AICPA Personal Financial Planning (PFP)

Haesun Moon, Ph.D., is a communication scientist who has a mission to change the world through better conversations. She has created a simple coaching model in which people participate to imagineer and perform their preferred change. Lyle Benson, CPA/PFS, interviews Haesun to understand how her approach can lead to effective financial planning conversations. They discuss: Why guiding clients towards their preferred future may be more powerful than creating goals Haesun’s take on empathy and how to keep conversations real and purposeful How to use the simple coaching model and Dialogic Quadrant tool How to use coaching to co-construct meaning with clients Haesun’s take on the use of questions in coaching What can attendees expect to come away with at Haesun’s session at PFP Summit in January?  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.

PFP Executive Committee (EC) chair, Brooke Salvini, CPA/PFS, and PFS Credential Committee (CC) chair, Oscar Vives, kick off the new year in this episode of the PFP Section podcast. They answer the following questions: What are their 2023 resolutions that may inspire you? What are the objectives of the PFP EC and PFS CC and how do they support members in financial planning? What were the committee focuses in 2022 and what is their vision going into 2023? How can you get connected with the PFP community and the resources to help you help your clients? 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. Listen to the Deeper CPA financial planner connections series to hear from other members in the PFP community. Find the resources like Broadridge Advisor, Bob Veres Inside Information, technical and practice guides, and more. Learn about the multiple pathways to the PFS credential. Save the date for the next PFS Live workshop in advance of PFP ENGAGE on June 3rd and 4th, 2023. If you are interested in running a PFS Live for your firm or group, send an email to financialplanning@aicpa.org. Save the date for the next Building Your PFP Business 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.

Brooke Salvini, CPA/PFS, started out in the CPA profession in the traditional way and eventually made her way back to an early seed that planted her desire for personal finance. In this episode of the PFP Section podcast, Lyle Benson connects with Brooke to share her story and how she made decisions along the way. Brooke answers the following questions: How did you decide to start your hourly advice financial planning firm? What led you to add investment management and how did you figure out how to do it? What did you do to develop your people skills? How have you woven your passions in other areas into your firm? How have you used technology to make your work more enjoyable and your service more valuable? What are you predicting for the future of financial planning? 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 PFP Summit in Austin, TX on January 30th through February 1st, 2023. Save the date for the next Building Your PFP Business 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.

Rising interest rates may cause bond values to go down and it may be the time to make changes to bond portfolios.  Bob Keebler CPA/PFS and Mark Fichtenbaum CPA review: Options for a bond that has a coupon that is less than market. How to avoid the wash sale rules when selling a bond. Tax implications of selling a bond at a loss. The three types of bonds and how the income from each is taxed for federal, state, and local levels. Definition of a triple exempt bond. Definition of original issue discount and original issue premium and how this impacts taxation of bond income. Three action items when there is a large bond portfolio. 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 3 Harvesting losses without triggering a wash sale Taxes and investment 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.

Mackey McNeil, CPA, PFS, shares how she took back her time in this episode of the PFP Section podcast. Guest:  Mackey McNeill, CPA/PFS Do you long for more flexibility and free time in your schedule? In part 2 of this PFP Section podcast series, Mackey McNeill, CPA/PFS, shares her process for taking back her time.  Mackey fills you in on how she went from having her hands in everything to designing her business so that it could run without her. She takes you through the 5-step step process that you can use to take back your time. Guide: choose the feeling most important to you and ask yourself if what you are doing will give you that feeling. Intention: create an aspirational intention statement that is true to you. Roles: align the roles in your business so that you can do what makes you most fulfilled. Structure: create the foundation that will allow you to fulfill your intention and roles. Test: develop a measure to see if you succeeded in your endeavor.   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 on February 7th, The Prosperity Playbook: A Business Owner’s Journey to Time, Mind, and Money Freedom. Listen to part 1 of this series. Read the electronic version of The Prosperity Playbook. Pages 75-85 include more on the 5-step process. 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.

