AICPA Personal Financial Planning (PFP)

CPA financial planners are in a position to be one of the first to spot cognitive decline with their clients. Knowing what signs to look for and what to do next can go a long way towards protecting your aging clients. In this episode of the PFP Section podcast, Reina Schlager, CPA/PFS, discusses: The nine domains of diminished capacity Warning signs that may be connected to dementia and memory How to be more connected and alert to decline with your clients Establishing relationships with successor trustees and durable POAs Access resources related to this podcast: Guiding clients with diminishing mental capacity – part 1 Guide to Retirement and Elder Planning: Healthcare Coverage 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.

Panelists: Bob Keebler, CPA/PFS and David Slenn, JD The Internal Revenue Service has recently increased scrutiny of micro-captive insurance structures and time is of the essence to take corrective measures for your clients. Bob Keebler, CPA/PFS, interviews expert David Slenn to get you up to speed on this issue. David answers the following questions: What is the background of micro-captives? What message is the IRS sending with their recent notice and why should business owners be concerned? Why is the IRS urging taxpayers to receive independent counsel? Can micro-captives be structured to work for tax planning purposes? Access resources related to this podcast: Internal Revenue Service notice IR-2020-226 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. Don’t miss an episode. Subscribe to our podcast series on iTunes or Spotify. Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guests: Mackey McNeill, CPA/PFS When Mackey began her business, she approached financial planning from a technical and data driven perspective. She quickly found that clients often didn’t take steps to implement the recommended plan. In part 1 of the new approach to retirement planning series, Mackey walks you through: How she turned her financial planning process on its head to get clients to buy in What she learned about people and psychology to create the best results for her clients Understanding the money biases that clients bring to the table and how to overcome these Access resources related to this podcast: The Adviser’s 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Robert Keebler, CPA/PFS If you have clients who want to lock in the current estate tax exemption but are concerned about parting with assets, the new grantor retained interest partnership (GRIP) may be the answer. In this episode of the PFP Section podcast, Bob Keebler interviews GRIP experts Mary O’Reilly and Stephen Breitstone. They respond to the following questions: What is a GRIP and how does it work? In which circumstances does this technique make sense? What features would you include in the partnership agreement? Is there a risk of clawback? What is the downside to implementing this strategy? Access resources related to this podcast: Read about the GRIP technique in this newsletter provided by Leimberg Information Services, Inc. Find other estate planning strategies in The 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Steve Siegel, J.D., LLM Retirement, taxes, lifestyle, family, and taxes are just a few of the reasons why your clients may consider a change in where they are located. In this episode of the PFP Section podcast, Steve Siegel, J.D., LLM walks you through what you need to consider as you advise clients, including: Distinction between residency and domicile Actions to sever domicile in one state and create it in another Five essential factors that state auditors focus on when determining domicile Ramifications of remote working across state lines during the pandemic Access resources related to this podcast: Broadridge Advisor article explaining domicile in client terms The 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Paul Lee, J.D., LLM and Bob Keebler, CPA/PFS With Senate election results unknown until January 5th, the likelihood of Biden’s tax proposals gaining traction will be uncertain until early next year. In this episode of the PFP Section podcast, Paul Lee, J.D., LLM and Bob Keebler, CPA/PFS answer the following questions: What is Biden’s capital gains proposal and who will it impact? If the tax law changes, when could it take effect? Should you encourage clients to accelerate gains into 2020? What planning strategies will work best if the proposal becomes law? Access resources related to this podcast: Register for Bob’s year-end planning webcast taking place on November 23rd Podcasts and webcasts to guide you with planning ahead for 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify. Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Bob Keebler, CPA/PFS Recorded at 6:30 pm ET on Wednesday, November 4th, Bob Keebler walks you through the latest with the election results and what to expect next. With Biden getting close to the 270 electoral votes needed to win, Bob shares insights on what to be thinking about for year-end planning, including: How the senate could shake out and what this means for changes in tax policy The most important democratic party tax policy themes to keep in mind when planning for your clients The risk of retroactivity of tax law changes back to 1/1/21 under certain circumstances Planning solutions to consider for your clients this year given the uncertainty ahead Access resources related to this podcast: Register for Bob’s year-end planning webcast taking place on November 10th Podcasts and webcasts to guide you with planning ahead for 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify. Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Lyle Benson Drastic changes may be ahead in the world of tax planning. On one hand we may change administrations, and on the other, we have a pandemic to fund. In this PFP Section podcast episode, find out how leading CPA financial planners are guiding their clients. Lyle Benson, CPA/PFS, shares detailed ideas in each of the following areas: Turning traditional year-end tax planning on its head by accelerating income and gains into 2020 Taking advantage of estate planning strategies while we have favorable laws Helping clients rethink their retirement planning financially and emotionally Getting back to basics with investment planning Access resources related to this podcast: Register for a year-end planning webcast fresh off the election Get in depth estate planning strategies Read Lyle’s best planning ideas for 2020 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify. Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Lyle Benson, CPA/PFS Gain ideas for how to talk with clients about their emotions, goals, politics, investments and year-end planning in this episode of the PFP Section podcast. Lyle Benson, CPA/PFS, shares takeaways from a recent AICPA PFP Summit Presents event that will guide you on how to approach your clients in the most effective way. Topics include: Going deeper to understand what is changing with client goals and making room for aha moments How to engage with clients who are anxious or grieving What to say about the investment markets, uncertainty in the economy and the politics that we’re facing now Discussions to have about year-end planning and what could be coming Access resources related to this podcast: Year-end planning tips with Bob Keebler, CPA/PFS Register for a year-end planning webcast fresh off the election on November 10th (free with CPE for PFP/PFS members) How to have transformative conversations with Jean-Luc Bourdon, CPA/PFS 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify. Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.

Guest: Steve Siegel, JD, LLM If you have clients who terminated an estate or nongrantor trust in 2018, 2019, or 2020, you will want to tune in to this episode of the PFP Section podcast. Long awaited clarity is here and Steve Siegel outlines what you need to know, including: The background on the confusion with allowable deductions caused by TCJA What is deductible and how are the excess deductions classified when they flow through to the beneficiary How miscellaneous itemized deductions are handled, including investment advisory fees What can and should be addressed in the months ahead to benefit your clients Access resources related to this podcast: Related Journal of Accountancy article The Adviser’s Guide to Financial and 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. Don’t miss an episode.  Subscribe to our podcast series on iTunes, Pod-o-Matic or Spotify. Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.