AICPA Personal Financial Planning (PFP)

Guest:  Bob Keebler, CPA/PFS In preparation for a potential cap on itemized deductions and restoration of the pease limitation for those with taxable income above $400,000, Bob Keebler covers what to be considering for 2021 planning with clients, including: Client scenarios that will make timing ramifications significant The cap on retirement benefits and the resulting negative arbitrage Weighing state penalties versus the potential for the SALT deduction to come back Taking QCDs to get the full benefit of a charitable contribution 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. Part 1: Important planning strategies in 2021: Step up in basis Part 2: Important planning strategies in 2021: Estate Part 3: Important planning strategies in 2021: Capital gains 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.

Guest:  Bob Keebler, CPA/PFS On April 9th, 2021, the IRS released updated Publication 590-B which has caused much confusion with retirement planning experts. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, puts the key aspects on your radar so that you can best advise families you are helping who have experienced deaths after January 1, 2020. He shares: The thinking prior to release of publication 590-B The page 12 example which is causing a lot of uncertainty among advisors Why you will want to delay RMDs until we have further guidance 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. Updated IRS Publication 590-B How the SECURE Act Changes Retirement and Other 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.

Guest:  Bob Keebler, CPA/PFS Under the Biden proposals, the capital gain and qualified dividend rate will be 39.6% for those with income of 1 million or more. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, helps you get ahead of this with your clients by sharing: What to be mindful of if we jump to a 39.6% capital gain rate and lose the step up in basis at death The window of opportunity for adjusting portfolios and realizing gains this year Why it may not be prudent to fund a CRT in 2021 When it makes sense to sell and pay tax now versus continuing to defer 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. Part 1: Important planning strategies in 2021: Step up in basis Part 2: Important planning strategies in 2021: Estate What you need to know about the For the 99.5% Act Sensible Taxation and Equity Promotion (STEP) Act 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.

Guest:  Bob Keebler, CPA/PFS On March 29th the Senate’s Van Hollen and House’s Pascrell released proposals that would result in the realization of capital gains on the date property is transferred by gift, trust, or death. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, gets you up to speed on the latest, including: What the proposals say and the similarities and differences in the Senate and House versions Exceptions for personal property, transfers to spouses, and gifts/bequests to charity The need to be mindful of the connection between these proposals and others that suggest a 39.6% tax rate on capital gains when income exceeds 1 million Planning strategies to be prepared if these bills become law 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 text of Van Hollen’s proposal here and Pascrell’s here. For in depth coverage of the current estate, gift, and trust planning strategies that you can take advantage of now for your clients, use the 4-volume Guide to Financial & Estate Planning. Listen to Bob Keebler’s podcast detailing the For the 99.5% Act 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.

Guest:  Bob Keebler, CPA/PFS This bill, introduced into the US Senate on March 25, 2021, could lay the groundwork for what’s ahead with changes to estate, gift, and trust rules. If passed, the effective date would be December 31st, 2021 and would result in significant increases to federal estate and gift tax.  In this PFP Section podcast episode, Bob Keebler, CPA/PFS, fills you in on: The key provisions, including a 3.5 million estate exemption, 1 million gift exemption, and a 20k cap on annual exclusion gifts Changes to the GRAT, grantor trust, and valuation discount planning techniques Expansion of conservation easements and the special use valuations for farms What you need to consider with clients before enactment 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. For in depth coverage of the current estate, gift, and trust planning strategies that you can take advantage of now for your clients, use the 4-volume 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.

Guest:  Mackey McNeill, CPA/PFS Mackey McNeill, CPA/PFS, shares when and how she talks about investments with her clients in this episode of the PFP Section podcast. She walks you through her approach to her key ideas including: If your clients loved investments, they wouldn’t use your services. At the end of the planning process, refine the plan by developing the investment policy statement while the client is with you. Talk in plain English and repeatedly ask if anyone has questions while also keeping the conversation focused on the client. How her process takes more time and investment up front though saves time in the long run and creates lasting clients who refer. 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. Part 1: the new approach to retirement planning: You are in the people business Part 2: the new approach to retirement planning: Setting the stage Part 3: the new approach to retirement planning: Gamification Guide to practical 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.

Guest:  Dr. Eric Bean Overseeing your team and serving your clients amid a pandemic, tax season, economic concerns, and all else that life brings can be a pressure cooker. Learn how to transform how you face these circumstances from high performance executive coach Dr. Eric Bean in this PFP Section podcast episode. Eric shares: Three research supported strategies to help manage pressure so that you can minimize its performance killing effects How to get real with consequences and weigh this against the risks to shift perspective The power of focusing your mind on opportunities versus threats How to be a healthy control freak 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. Book: Performing under pressure: The science of doing your best when it matters most Course: Building personal resilience (gratis to AICPA members) Podcast: Serving your clients, running your firm, and taking care of you Bob Veres Inside Information (available to PFP/PFS members) 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.

President Biden signed off on the latest relief for businesses and individuals late last week. You can learn the specifics you need to know for your clients in this PFP Section podcast episode from Bob Keebler, CPA/PFS, including: The ins and outs of the restaurant revitalization grant program Expansion of the employee retention credit and EIDL loans The many tax relief components for individuals and businesses, including tax free unemployment compensation in 2020 Related news on the 4 key reasons the AICPA requested an extension of the tax deadline 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 IRS gives a statement on how 2020 tax returns are impacted. For more in depth coverage of the act, join Bob Keebler this Friday at 1 pm EDT. Attend this week’s AICPA Town Hall for up to the minute guidance. Read more in various articles from the Journal of Accountancy. PFP/PFS members can use the latest Broadridge Advisor alert to communicate with their 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.

Guest:  Bob Keebler, CPA/PFS Many experts expect the estate tax exemption to decrease to $5 million or $3.5 million under the current administration. Therefore, we are in a potential use it or lose it situation with respect to today’s exemption. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, fills you in on: Understanding what’s likely to happen by looking to proposals from Sanders, Obama, and Warren What to do now to prepare your clients for what may be coming Planning strategies that may make sense to accelerate 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. Part 1: Important planning strategies to consider in 2021: Step up in basis Guide to Financial & Estate Planning 2021 best ideas for you, your clients, and your business 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.

Guest: Lyle Benson, CPA/PFS AICPA PFP Summit brings together financial planning thought leaders to talk about what will take them, their clients, and their firms to the next level. In this PFP Section podcast episode, Lyle Benson shares takeaways from the January event such as: The power of having clarity on the core values and purpose of your firm and bringing staff and clients along for the ride to inspire a sense of belonging. Supporting clients to gain direction on their cherished charitable goals to bring meaning to their money. Lessons learned from guiding blind athletes that tie in perfectly with your role as a financial planner. 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 March edition of Bob Veres Inside Information includes write ups of two PFP Summit sessions. Listen to an in-depth session on 2021 best ideas for you, your clients, and your firm. Read about skills financial planners need to succeed in today’s environment. 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.