For the last 20 years, Mackey McNeill, CPA/PFS, has been working on building and delivering Prosper for Business. This life changing system has facilitated her clients to achieve the 3 freedoms of money. The methodology is relevant whether you are a CPA financial planner with your own practice or you are advising clients on their businesses.  In part 1 of this 4-part series, Mackey shares: How she went from having the largest CPA firm in her city to intentionally pulling it apart and redesigning her business What she learned about humans and change that helped her make a larger impact in the lives of her clients Why CPAs have an advantage over others when it comes to coaching The five rungs of the Prosperity Ladder The upside of open book management 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, save February 7th as the date of Mackey’s webcast, The Prosperity Playbook: A Business Owner’s Journey to Time, Mind, and Money Freedom (registration coming soon!). Read the electronic version of The Prosperity Playbook. Review the Prosperity Ladder 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.

Holiday season is a great time of year to discuss philanthropic intent with your clients. This brings together the year-end planning opportunity to maximize tax deductions and the time of year to have purposeful conversations with family on causes that matter. In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, and Rick Peck share ideas to consider with your clients as the end of the year approaches, including: A smarter way to give than writing checks Using a Donor Advised Fund (DAF) to receive the charitable deduction while also giving breathing room to make decisions on where to give Using charitable donation strategies to offset taxable income Connecting the private foundation to a DAF to make the 5% annual requirement more effective The philanthropic approach to minimizing tax on Roth conversions in a down market 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.  Chapter 5 on charitable giving in the Guide to Financial & Estate Planning Analysis of a tax return for financial planning opportunities checklist (includes a section on charitable giving) When a donor advised fund is right for your client An example of a scholarship fund How to direct a QCD that is an alternative to the DAF 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.

Clients have three years left to use the enhanced unified credit before it gets cut in half. Putting holistic techniques in place that consider tax, financial planning, and asset protection sooner rather than later will be important. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Marty Shenkman, CPA/PFS, JD, and Jonathan Blattmachr, JD, to get their thoughts on using SLATs and other strategies.  They answer the following questions: How do SLATs work? Why are SLATs and other techniques effective for clients who won’t be subject to the estate tax even when the unified credit is cut in half? Why is it important to mix and match techniques like SLATs, DAPTs, hybrid DAPTs, and SPATs to get the best results for your clients? What are the most critical considerations for making sure that your clients get the most access to these trust assets? 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. Access Steve Oshins estate and trust decision charts. Access Bob Keebler’s decision charts in the Proactive Planning 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.

Mark Astrinos, CPA/PFS, has made some bold and scary moves in his career to land where he is now with his own financial planning firm. In this episode of the PFP Section podcast, Lyle Benson facilitates Mark to share his story and the wisdom he has gained. Mark discusses: Why and how he made moves from audit to tax to financial planning to business owner How he got clear on his vision for his life and work and made it happen What he did to move beyond the fear of putting everything on the line when he started his firm from scratch Why he decided to purchase another firm The value he brings to the table that differentiates him from other financial planners His thoughts on the AICPA PFP community and the future of financial planning 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 PFP Summit in Austin, TX on January 30th through February 1st, 2023. Save the date for the next Building Your PFP Business 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.

Interest from US donors to be philanthropic to causes overseas is picking up steam. This is often happening without the knowledge that there are ways to do this in a manner that incorporates due diligence and tax benefits.  In this episode of the PFP Section podcast, Jonathan Gassman, CPA/PFS, Rick Peck (NH Charitable Foundation), and Brooks Reid (CAF America) walk CPA advisors through what they need to be considering with their relevant clients. They answer the following questions: What are the 3 main considerations in cross border giving? How do you receive a tax deduction when donating outside the US? What due diligence needs to be done to make sure the charity is on the up and up? Are there resources to make this process more seamless for CPA advisors and their 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.  Learn more about CAF America and giving overseas. 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.