AICPA Personal Financial Planning (PFP)

There are 40.4 million unpaid caregivers for adults age 65 and older in the US. Many don’t have professional training which can lead to elder financial exploitation. In this episode of the PFP Section podcast, Lisa Schifferle, with the Consumer Financial Protection Bureau’s Office for Older Americans, provides tips and resources for how you can best guide your clients in these situations. She discusses the following topics: Helping clients get up to speed with their duties Supporting clients to avoid scams and financial fraud Resources to make this experience clearer for 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. Guide: Managing someone else’s money Podcast: Guiding clients with diminishing mental capacity Podcast: The financial impact of Alzheimer’s disease 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.

Learn the retirement planning 7-step process that is highly effective for all of Mackey McNeill’s clients even though they have very different personalities and relationships with money. In this episode of the PFP Section podcast, Mackey fills you in on her method and how her clients have thrived as a result. She and Joe O’Gorman provide examples of 3 client relationships to give you the client perspective in this episode of the PFP Section podcast. 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 Part 4: The new approach to retirement planning: Investments Part 5: The new approach to retirement planning: Review meetings 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.

If you’ve wondered how your peers approach their check in meetings with their clients, this episode of the PFP Section podcast is for you. Mackey McNeill, CPA/PFS, shares how she engages with her clients as their lives evolve. She discusses the following ideas: Invite clients to regularly reach out versus waiting for a set meeting Encourage them to check in before making any financial decisions so that they understand the trade-offs Help them embrace changes and know it’s okay to change their mind Focus on life events and their ratio of success Go as deep or as high level as the client desires on the investment ins and outs 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 Part 4: The new approach to retirement planning: Investments 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.

With tax increases and estate exemption decreases on the horizon, Bob Keebler walks you through several ways that Roth conversions may be beneficial sooner rather than later in this episode of the PFP Section podcast. Some ideas shared include: The advantages of Roth IRAs for those who will owe estate tax What to think about for clients with lesser means Why time is of the essence to look at conversions now Strategic and tactical considerations The best candidates and circumstances for Roth conversions 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 Part 4: Important planning strategies in 2021: Itemized deductions Proactive Planning Toolkit In-depth learning and slides: The latest and greatest with Roth conversion 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 Wednesday, April 28th, President Biden gave his first congressional address. As part of his plan for the nation, he proposed a long term capital gain rate of 39.6% for households with income over 1 million, restoration of the top marginal tax rate of 39.6% for those earning over $400,000, and elimination of the step up in basis at death. Given the forward momentum for forced recognition of capital gains at death, this episode of the PFP Section podcast covers client scenarios and all the details we know at this point so that you can have initial discussions with clients on what may be ahead. 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. A fact sheet summarizing the American Families Plan can be found here. Parts 1-4: Important planning strategies to consider in 2021 Sensible Taxation and Equity Promotion Act (STEP) of 2021 4-volume 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 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.