AICPA Personal Financial Planning (PFP)

On March 28, 2022, the Biden Administration released their 2023 fiscal year budget. The suggested tax reforms give you a heads up on what may be coming so that you and your clients aren't blindsided and can plan ahead in 2022. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares the proposals relevant to CPA financial planners, including: Higher marginal tax rates for high income earners Capital gains taxed at ordinary rates when 1M or greater for MFJ Transfers of appreciated assets by gift or at death taxed as realization events An additional tax for taxpayers with net worth greater than 100M The inability to create a trust that includes GST exemptions for more than 2 generations Limit the use of DAFs to avoid private foundation payouts End the use of GRATs and IDGTs 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 http://pfplanning.libsyn.com/ to access show notes with direct links. Access 2022 planning decision charts based on current law and audio learning to plan ahead for what may be coming in the Proactive Planning Toolkit. Read the General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals. 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.

Beth Gamel, CPA/PFS, has had many wonderful experiences over her 30+ year career as a CPA financial planner. Among other challenges, she was one of the first CPAs to add investment management to her offerings and she had to build her firm from the ground up. She shares her story and the lessons she learned along the way in this new podcast series hosted by Lyle Benson, CPA/PFS. Beth discusses: How she created a successful retirement transition, financially and psychologically What she did to attract clients in the early days What she learned through the volatile investment markets that applies to today How she mentored her staff to be able to serve the complex HNW clients What the AICPA PFP community has meant for her success and her friendships 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. Visit the landing page for Deeper CPA Financial Planner Connections to find other episodes in this series. Use the AICPA PFP Section to help you help your clients by visting us here. If you have questions, contact the PFP team at financialplanning@aicpa.org. Connect with your community of peers at the PFP conference at ENGAGEand at the pre-conference workshop. 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.

Making the philanthropic decision between a donor advised fund and a private foundation boils down to three main factors. In this episode of the PFP Section podcast, Paul Hood, LL.M, JD, breaks down key differences between these charitable giving strategies and the factors to guide your conversations with clients, including: The level of contribution or investment The importance of retaining control The family's ability and willingness to participate in the administration Other considerations like set up costs and management and compliance fees 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. AICPA members can access more in-depth information on charitable planning in Volume 1 of The Adviser's Guide to Financial & Estate Planning and the Charitable Giving Toolkit. Be on the look-out for more from Paul on June 21st in his webcast, Yours, Mine, and Ours: Estate Planning for People in Blended Families (registration coming soon). 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.

It has long been a widely accepted rule of thumb to advise clients who want to work past the age of 65 to enroll in Medicare part A. This episode of the PFP Section podcast covers the caveat to the rule that needs to be considered when clients want to continue to contribute to their health savings account. Kelley Long, CPA/PFS, discusses: When it makes sense to postpone Medicare enrollment so that your client can continue to fund their HSA Calculating the 6-month look back period to make sure contributions stop on time and how to fix ineligible contributions made Examples of how this plays out with a family or a married couple The power of the HSA post 65 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. The power of planning with high-deductible health plans Unique and under communicated HSA benefits What is a super HSA and how does it work 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 long-awaited SECURE Act proposed regulations related to post-mortem IRA distributions are finally here. Bob Keebler, CPA/PFS, walks through the latest proposals and shares what you need to know in this episode of the PFP Section podcast. Topics covered include: 2021 RMDs that were missed in the case of death post required beginning date Key points related to the new proposed regulations compared with the existing rules When the 5-year rule, 10-year rule, and the life expectancy rule apply Expansion of the definitions of eligible designated beneficiary, disabled, and chronically ill 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. PFP Section members and PFS Credential holders can follow along with the detailed slides. Keep up with latest proposals and find the 2022 planning 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.

