AICPA Personal Financial Planning (PFP)

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.

Making the philanthropic decision between a donor advised fund and a private foundation boils down to three main factors.  In this episode of the PFP Section podcast, Paul Hood, LL.M, JD, breaks down key differences between these charitable giving strategies and the factors to guide your conversations with clients, including: The level of contribution or investment The importance of retaining control The family’s ability and willingness to participate in the administration Other considerations like set up costs and management and compliance fees  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.  AICPA members can access more in-depth information on charitable planning in Volume 1 of The Adviser’s Guide to Financial & Estate Planning and the Charitable Giving Toolkit. Be on the look-out for more from Paul on June 21st in his webcast, Yours, Mine, and Ours: Estate Planning for People in Blended Families (registration coming soon). 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.

It has long been a widely accepted rule of thumb to advise clients who want to work past the age of 65 to enroll in Medicare part A.  This episode of the PFP Section podcast covers the caveat to the rule that needs to be considered when clients want to continue to contribute to their health savings account. Kelley Long, CPA/PFS, discusses: When it makes sense to postpone Medicare enrollment so that your client can continue to fund their HSA Calculating the 6-month look back period to make sure contributions stop on time and how to fix ineligible contributions made Examples of how this plays out with a family or a married couple The power of the HSA post 65  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.  The power of planning with high-deductible health plans Unique and under communicated HSA benefits What is a super HSA and how does it work 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 long-awaited SECURE Act proposed regulations related to post-mortem IRA distributions are finally here. Bob Keebler, CPA/PFS, walks through the latest proposals and shares what you need to know in this episode of the PFP Section podcast. Topics covered include: 2021 RMDs that were missed in the case of death post required beginning date Key points related to the new proposed regulations compared with the existing rules When the 5-year rule, 10-year rule, and the life expectancy rule apply Expansion of the definitions of eligible designated beneficiary, disabled, and chronically ill  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. PFP Section members and PFS Credential holders can follow along with the detailed slides. Keep up with latest proposals and find the 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.

Jean-Luc Bourdon, CPA/PFS has worn many hats in his career including accountant in corporate America, CPA tax professional, and owning his own wealth management firm. He shares his story and wisdom he has gained along the way in the fourth episode in this new podcast series hosted by Lyle Benson, CPA/PFS.  Jean-Luc discusses: What it takes for CPA firms to be successful in wealth management His chef’s table ultra-customized approach to his client services How he learned to be present and empathetic with his clients His proactive “retirement tribe” framework How he opened his eyes to the importance of self-care Why defining purpose and values provides meaning to our lives 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 this series and access the first three episodes with Lyle Benson, Michael Goodman, and Sue Stevens. 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 ENGAGE and at the pre-conference workshop. Listen to Jean-Luc’s podcast on how to have transformative conversations. 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.

Have you been faced with how to best support clients when you see that their money behavior has changed? With the prevalence of dementia and Alzheimer’s and the related impact on cognitive function, you may very well observe the signs that something is off before others in the family notice. Tune in to this episode of the PFP Section podcast to hear money and memory expert Christine Moriarty answer the following questions: What are the key points to notice about memory loss? What is the difference between dementia and Alzheimer’s? How can CPA financial planners be proactive with these matters from the beginning of the engagement? What preventative steps can be taken to protect a client’s finances?  This podcast is dedicated in loving memory of Christine Moriarty’s sister, Mary Ellen. 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 Christine’s recent article on how financial planners can work with clients who have dementia and memory loss. Find other money and memory resources on Christine’s website. Listen to Reina Schlager’s 6-part series on guiding clients with diminishing mental capacity. 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.