AICPA Personal Financial Planning (PFP)

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...

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...

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...

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...

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 n...

As we look to the results of the midterm election, it appears that we will have a divided government in 2023-2024 and we will need to carefully consider the impact on our clients.  Year-end planning could include tax loss harvesting for crypto, new energy provisions and investments, Roth conversions and filling up the 22% and 24% tax bracket.  We will also need to give careful consideration to the...

QTIP trusts often allow the testator to have it all by having peace of mind that their surviving spouse will be cared for during their lifetime at the same time as passing assets to heirs of their choosing after the surviving spouse's death.  In this episode of the PFP Section podcast, Paul Hood, JD, LLM, dives into planning for the surviving spouse. He discusses: The pros and cons of using a QTIP...

2022 has been a volatile year in the stock market. Year-end planning will undoubtedly include tax-loss harvesting to offset capital gains for many clients. As you approach this with your clients, it's important to keep the wash sale rules in mind. In this PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Mark Fichtenbaum, CPA. Mark answers the following questions. What is the intent of...

Mackey McNeill, CPA/PFS, has evolved from a business owner providing traditional accounting services to owning three companies to serve her business owner, business, and personal financial planning clients. She has also gone from running the businesses to handing that duty off and working part time to fulfill other areas of her life. In this episode of the PFP Section podcast, Lyle Benson facilita...

Andrew Fisher, CPA, CFA, has had a long-held passion for international travel, culture, and business. He has made it his career to weave this together with his interest in finance. For twenty years he has been serving his private wealth clients in the niche of cross-border planning. He currently focuses on the community of foreign-born citizens who have moved to the US. In this episode of the PFP...

401k plans offer sophisticated resources that your clients may not know about. These tools can supplement the advice that you offer so that your clients are best prepared for their future retirement. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, discusses who can benefit from the use of these tools and how they can help you in your practice. Kelley covers the ins and outs of: A...

International and cross border financial implications are extremely complex. This is an area that likely requires speaking with other knowledgeable advisors before giving your clients recommendations and advice. In this episode of the PFP Section podcast, Global Financial Planning Institute Founder, Ashley Murphy, answers the following questions: What are the operational challenges facing advisors...

Experiencing hurricanes, fires, and other disasters is overwhelming. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews disaster expert Jerry Schreiber, CPA, to discuss how CPAs can best support their clients through these events.  Jerry answers the following questions: What defines a casualty or disaster loss? What are the primary authorities to figure out valuations, lo...

Hurricanes Ian and Fiona and Typhoon Merbok are the latest natural disasters in the US to leave many people in a state of emergency. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews IRA expert Sarah Brenner, JD, to discuss the implications of taking withdrawals from IRAs during times of hardship.  They share: Is there penalty and tax relief for those who face financial...

David Oransky, CPA/PFS, took the leap to start his own financial planning firm from scratch at the age of 26. He has come a long way and shares his story and pearls of wisdom in this episode of the PFP Section podcast guided by Lyle Benson, CPA/PFS. David discusses: How he went from being an auditor in a big 4 firm to figuring out financial planning was the right path for him. What he did to evolv...

Spouses receive the best deal when it comes to being an eligible designated beneficiary. There are three options for what can be done when a spouse inherits an IRA from their deceased spouse. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Natalie Choate, Esq., to discuss the choices so that you can implement the most effective strategy for your clients.  They d...

Many professionals haven't gone through a period of high inflation like we're experiencing now. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Wade Pfau, PhD, CFA, to get you up to speed with what to be thinking about for your clients nearing and in retirement. Wade answers the following questions: Why is investing for retirement different from pre-retirement?...

Business owners can accumulate significant wealth by making use of a combination of defined benefit and defined contribution plans. In this PFP Section podcast, Bob Keebler, CPA/PFS, interviews actuarial expert Neil Shore. Neil provides insight into the most effective way to help your business owner clients build their retirement nest egg. Neil responds to the following questions: What are the adv...

Too often estate planning is done without careful consideration for the surviving spouse. This can lead to unintended consequences that may be very damaging. In this episode of the PFP Section podcast, Paul Hood, JD, LLM, provides pointers that will support CPA financial planners to work effectively with attorneys to protect the long-term best interest of the surviving spouse. Paul discusses: What...

As we have heard often in this podcast series, Lori Luck, CPA/PFS, didn't take a straight path to becoming a CPA financial planner. Though the knowledge and skills she learned along the way developed her into a CPA financial planner who has clients for life. In this episode of the PFP Section podcast guided by Lyle Benson, CPA/PFS, Lori shares her story and her wisdom by answering the following qu...

Clients who have large IRAs and are charitably inclined may benefit from making a qualified charitable distribution (QCD) or naming a charity as the beneficiary of their IRA. In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, and Rick Peck, ChFC, discuss how to approach these opportunities with clients. They share: What QCDs are, how they work, and the tax benefits The clients who ar...

There may be subconscious internal barriers to wealth that are getting in the way of the goals and lifestyle that your clients say they want most. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, helps you identify when these money stories have taken control and how to help your clients see the truth of the matter so they can shift their behavior. Kelley shares: The three most com...

Where your clients choose to set up a trust can have significant tax and legal ramifications. There are nuances to consider whether you are involved in setting up new trusts for your clients or contemplating moving a trust to another state. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews attorney experts Jonathan Blattmachr and Richard Nenno to get their take on what C...

Howard Safer, CPA/PFS, fell into financial planning when he worked for business owners who valued Howard's ability to respond to personal finance questions and bring balance to their lives above all other services. He shares his story and nuggets of wisdom in this PFP Section podcast guided by Lyle Benson, CPA/PFS. Howard discusses: Why trust companies are a great platform for CPAs to provide thes...

Divorce is often extremely difficult for all parties involved. In this episode of the PFP Section podcast, Dave Stolz, CPA/PFS, shares how to support clients through this challenging time. He discusses: Lessons in divorce he learned by surveying his clients How to be with your clients during this emotional time Roles that CPAs can play and the conflicts to avoid Why this work is more fulfilling th...