AICPA Personal Financial Planning (PFP)

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.

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.