AICPA Personal Financial Planning (PFP)

If you have had clients pass away recently, you will want to talk with their surviving spouse about the option to file to receive the benefits of portability, even if the decedent doesn’t have a taxable estate. Tune in to this episode of the PFP Section podcast to hear expert Steve Siegel, JD, LLM, discuss: What portability is, how it works, and how to make the election How you can fix a missed portability election going back to January 1, 2011 The nuances of GST and state estate taxes Why it is important to make this election to create flexibility in the plan 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 Steve Siegel’s and Sid Kess’s Adviser’s Guide to Financial & Estate Planning as a reference library for topics like portability and more, exclusive to AICPA PFP Section members. Register for Bob Keebler’s webcast, Practical Planning Strategies for the Mass Affluent, which will cover portability 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.

The timing of this new IRS notice 2022-6 is perfect in this phase when many are reprioritizing their lives and considering retiring early.  Up until now, clients have likely been unable to make use of SEPPs because of low interest rates mandated by the IRS in prior guidance. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares: What IRS notice 2022-6 and substantially equal periodic payments (SEPPs) are all about The significant difference that the 5% interest rate will make in calculating SEPPs A case study to walk you through how this would impact a 50-year-old client who would like to retire early 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.  Follow the slides that provide visuals for what is covered in this podcast. Join Bob for his upcoming webcast, Practical Planning Strategies for the Mass Affluent, where he will cover this notice in more detail. Access the Proactive Planning Toolkit that includes charts, guides, audio learning, and client facing resources to keep up with the latest laws and proposals. Read IRS notice 2022-6. 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.

Sue Stevens, CPA/PFS, has forged her own unique path to create her successful financial planning firm. She shares her journey and the wisdom she learned along the way in the third episode in this new podcast series hosted by Lyle Benson, CPA/PFS.  Sue shares: What led her from being a cellist recording albums to becoming a CPA financial planner How she made the decision to merge her firm with Buckingham Advisors How her love of music and writing has shaped her work for clients Her blueprint for a successful life and career (hint, begin with your vision!) Her predictions for the future of financial planning What the AICPA PFP community has meant to her work and her life  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 two episodes with Lyle Benson and Michael Goodman. 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. Find Sue’s books in her Dreams of Wealth series 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.

Make sure you are making the most of the benefits available for your clients or their family members who have disabilities by tuning in to this episode of the PFP Section podcast. ABLE account experts Anita Kelley, with the Office of Alabama State Treasurer, and Dante Allen, Executive Director of CA’s ABLE Act Board, answer the following questions: What are ABLE accounts, how do they work, and who is eligible? How do the state programs differ and how are they similar? What should clients know to make sure they don’t put other benefits like SSI and SSDI in jeopardy? How do beneficiaries avoid taxes and penalties on distributions?  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 volume 4 of the Adviser’s Guide to Financial & Estate Planning which includes chapter 44 specific to ABLE accounts, including final regulations effective in 2021. Follow the slides as Anita and Dante discuss the benefits of ABLE accounts. Be sure to look for the additional resources included at the end of the handout. 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.

Emotion can trump logic at times when making decisions and guiding clients through this may be more complex when advising a couple who is contemplating retirement. In this episode of the PFP Section podcast, Christine Moriarty with MoneyPeace answers the following questions: What if couples have different ideas of what they want to do in retirement? How can a couple create a “Budget” for retirement without all the information? Is it best for all the income – social security to investments - to go to one account and then decide what to do with it each month? When have you seen that couples have the most disagreements around money? What if one person is more of a risk taker around investments than the other? 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 Bringing together couples and their money and How emotions affect financial decisions 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 a client who is considering surrendering a life insurance policy or allowing it to lapse, it is important to first understand the value of the policy and determine if it can be sold for more than its cash value. In this episode of the PFP Section podcast, Susan Bruno, CPA/PFS, and Jamie Mendelsohn, with Ashar Group, discuss: Why you can’t default to the surrender value as the FMV of the policy What makes a policy worth more than its cash value What is most relevant to potential buyers of these policies How has the pandemic impacted the life insurance marketplace 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 the keep or sell quiz on Ashar Group’s website. Listen to part one, part two, and part three of this life insurance series. Access Susan’s tool to review life insurance policies with clients. Gain more expertise with the AICPA’s risk management and insurance certificate. Use the personal finance scorecard to begin planning conversations with 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.

