AICPA Personal Financial Planning (PFP)

If you are approached by clients or other advisors who think it makes sense to move money from an IRA to a life insurance policy, take a look before you throw out the idea. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares situations and considerations where this strategy may be prudent. He discusses: Why it works best for clients with a federal and state estate tax Other factors that make this worthwhile such as tax arbitrage and getting the life insurance out of the estate The importance of the policy being designed correctly and shopping around to get the best ROI Client examples to illustrate when this strategy works  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Review Bob Keebler’s latest decision charts in the Proactive Planning Toolkit, including the Roth conversion decision chart.  Listen to Susan Bruno’s podcast series on life insurance with other experts.  Gain more expertise with the AICPA’s Risk Management and Insurance Planning 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 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 this special episode of Deeper CPA Financial Planner Connections, Dr. Haesun Moon is back by popular demand. In her fist podcast, she described her simple coaching model that can be used to have more effective conversations with clients and anyone you care about in your life. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Haesun to help you put her communication framework into practice. Dr. Moon answers the following questions: How do we integrate the 4-quadrant model in practice? How does listening for what’s the matter point us to what matters most to the client? What key insights have you taken away from listening to 1000s of coaching conversations? How can we have empathy for the client while also keeping focused on what they want most? What’s the difference between coaching and consulting? How can tiny nuances in words have a huge impact? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to Dr. Moon’s first episode, How to guide clients towards their preferred futures.  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 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.  

Best practices on how to view Roth conversions has shifted now that SECURE 2.0 has changed the age for required minimum distributions up to age 75 beginning in 2033. In this episode of the PFP Section podcast, Bob guides you with what to be thinking about as you make decisions with your clients this year, including: Tax brackets, outside funds to pay the tax on the conversion, and deferral have always been the main factors in deciding whether converting to Roth makes sense When looking at the brackets and tax rates in the year of conversion versus the year of withdrawal, look through the eyes of the married couple, the surviving spouse, and the children Understand the charitable intent of your clients and what they have that will offset the conversion income  How the SECURE Act, estate taxes, GST, and special needs trusts impact decision making Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Review Bob Keebler’s latest decision charts in the Proactive Planning Toolkit, including the Roth conversion decision chart.  Check out Ross Riskin’s chart, Visualizing Roth changes from SECURE 2.0. 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 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.    

Are you looking for ways to deepen relationships with next generation clients and staff? In this episode of the PFP Section podcast, AICPA PFP Standing Ovation Award recipient Akeiva Ellis, CPA/PFS, shares how she keeps her younger clients feeling cared for and important. She also shares tips on what to think about to attract talented next gen advisors to your firm. Akeiva answers the following questions: What is the definition of next gen? What are some ways you have engaged these clients in your work? How do you run family meetings to keep all generations connected? How can firms of all sizes approach deepening these relationships? What can firms do to attract young talent? What’s the top takeaway you’d like our audience to leave with today? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Use the PFP Section member benefit, Broadridge Advisor, to communicate concepts to your clients.  If you are a 40 and under CPA/PFS and you haven’t been recognized with the PFP Standing Ovation Award, make sure to get your nomination in by April 28th.  Apply for the P. Thomas Austin Personal Financial Planning Division Scholarship that covers the registration fee for an emerging CPA to attend the 2023 Advanced Estate Planning Conference at AICPA ENGAGE. 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 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.  

When planning for the surviving spouse with your client’s attorney, it’s important to address issues while both spouses are alive to arrive at the best outcomes.  In part three of this PFP Section podcast series, Paul Hood, JD, LLM, walks you through what may occur after the first spouse dies that should be built into the estate plan. He discusses the following issues to consider: Cashflow Backup fiduciaries Managing incapacity Blended families Estate tax apportionment Income tax basis possibilities  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to part 1 and part 2 of this series.  Use the Guide to Financial & Estate Planning as a reference library to research issues related 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 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, began her career journey in tax and eventually landed with her own fee for service financial planning firm that she owns with her husband, Tom. Their firm is designed to provide education and planning to their clients, and they team with other advisers to manage investments and do the tax compliance work. They also provide education and other resources to CPAs who want to add financial planning to their offerings. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Susan. Susan answers the following questions: How did you land where you are now and what services do you offer clients? How did you divide responsibilities between you and your partner? What led you to teach other CPAs how to implement your business model and how do you do this? What has been most important to you about the AICPA PFP community? What’s your best advice for those adding financial planning to their services? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Listen to other episodes in this series.  Join your AICPA PFP community at the next Advanced PFP Conference @ ENGAGE from June 5th through 8th, 2023. Register for the next Building Your PFP Business workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. You can attend in person or online.  Register for the next PFS Live workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. 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 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’s fiscal year 2024 budget proposal includes many familiar changes that we have seen in past proposals. It’s difficult to predict whether these will come to fruition though it will be important to get ahead on having conversations with your higher wealth clients so that there are no unexpected surprises. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, covers the major tax provisions that will impact your individual clients if enacted, including: An increase in the net investment income tax rate and scope for those with income over ~$400k An increase in the top marginal rate to 39.6% for those with income over ~$400k Taxing long term capital gains and qualified dividends at ordinary rates when taxable income is over $1M Limits on retirement contributions for high income taxpayers with large IRA balances Taxing unrealized capital gains at death and at time of gifting when above the exemption amount Elimination of the back door Roth IRA And much more! Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links. Read more about the Biden proposal in this article.  Find Bob Keebler’s latest decision charts in the Proactive Planning Toolkit. Read in depth details of the current law in the 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 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.    

Note that this episode was recorded prior to the effective date of SECURE 2.0 which allows for 529 funds to be rolled into Roth IRAs in certain circumstances. Trust terminations can become complicated when beneficiaries decide to go their separate ways and break up the trust. The IRS views this transaction as a sale of the interest in the trust for cash or assets and a gain is triggered. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Ed Morrow, JD, LL.M. They share: When IRC Section 1001(e) kicks in How the interest is calculated for the life and other beneficiaries When the basis is determined to be zero for the income beneficiary Many examples to make the scenarios and implications clear  What tax preparers need to make sure they know  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit https://pfplanning.libsyn.com/pfp to access show notes with direct links. Find Bob Keebler’s latest decision charts in the Proactive Planning Toolkit. Learn more about trust planning 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 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:  Kelley Long, CPA/PFS The flexibility and advantages of Roth IRAs makes them highly desirable for planning that goes beyond retirement funding. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, discusses situations where it may make sense to use a Roth IRA, including: Getting around the psychological barrier for clients who don’t want their money tied up until age 59 ½ Serving as an alternate emerging savings fund Funding first time home purchases Setting up a supplemental education savings account Note that this episode was recorded prior to the effective date of SECURE 2.0 which allows for 529 funds to be rolled into Roth IRAs in certain circumstances.   Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit https://pfplanning.libsyn.com/pfp to access show notes with direct links. Learn about the option to roll excess 529 plan funds into Roth IRA accounts in this podcast with Ross Riskin, 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. 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’re currently working in a hybrid environment or running a business that is managing this structure, tune in to hear best practices for keeping employees engaged in this episode of the PFP Section podcast. Kelley Long, CPA/PFS, discusses 5 tips, including: ·How to keep the office and remote workers connected and invigorated. ·How to help employees avoid burnout. ·What to consider with the home office reimbursement policy. ·Acknowledging special occasions so as not to create a cultural divide. ·Expressing appreciation goes a long way.  Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit https://pfplanning.libsyn.com/pfp to access show notes with direct links. ·Get other ideas for your business in the series, A Business Owner’s Journey to Time, Money, and Mind Freedom. 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.