AICPA Personal Financial Planning (PFP)

On April 27, 2022, the IRS released proposed regulations that provide further guidance to the anti-clawback regulations released in 2019. In this PFP Section podcast, Bob Keebler gets you back up to speed on what the 2019 regulations addressed and what you need to be mindful of with the 2022 regulations. He fills you in on how this new guidance applies to estate planning transfers such as notes, GRATs, GRITs, QPRTs, 2701 freezes, and transfers included in an estate. 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 the proposed regulations. Go deeper into estate planning strategies with the PFP/PFS exclusive Adviser’s 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.

Newly proposed actuarial tables were released on May 5th to value annuities, life estates, remainders, and reversions. To guide you in how this impacts current estate planning transactions, Bob Keebler interviews Larry Katzenstein and Vince Lackner in this episode of the PFP Section podcast.  They discuss: The estate planning strategies impacted by the new tables Planning that may make sense to do before the new tables go into effect When to use the current tables and when to elect to use the proposed tables How to navigate these calculations in software programs like Number Cruncher and Tiger Tables 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 current and proposed tables. Go deeper into estate planning strategies with the PFP/PFS exclusive Adviser’s Guide to Financial & Estate Planning. Find Bob Keebler’s 2022 planning 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.

Scott Sprinkle, CPA/PFS, learned early in his career that financial planning was his passion because of the difference it made for his clients. He plays the role of financial quarterback, touching the ball with every interaction and decision. Tune in and gain ideas for your own practice as Lyle Benson, CPA/PFS, interviews Scott in this episode of the PFP Section podcast.  They discuss:   How Scott creates stickiness and long-term relationships with his clients How he balances doing tax, investment, and financial planning work for multiple generations What he did to access the network and learning he needed in a small firm environment His best advice for someone who wants to create a firm like his Scott’s 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.   Visit the landing page for Deeper CPA Financial Planner Connectionsto find other episodes in this series. Join your community of CPA financial planners at the Advanced PFP Conferenceat ENGAGE on June 6th through 8th. Attend the Tax and Financial Planning Workshopwith Scott and other CPA financial planners at the Aria 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! Workshopon June 4th and 5th. Access resources to weave financial planning into your tax offerings.   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.

Retirement is one of life’s most significant transitions because everything changes. Your career likely gives you connection to relationships, meaningful work, a steady paycheck, and a structure to follow. You can give peace of mind to your clients by helping them find purpose in life post retirement and providing guidance so that they don’t fear running out of money. Lauren Minch interviews Oscar Vives, CPA/PFS. They discuss: What having a greater purpose in life can help clients avoid The top 2 regrets of the dying that can guide how clients live now The history of the 4% rule and whether it makes sense to rely on this with your clients Balancing the risk of overspending and underspending 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.  Hear more from Oscar and other top experts at the upcoming PFP conference at ENGAGE on June 6th through 8th (attend in person or virtually). Access the AICPA PFP/PFS exclusive Adviser’s Guide to 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.

This time of uncertainty and market volatility may lead to an increase in clients making investment decisions that aren’t in their best interest. In this episode of the PFP Section podcast, Lauren Minch, CPA, CFA, interviews Kevin Grogan, CFA, to get his take on common trends he sees with many different types of clients. They discuss: Making decisions based on what happened recently versus based on the full history Measuring performance by comparing to the wrong benchmark How to communicate with clients who compare themselves to others How to avoid biases and noise with a good process 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.  Hear more from Kevin and other top experts at the upcoming PFP conference at ENGAGE on June 6th through 8th (attend in person or virtually). Access the AICPA/Fi360 guide, Prudent Practices for Investment Advisors. 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.

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.