Susan Tillery, CPA/PFS and Dave Stolz, CPA/PFS wish you a happy and prosperous New Year and share what is on their minds as they head into 2022 in this episode of the PFP Section podcast.  As they serve in the last months of their successful tenures as chairs of the PFP Executive Committee and PFS Credential Committee, they share their vision for the CPA financial planning profession and the important milestones that have been achieved in alignment to this vision over the last few years. They discuss what volunteering has meant to them professionally and personally and the many ways you can get involved to build relationships with your peers and forward the mission of CPA financial planners. Susan and Dave learn they are on the same page with what they are focusing on with their clients in 2022 and it may inspire you to do the same! 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.   Attend 2022 Best Planning Ideas for Your Clients and Your Business with a panel of CPA financial planners virtually on January 19th (free with CPE for PFP/PFS members). Learn about the CPA exclusive PFS credential and the new pathway for experienced CPAs. Find out about CPA evolution and the new exam that will launch in 2024. Access the resources available to you as a PFP Section member and PFS credential holder.   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.

Lyle Benson credits much of his career as a CPA financial planner to his interactions with colleagues across the country. He wanted CPAs in all stages of their career to be able to benefit from hearing how fellow CPA financial planners have gotten to where they are now, how they work with clients, and what it has meant for their lives. In episode two of this PFP Section podcast series, Lyle interviews Michael Goodman, CPA/PFS. They discuss: How Michael brought his love for business and working with people to where he is today How he made the conscious decision to go from a lifestyle practice to an enterprise Why just doing it, making mistakes, and learning along the way has been a key to success What he did to keep a wonderful culture and a team that feels valued during the pandemic What the AICPA PFP community has meant for him, what sets CPA financial planners apart, and his predictions for the future 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.   Find the 1st episode in this series featuring Lyle Benson as the interviewee. Attend 2022 Best Planning Ideas for Your Clients and Your Business with Lyle, Michael, and others virtually on January 19th (free with CPE for PFP/PFS members). Find resources to help you help your clients through the AICPA’s PFP Section. Learn about the CPA exclusive PFS credential.   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.

Life insurance can be much more than a death benefit. If properly designed, funded, and managed, it can provide an incredible opportunity to grow and distribute assets tax free. In this episode of the PFP Section podcast, Susan Bruno, CPA/PFS, and Michael Fontanini, with Lion Street, share: Who the ideal clients are for this strategy Why this is an excellent way to supplement retirement income Using this approach as an asset location tool How to know if this technique beats investing money directly into the market 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 part one and part two of this life insurance series. Access Susan’s tool to review life insurance policies with clients. Gain more expertise with the AICPA’s risk management and insurance certificate. Use the personal finance scorecard to begin planning conversations with 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.

You don’t have to be an expert in all of the tools and technical strategies to have meaningful philanthropic conversations with your clients. It’s about knowing how to artfully communicate and bring value to your clients. In this episode of the PFP Section podcast, Jonathan Gassman, CPA/PFS, and Richard Peck, with the New Hampshire Community Foundation, share: How to incorporate philanthropic planning in your communications with clients Why engaging with other advisors can deepen bonds with clients The arc of philanthropy and determining where clients are How to get involved personally and building firm culture through giving to your community 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 the personal finance scorecard to deepen conversations with clients. Help clients see other areas for value added planning with the analysis of a tax return for PFP opportunities checklist. Access the 4-volume guide to financial and estate planning written by Steve Siegel and Sid Kess. 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.