AICPA Personal Financial Planning (PFP)

CPA financial planners are often in a position to be the first to recognize declining cognitive function in a client. Reina Schlager, CPA/PFS, takes you through a summary of her 6-part series so that you can protect your clients financially and ensure a smooth transition of care. She covers: Does an 18-year-old need a durable POA? Client experiences to give you ideas of what to look for with your...

It's anyone's guess what will happen with tax laws given all the proposals floating around. If you have clients concerned about losing the estate exclusion available to them today yet they are reluctant to transfer assets outright to children and grandchildren, the spousal lifetime access trust (SLAT) may be the perfect strategy.  Tune in as estate planning expert Steven Siegel, JD, LLM, walks you...

When you determine that your client needs a plan for transition of care, you will discover that there are endless options.  In part 5 of this PFP Section podcast series, Reina Schlager, CPA/PFS, helps you sift through the pros and cons of each so that you can best guide your client. She discusses: Home and respite care Ranges of care facilities and how to select the best one Considerations with a...

Investment decisions are often made based on unconscious biases and motivations. When we help our clients understand the why behind their money, they will be able to make informed choices. In this episode of the PFP Section podcast, Join Bob Stammers, CFA and Director of Investor Engagement at CFA Institute and Lisa Kueng, Managing Director at Invesco Global Consulting as they discuss:   Lessons w...

Putting a plan in place prior to recognizing dementia in your clients is ideal.  In part 4 of this PFP Section podcast series, Reina Schlager, CPA/PFS, discusses the following: Why it's important to act while your clients are healthy Planning documents and other considerations Preserving dignity for the impaired client What can go awry and how to avoid Access resources related to this podcast: Not...

CPA financial planners may be the first to recognize dementia in their client and this can go a long way towards protecting the client's assets and ensuring a proper care plan is put in place.  In part 3 of this podcast series, Reina Schlager, CPA/PFS, discusses the following: The ten warning signs that your client may be declining mentally Examples of what to be on the lookout for with these warn...

As health savings accounts (HSA) are triple tax free (contribution, growth, qualified withdrawals), these accounts, their uses and balances continue to grow.  In this episode of the PFP Section podcast, Kelley Long shares advanced strategies and common misconceptions of HSAs including: Shoe box strategy for HSAs Using HSAs to address unknowns in retirement Techniques for HSA funding and providers...

One of the potential tax changes widely discussed is the replacement of the IRC Section 1014 basis adjustment with gain realization at gift, death, and certain other transfers.  In this episode of the PFP Section podcast, Bob Keebler and Marty Shenkman share the impact this could have on clients, including: The difference between funding trusts on a fractional share basis versus a specific amount...

Billions of dollars are lost each year due to fraudulent acts against older Americans. In this episode of the PFP Section podcast, Erin Scheithe with the Consumer Financial Protection Bureau (CFPB) gives you tips, tools, and resources to help you and your clients spot, prevent, and report elder financial exploitation. She covers the following topics:   Examples of scams Who is at risk and who are...

Neuroscience aficionado and financial planner Christine Moriarty has made it her life's mission to connect psychology to financial planning. In this episode of the PFP Section podcast, Christine answers the following questions to support you to best serve your clients. Why does psychology matter to financial advisors today more than ever? What has been the impact of COVID-19 on client relationship...

People are going through a reckoning of how they want to operate in the world. How can you make your life the well lived life that you want and do the same for your clients? Lauren Minch interviews gerontologist and life stage expert Barbara Waxman in this episode of the PFP Section podcast. Takeaways include:  The importance of focusing on the life stage versus age Research on the u-curve of happ...

There is a large divide between the believers and the skeptics of environment, social, and governance (ESG) investing. In this episode of the PFP Section podcast, Bob Huebscher interviews experts Larry Swedroe and Sam Adams to get their opinions on whether investment performance is sacrificed, or risk is increased when limiting to ESG mandate funds. They fill you in on: The economic theory and rea...

