/PFS membership, to explain how a CLAT works. Read the Adviser’s Guide to Financial & Estate Planning and use this as a reference guide as you advise 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 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.

On March 28, 2022, the Biden Administration released their 2023 fiscal year budget. The suggested tax reforms give you a heads up on what may be coming so that you and your clients aren’t blindsided and can plan ahead in 2022.  In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares the proposals relevant to CPA financial planners, including: Higher marginal tax rates for high income earners Capital gains taxed at ordinary rates when 1M or greater for MFJ Transfers of appreciated assets by gift or at death taxed as realization events An additional tax for taxpayers with net worth greater than 100M The inability to create a trust that includes GST exemptions for more than 2 generations Limit the use of DAFs to avoid private foundation payouts End the use of GRATs and IDGTs And much more  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 2022 planning decision charts based on current law and audio learning to plan ahead for what may be coming in the Proactive Planning Toolkit. Read the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals. 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.

Beth Gamel, CPA/PFS, has had many wonderful experiences over her 30+ year career as a CPA financial planner. Among other challenges, she was one of the first CPAs to add investment management to her offerings and she had to build her firm from the ground up. She shares her story and the lessons she learned along the way in this new podcast series hosted by Lyle Benson, CPA/PFS.  Beth discusses: How she created a successful retirement transition, financially and psychologically What she did to attract clients in the early days What she learned through the volatile investment markets that applies to today How she mentored her staff to be able to serve the complex HNW clients What the AICPA PFP community has meant for her success and her friendships  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.  Visit the landing page for Deeper CPA Financial Planner Connections to find other episodes in this series. Use the AICPA PFP Section to help you help your clients by visting us here. If you have questions, contact the PFP team at financialplanning@aicpa.org. Connect with your community of peers at the PFP conference at ENGAGEand at the pre-conference workshop. 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.