As we narrow in on the sunset of the Tax Cuts and Jobs Act, many practitioners will be suggesting that their relevant clients make gifts. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Larry Brody, JD, discuss what needs to be known when valuing life insurance policies for the purpose of filing gift tax returns, including:

• What do we need to know about the IRS regulations?
• Can you get a valuation in lieu of relying on the IRS regulations?
• What value should be used when given a series of values on Form 712?
• What if you don’t agree with the Form 712 values?

For more resources related to this episode:

• Access Bob’s decisions charts in the Proactive Planning Toolkit. 
• Use the Adviser’s Guide to Financial & Estate Planning for other planning ideas as we head into the sunset of TCJA.

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.

 

 

The SECURE 2.0 Act opened new doors for the use of 529 plan funds.  Kelley Long discusses the impact of the changes on strategies available to clients using 529 plans.  Not only does Kelley review the rules of rolling 529 plan funds to Roth IRAs, but also takes a step further to address the numerous related questions she has gotten on this strategy and other creative ways to draw down 529 plan funds. In this episode of the PFP Section podcast, Kelley will provide the information you need to discuss how 529 plans can fit into your clients’ financial plans. The conversation includes the following topics:

• How to handle beneficiary changes. 
• How to equalize the distributions from excess funds in 529 plans.
• How to evaluate the 15-year measurement when transferring 529 funds to Roth IRAs.
• How does a transfer of funds from one beneficiary to another impact the 5-year rule?
• What is a backdoor 529 to Roth transfer?
• Can a mature client contribute 529 plans with the intent to roll the funds to a Roth IRA?
• What are the penalties for 529 non-qualified withdrawals?
• What are some other ways to draw down excess funds in a 529 plan?
• How taking out a student loan can be a strategy 

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 Kelley’s article:  Saving for college: The new 529-to-Roth IRA transfer rule
• Related podcast:  How SECURE 2.0 impacts clients we see in our practice
• Use the related Education planning resource guide or Roth changes from SECURE 2.0 visual. 
• Learn more about the pathways for getting educated and attaining your 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 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.

 

 

Kelley Long began her career in big 4 accounting like so many other CPAs. However, she had to quickly shift her path with the fallout that happened after September 11, 2001. Her roles as a bank trust officer and as a workplace financial wellness provider led her to her passion for coaching on the everyday money issues that clients have. In this episode of the PFP Section podcast, Lyle Benson interviews Kelley to share more of her story with our community. The conversation includes the following topics:

• How did Kelley go from where she was to where she is now, doing her passion work as a financial coach.
• How did being a member of AICPA’s Financial Literacy Commission impact Kelley’s work?
• What are Kelley’s thoughts on working in a remote or hybrid environment?
• What does Kelley want every CPA to know about HSA planning?
• What does Kelley enjoy doing most and how does she make sure her time and energy are aligned with this?
• How does Kelley view the future of CPA financial planning?

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. 
• Read Kelley’s article, 9 facts about HSAs that might surprise your clients - Journal of Accountancy.
• Learn more about the pathways for getting educated and attaining your 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 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 2 of this PFP Section podcast series, experts Lee Slavutin, MD, CLU, and Marty Shenkman, CPA/PFS, JD, LLM share planning details to help you guide your clients in the following areas:

• The different perspectives on long term care (LTC) insurance that goes beyond the numbers to the psychological benefits.
• Why it makes sense to have every client go through the process of evaluating LTC insurance, whether they buy it or not.
• The importance of understanding the nuances of SLATs and SLANTs in the context of filling the gaps with LTC coverage.
• Avoiding the consequences of not evaluating the beneficiaries for insurance and retirement plans.
• The nuances that need to be understood with life insurance and buy sell agreements.
• Understanding the transfer of value issue and how to make sure there aren’t unintended consequences.

For more resources related to this episode:

• Access our new PFP Section member exclusive guide on health transitions. 
• Find our life insurance summary and review roadmap and other PFP Section resources here. 
• Check out the AICPA’s Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a 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 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.

 

Qualified terminable interest property (QTIP) trusts were created so that spouses could receive the benefit of the marital deduction while also setting aside resources for a surviving spouse and retaining control over what happens to the funds when the surviving spouse passes away. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Paul Hood, JD, LLM, discuss the nuances of QTIPs, including:

• The confusion is caused by the separate Internal Revenue Code provisions on the estate and gift side. On the estate side, the rules are lax. And, on the gift side, they are rigid.
• How can a buy/sell agreement interfere with the efficacy of a QTIP trust and what to watch out for to make sure this doesn’t happen.
• What do QTIP limits like fiduciary income to the surviving spouse mean from a family harmony, efficient trust and estate administration, and a fiduciary income accounting perspective.
• What’s the bottom line as CPAs prepare gift tax returns that involve QTIPs in 2024.

For more resources related to this episode:

• Send your relevant clients this Broadridge Alert to educate them on QTIP trusts.
• Use the Adviser’s Guide to Financial & Estate Planning volumes 1, 2, 3, and 4 as a reference for planning with QTIP trusts and much more.
• Get the basics of estate planning with our certificate program. This is one of 5 certificates that leads to attaining the PFS credential when experience and other requirements are met.
• Access Bob’s decisions 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 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.