States have ramped up their methods for generating revenue in recent years and the pandemic has added more complexity with many employees working from home. In this episode of the PFP Section podcast, Lauren Minch interviews state tax expert and attorney Mark Klein to get his take on the following topics: When do employees need to beware of double state taxation? Are there exceptions to the rules...

On May 28, 2021, the Biden Administration released its "Green Book" for the federal government's 2022 fiscal year. Tune in as Jonathan Blattmachr, Bob Keebler, and Marty Shenkman share the key items you need to be aware of to get ahead of planning with your clients. They discuss the following topics in this episode of the PFP Section podcast: What the date of announcement effective date for capita...

Where we call home became even more important over the last year. In this episode of the PFP Section podcast, Brad Breeding, continuing care retirement community (CCRC) and lifecare community expert, answers the following questions: Has anything changed in retirement community living with the events of the past year? What should clients be thinking about to make the best decisions for their living...

There are 40.4 million unpaid caregivers for adults age 65 and older in the US. Many don't have professional training which can lead to elder financial exploitation. In this episode of the PFP Section podcast, Lisa Schifferle, with the Consumer Financial Protection Bureau's Office for Older Americans, provides tips and resources for how you can best guide your clients in these situations. She disc...

Learn the retirement planning 7-step process that is highly effective for all of Mackey McNeill's clients even though they have very different personalities and relationships with money. In this episode of the PFP Section podcast, Mackey fills you in on her method and how her clients have thrived as a result. She and Joe O'Gorman provide examples of 3 client relationships to give you the client pe...

If you've wondered how your peers approach their check in meetings with their clients, this episode of the PFP Section podcast is for you. Mackey McNeill, CPA/PFS, shares how she engages with her clients as their lives evolve. She discusses the following ideas: Invite clients to regularly reach out versus waiting for a set meeting Encourage them to check in before making any financial decisions so...

With tax increases and estate exemption decreases on the horizon, Bob Keebler walks you through several ways that Roth conversions may be beneficial sooner rather than later in this episode of the PFP Section podcast. Some ideas shared include: The advantages of Roth IRAs for those who will owe estate tax What to think about for clients with lesser means Why time is of the essence to look at conve...

Guest:  Bob Keebler, CPA/PFS On Wednesday, April 28th, President Biden gave his first congressional address. As part of his plan for the nation, he proposed a long term capital gain rate of 39.6% for households with income over 1 million, restoration of the top marginal tax rate of 39.6% for those earning over $400,000, and elimination of the step up in basis at death. Given the forward momentum f...

Guest:  Bob Keebler, CPA/PFS In preparation for a potential cap on itemized deductions and restoration of the pease limitation for those with taxable income above $400,000, Bob Keebler covers what to be considering for 2021 planning with clients, including: Client scenarios that will make timing ramifications significant The cap on retirement benefits and the resulting negative arbitrage Weighing...

Guest:  Bob Keebler, CPA/PFS On April 9th, 2021, the IRS released updated Publication 590-B which has caused much confusion with retirement planning experts. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, puts the key aspects on your radar so that you can best advise families you are helping who have experienced deaths after January 1, 2020. He shares: The thinking prior to release of...

Guest:  Bob Keebler, CPA/PFS Under the Biden proposals, the capital gain and qualified dividend rate will be 39.6% for those with income of 1 million or more. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, helps you get ahead of this with your clients by sharing: What to be mindful of if we jump to a 39.6% capital gain rate and lose the step up in basis at death The window of opportuni...

Guest:  Bob Keebler, CPA/PFS On March 29th the Senate's Van Hollen and House's Pascrell released proposals that would result in the realization of capital gains on the date property is transferred by gift, trust, or death. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, gets you up to speed on the latest, including: What the proposals say and the similarities and differences in the Sena...

Guest:  Bob Keebler, CPA/PFS This bill, introduced into the US Senate on March 25, 2021, could lay the groundwork for what's ahead with changes to estate, gift, and trust rules. If passed, the effective date would be December 31st, 2021 and would result in significant increases to federal estate and gift tax.  In this PFP Section podcast episode, Bob Keebler, CPA/PFS, fills you in on: The key prov...