AICPA Personal Financial Planning (PFP)

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.    

Ed Slott, CPA, and Bob Keebler, CPA/PFS, discuss the complicated inherited IRA RMD rules and what is required in 2023 and 2024 in this episode of the PFP Section podcast. Ed and Bob provide clarity in the following areas: An easy formula to use to get clear on all of the elements that need to be considered  The only scenario in which penalty relief is available when the RMD is not taken Who must take RMDs in years 1 through 9 under the 10-year rule and who can wait until year 10 When does the 5-year rule apply What happens when a ROTH IRA is inherited  For more resources related to this episode: Check out Bob’s IRA distribution flowcharts 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.    

150 million Americans live with chronic illness. And yet, disability and long-term care (LTC) insurance are often overlooked in planning with clients. In this episode of the PFP Section podcast, experts Lee Slavutin, MD, CLU and Marty Shenkman, CPA/PFS, JD, LLM share the most important considerations for client planning, including: What three riders are important to have on a disability insurance policy Why the exercise of determining the impact of disability on a family’s finances is critical  Why you need to reassess disability, life insurance, and LTC insurance as part of estate strategies being done ahead of the TCJA sunset Who benefits most from LTC and what are the types to consider The importance of considering the human side (aka emotional side) of planning with these decisions  For more resources related to this episode: 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.  

You can give your clients tremendous value by guiding them with their life insurance planning, even if you’re not an insurance expert. In this episode of the PFP Section podcast, Ed Mendlowitz, CPA/PFS, interviews expert Lee Slavutin, MD, CLU to share strategies for businesses. Ed poses the following questions to Lee: What are the advantages of having life insurance in a qualified plan for a business owner? What specific rules do CPAs need to watch out for with key person insurance?  Share more about the ins and outs of buy sell agreements that CPAs need to consider. Why does split dollar provide tremendous benefits for family business succession planning? For more resources related to this episode: Listen to Lee’s podcast with David Kushner outlining the tax traps to beware of with life insurance planning. Listen to Lee’s podcast with Ed Mendlowitz covering life insurance planning strategies for individuals.  Use the Adviser’s Guide to Financial & Estate Planning Volume 1 as a reference with respect to life insurance planning. 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. Review the PFP Section life insurance policy evaluation tools which includes a checklist for a life insurance policy checkup, issues to consider when evaluating replacing a life insurance policy, 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 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.  

This is part 2 of the PFP Section podcast that marks our CPA financial planning history and celebrates the journey of where we’ve been to take us into the future. We once again invited other AICPA volunteer leaders into the discussion to help us share our story. In this episode, Lyle Benson, CPA/PFS, Andrea Millar, CPA/PFS, and other CPA financial planners discuss: What are the investment adviser regulatory issues that CPAs need to understand? Why should we all consider embracing calling these services personal financial planning? The purpose behind The Statement on Standards in Personal Financial Planning Services and how this elevates CPAs Why having personal financial planning on the CPA exam will be a game changer? The education that supports the CPA way of providing these services What is the coach approach and why is it so crucial?   What are the attributes you need to flourish into the future? What you get back by being involved in your CPA financial planning profession? Why we all need to come together to leave a legacy? 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. The Statement on Standards in Personal Financial Planning Services. The CPA’s guide to investment advisory business models and related decision chart and case study.  The evolution of the CPA exam. The education created in the CPA way, including the fundamentals and the certificates. 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.    