 

Do you want to be the trusted advisor who makes a meaningful difference in your client’s life? One of the ways to do this is to get in touch with the qualities of being that you want to demonstrate consistently with your clients. In this episode of the PFP Section podcast, Steve Atkinson, Managing Director with Admired Leadership, shares the behaviors that admired advisors have that separate them from the pack. Steve answers the following questions:

• Tell us about your prior experiences that gave you insights into how the most admired advisors show up for their clients.
• What is Admired Leadership and how is it evidence-based?
• Share some of the behaviors that are seen consistently in the research. 
• How do these high performing admired advisors avoid burnout?
• What do you suggest to CPA financial planners who are overloaded with work?
• What’s your top takeaway for listeners?

For more resources related to this episode:

• Register for Creating Your CPA Personal Financial Planning Practice workshop so that you can learn from others who have paved the path.
• Access the Admired Leadership Field Notes.
• Listen to the Admired Advisor podcast. 

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.

 

 

The tables are turned on Lyle Benson, CPA/PFS, in this episode of the PFP Section’s Deeper CPA Financial Planner Connections series. Dr. Haesun Moon, communication scientist, educator, and author, interviews Lyle to pull out the gold threads of his professional story. They discuss:

• Lyle’s story of beginning in tax and his why behind diving into financial planning at age 29 and starting his own firm at the age of 36. 
• How leaders in the profession became mentors early in Lyle’s career and how this community connection has been the foundation throughout his career. 
• What it’s like to be in a family business with Lyle’s son, Chris, and how this can help others who are in family businesses.
• How Lyle is transitioning and transforming to his next life stage.
• The changes that Lyle has seen in the CPA financial planning profession over the last 30 years and what has stayed constant.
• How his firm is evolving to meet the needs of the next generation.
• How Lyle weaves his role as host and human connector through his professional and personal life. 

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. 
• Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. 
• Save the date for Creating your CPA financial planning practice workshop in advance of ENGAGE on June 2nd.
• Save the date for PFS Live! workshop in advance of ENGAGE on June 2nd. 

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.

 

CPA financial planners help clients live meaningful lives and pass on their legacy. Often, estate planning is heavy on the practical and complex elements that can be seen as the housekeeping of who gets what and when. What we don’t always explore is the deeper why behind the estate planning. The good news is that you can coach clients to discover their legacy so that it can be communicated and so that your client can see the meaning of their life story and what they want to leave behind. Jean-Luc Bourdon, CPA/PFS, guides you in how to take on this role in this episode of the PFP Section podcast.   He discusses the following:

• What legacy is, why it’s so important, and why it’s not optional
• Understanding the difference between the default, political, and organic legacies
• How to guide your clients to discover meaning, purpose, and legacy
• A client example where Jean-Luc illustrates how to have this conversation
• The enormous amount of research behind the benefits of reflecting on life
• How to integrate legacy planning into your work with clients

  Email us for the list of resources mentioned during the podcast.   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.

Proper insurance planning is one of the most overlooked areas of personal financial planning. In part 1 of this PFP Section podcast series, experts Lee Slavutin, MD, CLU, and Marty Shenkman, CPA/PFS, JD, LLM share planning details you will want to know, including:

• Buying the adequate amount of life insurance
• Using whole life insurance as a way to save, to diversify client portfolios, and to protect assets
• How to protect against a fraudulent conveyance
• Buying insurance from highly rated companies
• Making sure disability insurance needs are not overlooked

For more resources related to this episode:

• Find our life insurance summary and review roadmap and other PFP Section resources. 
• Check out the AICPA’s Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a 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 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 (PFP EC) chair, Brooke Salvini, CPA/PFS, and PFS Credential Committee (PFS CC) chair, Oscar Vives, kick off the New Year in this episode of the PFP Section podcast. They answer the following questions:

• What did you learn in 2023 that was meaningful to you personally and professionally?
• What were the PFS CC and PFP EC milestones in 2023?
• What is the PFP Division celebrating in 2024?
• What are the focus areas for the committees in 2024?
• What is your favorite PFP Section resource?
• What are you looking forward to personally and professionally in 2024?

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.

• Join your AICPA PFP community at the next PFP Summit in Austin, TX January 15th through 18th.
• Learn more about the PFP certificate program, the PFS experienced track, and PFS Live!
• Apply to become a PFP Champion. 
• Join the emerging leaders Slack channel. 
• Save the date for ENGAGE PFP and Creating Your CPA Financial Planning Practice Workshop. 
• Download the latest Adviser’s Guide to Financial & Estate Planning and find other PFP Section benefits. 
• Hear more about the PFP Division history and 2024 milestones in our history and future podcast part 1 and part 2.
• Listen to the Deeper CPA financial planner connections series to hear success stories from other members in your PFP community. 

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.

 

Jim Shambo is one of the pioneers of the CPA financial planning profession, the PFP Section, and the PFS Credential. He has a lot of insight to offer on many topics that can be useful takeaways for listeners. In this episode of the Deeper CPA financial planner connections PFP podcast, Lyle Benson facilitates a discussion with Jim to share the highlights of his story. The conversation includes the following topics:

• How Jim decided to focus on personal financial planning after beginning his career in tax
• How Jim and a few of his peers laid the foundation for what we have today with the PFP Section and the PFS credential
• What Jim learned in college that led to his success in his firm, in his service for clients, and as a volunteer for AICPA
• What approach Jim takes with investing and how his relationship with Vanguard’s John Bogle influenced him
• How Jim planned for a successful retirement and sale of his business
• How using the creative side of his brain has been Jim’s secret to a life well lived

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. 
• Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. 
• Save the date for How to build your CPA financial planning practice workshop in advance of ENGAGE on June 2nd.
• Save the date for PFS Live! (registration coming soon) in advance of ENGAGE on June 2nd. 

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.