Jean-Luc Bourdon, CPA/PFS has worn many hats in his career including accountant in corporate America, CPA tax professional, and owning his own wealth management firm. He shares his story and wisdom he has gained along the way in the fourth episode in this new podcast series hosted by Lyle Benson, CPA/PFS. Jean-Luc discusses: What it takes for CPA firms to be successful in wealth management His chef's table ultra-customized approach to his client services How he learned to be present and empathetic with his clients His proactive "retirement tribe" framework How he opened his eyes to the importance of self-care Why defining purpose and values provides meaning to our lives 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. Visit the landing page for this series and access the first three episodes with Lyle Benson, Michael Goodman, and Sue Stevens. Use the AICPA PFP Section to help you help your clients by visting us here. If you have questions, contact the PFP team at financialplanning@aicpa.org. Connect with your community of peers at the PFP conference at ENGAGE and at the pre-conference workshop. Listen to Jean-Luc's podcast on how to have transformative conversations. 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.

Have you been faced with how to best support clients when you see that their money behavior has changed? With the prevalence of dementia and Alzheimer's and the related impact on cognitive function, you may very well observe the signs that something is off before others in the family notice. Tune in to this episode of the PFP Section podcast to hear money and memory expert Christine Moriarty answer the following questions: What are the key points to notice about memory loss? What is the difference between dementia and Alzheimer's? How can CPA financial planners be proactive with these matters from the beginning of the engagement? What preventative steps can be taken to protect a client's finances? This podcast is dedicated in loving memory of Christine Moriarty's sister, Mary Ellen. 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. Read Christine's recent article on how financial planners can work with clients who have dementia and memory loss. Find other money and memory resources on Christine's website. Listen to Reina Schlager's 6-part series on guiding clients with diminishing mental capacity. 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 have had clients pass away recently, you will want to talk with their surviving spouse about the option to file to receive the benefits of portability, even if the decedent doesn't have a taxable estate. Tune in to this episode of the PFP Section podcast to hear expert Steve Siegel, JD, LLM, discuss: What portability is, how it works, and how to make the election How you can fix a missed portability election going back to January 1, 2011 The nuances of GST and state estate taxes Why it is important to make this election to create flexibility in the plan 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. Use Steve Siegel's and Sid Kess's Adviser's Guide to Financial & Estate Planning as a reference library for topics like portability and more, exclusive to AICPA PFP Section members. Register for Bob Keebler's webcast, Practical Planning Strategies for the Mass Affluent, which will cover portability and more. 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 timing of this new IRS notice 2022-6 is perfect in this phase when many are reprioritizing their lives and considering retiring early. Up until now, clients have likely been unable to make use of SEPPs because of low interest rates mandated by the IRS in prior guidance. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares: What IRS notice 2022-6 and substantially equal periodic payments (SEPPs) are all about The significant difference that the 5% interest rate will make in calculating SEPPs A case study to walk you through how this would impact a 50-year-old client who would like to retire early 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. Follow the slides that provide visuals for what is covered in this podcast. Join Bob for his upcoming webcast, Practical Planning Strategies for the Mass Affluent, where he will cover this notice in more detail. Access the Proactive Planning Toolkit that includes charts, guides, audio learning, and client facing resources to keep up with the latest laws and proposals. Read IRS notice 2022-6. 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.

Sue Stevens, CPA/PFS, has forged her own unique path to create her successful financial planning firm. She shares her journey and the wisdom she learned along the way in the third episode in this new podcast series hosted by Lyle Benson, CPA/PFS. Sue shares: What led her from being a cellist recording albums to becoming a CPA financial planner How she made the decision to merge her firm with Buckingham Advisors How her love of music and writing has shaped her work for clients Her blueprint for a successful life and career (hint, begin with your vision!) Her predictions for the future of financial planning What the AICPA PFP community has meant to her work and her life 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. Visit the landing page for this series and access the first two episodes with Lyle Benson and Michael Goodman. Use the AICPA PFP Section to help you help your clients by visting us here. If you have questions, contact the PFP team at financialplanning@aicpa.org. Connect with your community of peers at the PFP conference at ENGAGE and at the pre-conference workshop. Find Sue's books in her Dreams of Wealth series 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.