AICPA Personal Financial Planning (PFP)

Getting couples to align their goals and priorities with their personal finances is often easier said than done. This is when the power skills in the non-technical side of personal financial planning become crucial to use. In this episode of the PFP Section podcast, Christine Moriarty, answers the following questions. How and when do you start the conversation? Does sharing life have to mean sharing money? What if couples’ goals around money are different? How do you support couples to reach agreements about money? 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.  How emotions affect financial decisions The new approach to retirement planning six-part series 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.

In the past, guaranteed universal life (GUL) was priced well and easy to understand. This permanent life insurance was attractive because the premiums were certain, the policy often went to age 120, and risks were low. In this episode of the PFP Section podcast, Marc Minker interviews experts Susan Bruno and Martin Flaxman to understand the changes he is seeing in practice. They discuss: Why carriers are withdrawing from offering GUL and what is pushing up the prices. Why it will now require more analysis to know which type of product is best for your clients. What are the other product options and how can you simplify decisions in the face of complexity? 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 of this life insurance series and access a tool that Susan uses to bring clarity and peace of mind to planning. Find other insurance resources from the AICPA PFP Section. Learn about the risk management and insurance learning 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.

In the first of this new podcast series, Lyle Benson, CPA/PFS, shares the purpose behind this series as well as his story that led him to where he is now in his tax and financial planning firm. In this episode of the PFP Section podcast, Lyle answers questions such as:   What is his definition of success? What types of clients does he work with and what services does he provide? What is his why for doing what he does and what do his clients value most about his work for them? How did he go from beginning his business to where he is now and who does he credit for his progression? 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 PFP Section for resources to help you help your clients. Learn about the CPA exclusive PFS credential. Find resources to add financial planning to your tax practice. 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.

In the first of this four-part life insurance series, expert Susan Bruno, CPA/PFS, gives a fantastic review of the basics. This episode of the PFP Section podcast will give you what you need to know to educate your clients and make them aware of their options.  Susan provides an overview of the following: The difference in term, whole life, and universal life insurance A tool that she uses with her clients to do an annual review as part of their comprehensive financial plan Important requests to make when clients are transferring or selling insurance from one trust to another How to bring the serving agent or broker into conversations to best serve your 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.  Download Susan’s tool that you can use to do annual reviews with your clients. Find other insurance resources from the AICPA PFP Section. 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.

Recorded on November 8th, 2021, Bob Keebler, CPA/PFS, reports on the latest with the Build Back Better Act. In this episode of the PFP Section podcast, Bob shares: What is in and what is out of the latest iteration of the House bill What must happen for the House to move forward with a vote What to expect with the Senate version of the bill and related vote Planning to consider for clients based on what we know now 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 to attend Game changing retirement proposals: What to do for clients now. Keep an eye on the Proactive Planning Toolkit audio learning and PFP News to stay up to date as we learn 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 CPA profession has been busier than ever in the past two years with serving clients through the pandemic, responding to additional client needs, juggling complex tax seasons, and keeping up with proposed law changes. In this episode of the PFP Section podcast, Shannon Vincent and Colin Dunn answer the question of how to find time to provide proactive financial planning and wealth management services, including: Moving from being spread too thin serving many clients to having plenty of time to give stellar service to your ideal clients Getting reinspired and re-energized by doing a pareto analysis, defining your target client, and owning it Structuring your services so that they have the best chance of working Making your staff and your firm your number one client 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 AICPA’s tax and financial planning hub for more resources on how to offer proactive financial planning services. To gain competence and confidence in financial planning, check out the CPA-exclusive PFS credential. Learn more about Renew Group. 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.

Super HSAs allow families who have adult children who are no longer tax dependents to save beyond the annual family limit. This technique works for children who are covered by the family HSA eligible insurance plan. Kelley Long, CPA/PFS, covers the ins and outs of this strategy in this episode of the PFP Section podcast. She answers the following questions: What is a super HSA? How does this strategy work, using a family of four as an example? Where can I find IRS guidance on this topic? 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: Unique and under-communicated HSA benefits Podcast: The power of planning with high deductible health plans 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 good news is that the 2022 Social Security (SS) COLA adjustment is 5.9%. The bad news is that the Board of Trustees issued their annual report on August 31st and predict that SS funds alone will run out in 2033 and disability funds will run out in 2057. In this episode of the PFP Section podcast, Ted Sarenski, CPA/PFS, shares: The effects of the pandemic and the 2020 recession on the projections The three suggestions being made to solve the long-term financial shortfalls What to include in client projections given the uncertainty of the future SS planning strategies to maximize the amount received 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.  Guide to Social Security Planning Board of Trustees Report 2022 COLA adjustment 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 current tax reform proposals become law, there will be many issues to be mindful of with planning for trusts. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, helps you get ahead of these changes so that you can plan for your clients to be ready for impending changes. Bob discusses: How the proposed higher income tax and capital gains rates will impact trusts planning The low threshold for trusts that would have the additional 3% surtax, NIIT expansion, and 199A cap kick in Changes to grantor trusts taxation that will make transactions between grantor and trust pertinent to monitor Being cognizant of electing fiscal year ends in rising tax rate environments 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 our year-end planning webcast that is free with CPE for PFP/PFS members. Access the Proactive Planning Toolkit audio learning to hear about tax proposals impacting individuals, estates, and trusts. 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 a lot of unknowns going into the last quarter of the year, top CPA financial planners have been gathering to share conversations that they’re having with clients now. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, reviews a collection of ideas and thoughts that have been discussed in his Athena study group and other CPA financial planner panels. Lyle gives an overview of what he and his peers are talking about with their clients in the following areas: Income tax planning, including the capital gain rate increase and opportunities for gain harvesting Retirement planning, from reviewing assumptions used in plans to getting ahead of tax proposals Estate planning changes and the need to line up attorneys and valuation experts now Charitable giving strategies such as donor advised funds and making use of the 100% AGI limit for cash contributions Investment planning, including educating clients about the purpose of bonds in their portfolios Insurance planning and the renewed interest in ILITs, disability coverage, and annuities 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 our year-end planning webcast that is free with CPE for PFP/PFS members. Access the Proactive Planning Toolkit audio learning to hear about tax proposals impacting individuals. Access the Adviser’s Guide to Financial & Estate Planning for more on planning with your 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