As with any profession, it’s important to understand how we got to where we are today to take us into a successful future. In this 25th episode of the Deeper CPA Financial Planner Connections podcast series, Lyle Benson, CPA/PFS, and Andrea Millar, CPA/PFS discuss how the CPA financial profession got started and led to building a thriving community and resources from there. They also invited other AICPA volunteer leaders to this episode to share their perspectives. The conversation includes: How have CPAs played the role of trusted adviser to individuals since the creation of the accounting profession in 1887? How were personal financial planning services formalized within AICPA to provide robust resources for members? Why was it so important to create the PFP Section in 1986 and add the PFS credential in 1987? Why is the advanced PFP conference a critical aspect of the AICPA PFP community and their learning? Celebration of the incredible member volunteers who have gotten us to where we are and why passionate members are so crucial to our success  We have laid a great foundation with the best of the best resources and learning, authoritative PFP standards, financial planning on the CPA exam, an incomparable community of committed professionals, to name a few. Where do we go from here? 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. Sid Kess was invited to be a part of this episode. Sadly, he passed away before the recording took place. Sid prepared this dictation, graciously shared by his children, in preparation for the podcast. He focuses on the importance of a holistic approach in personal financial planning and how that also applies in the medical field.  Learn more about the PFP Division history in our 25th anniversary celebration document. Listen to other episodes in this series.  Save the date for ENGAGE 2024 where you will find the most technically advanced learning in personal financial planning, including tax, estate, retirement, risk management, and investment planning.  Save the date for How to create your CPA personal financial planning practice at ENGAGE on June 2nd (for CPAs who need guidance on building their financial planning practice) Save the date for PFS Live! at ENGAGE on June 2nd (for experienced CPA financial planners who qualify for the experienced PFS track) 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 July, California Governor Newsome signed legislation that disallows the incomplete gift non-grantor trusts (INGs) as a way to avoid CA state tax income. The law is retroactive to January 1, 2023. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews CA attorney, Kirsten Wolff, to guide CPAs on how to proactively plan with this new legislation. Bob poses the following questions to Kirsten: Do all ING trusts now trigger CA tax? Say more about the exception for charitable trusts. What types of trusts are not impacted by the new legislation? How do the throwback rules apply? How should CPAs plan for their CA clients who had ING trusts that received income or incurred capital gain before the law took effect? What should be done with ING trusts as a result of the new rules? For more resources related to this episode: Tune in to Steve Oshins and Bob Keebler as they dive deeper into the CA ING trust issue.  Find Bob’s decisions charts in our Proactive Planning Toolkit. Find Steve Oshins decision charts.  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.  

You can give your clients tremendous value by guiding them with their life insurance planning, even if you’re not an insurance expert. In this episode of the PFP Section podcast, Ed Mendlowitz, CPA/PFS, interviews expert Lee Slavutin, MD, CLU to share strategies to consider for your individual clients. Ed poses the following questions to Lee: What strategies would you recommend to make use of the lifetime exemption before the sunset at the end of 2025? Why is doing an insurance audit a great service to provide for your clients at all wealth levels? What are the benefits of a life insurance trust and how do crummy powers play into this? When are split dollar policies allowed, why use them, and who do they benefit? What are some ways to meet charitable goals through life insurance planning? For more resources related to this episode: Listen to Lee’s podcast with David Kushner outlining the tax traps to beware of with life insurance planning. Use the Adviser’s Guide to Financial & Estate Planning Volume 1 as a reference with respect to life insurance planning. 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.  

IRC Sections 1202 and 1045 are becoming more popular in recent years due to the tax favorability and private investing being more attractive overall. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews experts Caleb Powers and William Beckett to refresh us on what this is all about. They discuss: What are the criteria to qualify? How do you receive IRC Section 1202 treatment? What happens if you don’t hold the QSBS for 5 years? How does IRC Section 1045 come into play? What should employees with 1202 stock options do? How does this apply to estate planning? For more resources related to this episode: Find Bob’s decisions charts in our 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.      

Sarah Bradley, CPA/PFS, took a leap from being an employee to being a first-time business owner practicing in tax compliance and personal financial planning. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, facilitates Sarah to share her story so that you can benefit from her experiences. They discuss: How Sarah made her way to her current role as partner in a CPA financial planning firm How she decided to go from employee to business owner and to a very different role in her work What armed her with the ability to make such a bold decision and build the skills needed What got her through a pandemic the first year in business and a partner diagnosed with brain cancer in the fourth  How her firm decided their service offering, including not to provide investment advice  How she manages time for financial planning in the face of tax compliance deadlines  How coaching and mentoring has supported her along the way What she sees for the future of CPAs in 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.  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 the How to build your CPA financial planning practice 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.  

We often hear about the soft side of planning. As Lisa Featherngill, CPA/PFS, shares in this episode of the PFP Section podcast, this is really the hard side of planning. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Lisa to get her thoughts on how to have important conversations that lead to whether the quantitative side of planning will be successful or not. The stakes are high and it’s important to guide clients to communicate in a way that gets underneath the numbers to the meaning of the wealth. Lisa and Bob discuss: What is the qualitative side of planning? What is the number one reason why families lose control of assets and family unity by the third generation? What can we do to encourage clients to have these conversations? Are there tools that can be used to make it more comfortable for advisors and clients? What gets in the way of having these important discussions and how can we overcome this? What does all of this have to do with AI? For more resources related to this episode: Join the January 2024 PFP Summit where we dive deeper into the soft (aka hard) side of planning for ourselves, our clients, and our businesses.  The books mentioned by Lisa are Preparing Heirs: Five Steps to a Successful Transition by Roy Williams and Vic Preisser, Strangers in Paradise by James Grubman, and Bridging Generations by Roy Williams and Amy Castoro. Find Bob’s decisions charts in our 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.