AICPA Personal Financial Planning (PFP)

The new spousal IRA election in SECURE 2.0 is both novel and complex. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, walks you through the options that need to be considered when a spouse who is 7+ years younger dies first. Bob shares: The spousal IRA options in SECURE 1.0 and SECURE 2.0 How to know whether you should do a traditional rollover or make the inherited spousal IRA election 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 other SECURE 2.0 resources in the Proactive Planning Toolkit. You’ll also find updated 2023 decision planning charts 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.

Dirk Edwards, CPA/PFS, designed his financial planning practice to make the complex planning work the centerpiece for his clients. He brings in experts in the areas such as estate, risk management, and investments to implement the planning so that his family clients have the best specialists involved. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Dirk to share ideas that may resonate with others in the community. Lyle poses the following questions to Dirk: How did you get your PFP practice off the ground and evolve it to where it is now? Since you don’t manage investments or give investment advice, how do you connect the dots to provide holistic advice? What billing method has worked well with your practice model? How did you identify your partner to bring in as your successor? What’s your best of advice for someone starting a PFP practice or a tax professional adding PFP services to their offering? Note that this podcast was recorded in August 2022. 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. Listen to other episodes in this series. Join your AICPA PFP community at the next Advanced PFP Conference @ ENGAGE from June 5 through 8, 2023. Register for the next Building Your PFP Business workshop in advance of PFP ENGAGE on June 3 and 4, 2023. Register for the next PFS Live workshop in advance of PFP ENGAGE on June 3 and 4, 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 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.

Family office clients have complex planning issues. It’s helpful to collaborate with a team of advisors and not feel like you must have all the answers. It is often valuable to begin the engagement by having conversations about what matters most to the family and for their legacy. In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, and Rick Peck have a conversation with family office expert, Steven Bowles, to discuss how best to support these families in their philanthropic desires. They discuss: ·      How to make sure there aren’t gaps in the planning strategies being considered ·      Approaches to get clear on how the family views the world and what legacy means to them ·      Questions to ask to align the family goals with the best philanthropic strategies 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 relevant charitable planning resources in the Charitable Giving Toolkit.  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.

SECURE 2.0 allows 529 plans to be rolled into Roth IRAs beginning in January 2024. To learn more about the specifics of what is allowed, Bob Keebler, CPA/PFS, interviews education expert, Ross Riskin, CPA/PFS, in this episode of the PFP Section podcast. Ross responds to the following questions. What are the primary tax benefits of 529 plans? What are the most important things to know about the new provision in SECURE 2.0? Where do we need to seek further clarification and what potential traps do we need to watch out for when rolling 529 plans into Roth IRAs? What should CPAs recommend to their clients now? RELATED RESOURCES  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 decision charts updated for 2023 in the Proactive Planning Toolkit.  Use the Guide to Education Planning to support 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.  This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. Feedback and comments welcomed at podcast@aicpa-cima.com

Guest:  Mackey McNeill, CPA/PFS In part 4 of this PFP Section podcast series, Mackey McNeill, CPA/PFS, discusses how to keep the annual plan alive through effective measuring. You can use this in your own business and for your relevant clients. Mackey describes the importance of preparing easy and effective reports with visual metrics that anyone can understand. This allows everyone on the team to quickly see where the business is today compared to the goals. The more frequently business owners and their teams keep their attention on the goals and where they are, the more likely they are to make their vision a reality. Hear more about how Mackey creates high level metrics to stay on track with goals in this episode. 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. To dive deeper on this topic, register for Mackey’s webcast, The Prosperity Playbook: A Business Owner’s Journey to Time, Mind, and Money Freedom. Listen to Part 1, Part 2, and Part 3 of this series. Read the electronic version of The Prosperity Playbook. Download the Grow Four Ways and Cascading Metrics Process tools. Access the Take Back Your Time mini course. 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 part 3 of this PFP Section podcast series, Mackey McNeill, CPA/PFS, shows you how to move your big ideas into an actionable framework for the coming year. You can use this in your own business and for your relevant clients.  Mackey describes how to use two resources, Grow Four Ways, and Cascading Metrics Process, that you can find in the show notes. She walks you through: How she took a client from dwindling cashflow and stagnant sales to routine profitability and sales growth by using a clear structure, process, and accountability What the four ways are to increase sales and the bottom line How to develop an annual plan using cascading metrics tools 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. Download the Grow Four Ways and Cascading Metrics Process tools. To dive deeper on this topic, register for Mackey’s webcast on February 7th, The Prosperity Playbook: A Business Owner’s Journey to Time, Mind, and Money Freedom. Listen to Part 1 and Part 2 of this series. Read the electronic version of The Prosperity Playbook. Access the Take Back Your Time mini course. 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.    

Many CPA financial planners give credit for the career they have created to the relationships they have built within their AICPA PFP community. To spread these stories and pearls of wisdom more broadly, we created the Deeper CPA Financial Planner Connections series in November 2021. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, and Andrea Millar, CPA/PFS, discuss the 7 recurring themes and lessons learned that have played through the many stories shared and what they mean to them, including: Know yourself. Be a constant learner and do what is right for your client. You are the coach to your clients. Get involved. Don’t let others define success for you. CPAs are incredibly well positioned to provide these services to their clients. Be courageous. 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.  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. 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 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.

A lot of information is flying around on the importance of SECURE 2.0 and what this means for retirement planning. Get the bottom line of what you need to think about for your clients in this episode of the PFP Section podcast. Bob Keebler, CPA/PFS, interviews retirement expert, Ed Slott, CPA. Ed shares: His take on the bill The issue of needing to take RMDs in years 1-9 when inheriting an IRA from someone who had already begun RMDs was not fixed His concern with what the replacement of the 50% penalty on missed RMDs may mean Nuances with IRS rule 72(t) The importance of thinking about the big picture when deciding whether deferral makes sense And more 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. Save the date for an in-depth webcast with Bob Keebler on February 1st and February 6th from 1:00 to 2:30 pm EST, SECURE 2.0: New retirement planning opportunities for your clients. Access the Proactive Planning Toolkit for decision charts to use with your clients and 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.

As CPAs and financial planners, we are trained in the technical skills to help clients plan for transitions such as a business sale, retirement, divorce, or loss of a spouse. What we may not be as prepared for is the human experience that takes place over the years leading up to, during, and settling into a new way of life. The human side is messy and it’s more challenging to see how it influences choices and decisions. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews life transition expert, Susan Bradley. They discuss: What is the skillset needed for the human side? How does the approach shift in a voluntary versus forced transition? Susan’s thoughts on Lyle’s transition predicament Why it’s important to understand your own personal transition style 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. Join your AICPA PFP community at the next PFP Summit in Austin, TX on January 30th through February 1st, 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 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.

Focusing on what you need to know to serve your clients today, Bob Keebler CPA/PFS reviews the changes and their nuances as a result of the passage of SECURE 2.0.  Some of the areas highlighted in this episode of the Personal Financial Planning (PFP) podcast include: Changes in Required Beginning Dates (RBD) Upcoming changes to IRA and qualified plan catch-up contribution amounts Allowance for matching contributions for student loan payments Rules for newly allowed rollovers from 529 plans to Roth accounts How life annuities have been impacted Changes to exceptions for early withdrawals from IRAs and qualified plans. Reduction of excise tax and addition of a correction windows for missed Required Minimum Distributions (RMD.) 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. Guide to Financial and Estate Planning, Volume 2 SECURE 2.0 and retirement provisions SECURE 2.0 Section 605 and syndicated conservation easements SECURE 2.0 Section 337 and Special Needs 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.