AICPA Personal Financial Planning (PFP)

Latest Episodes:

What you need to know about the "For the 99.5% Act" {PFP Section} Apr 02, 2021

Show notes

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 provisions, including a 3.5 million estate exemption, 1 million gift exemption, and a 20k cap on annual exclusion gifts
Changes to the GRAT, grantor trust, and valuation discount planning techniques
Expansion of conservation easements and the special use valuations for farms
What you need to consider with clients before enactment

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.

For in depth coverage of the current estate, gift, and trust planning strategies that you can take advantage of now for your clients, use the 4-volume Adviser's Guide to Financial & Estate Planning.

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.

Part 4: The new approach to retirement planning {PFP Section} Mar 26, 2021

Show notes

Guest: Mackey McNeill, CPA/PFS

Mackey McNeill, CPA/PFS, shares when and how she talks about investments with her clients in this episode of the PFP Section podcast. She walks you through her approach to her key ideas including:

If your clients loved investments, they wouldn't use your services.
At the end of the planning process, refine the plan by developing the investment policy statement while the client is with you.
Talk in plain English and repeatedly ask if anyone has questions while also keeping the conversation focused on the client.
How her process takes more time and investment up front though saves time in the long run and creates lasting clients who refer.

Part 1: the new approach to retirement planning: You are in the people business
Part 2: the new approach to retirement planning: Setting the stage
Part 3: the new approach to retirement planning: Gamification
Guide to practical retirement planning

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.

Leading effectively in times of high pressure {PFP Section} Mar 19, 2021

Show notes

Guest: Dr. Eric Bean

Overseeing your team and serving your clients amid a pandemic, tax season, economic concerns, and all else that life brings can be a pressure cooker. Learn how to transform how you face these circumstances from high performance executive coach Dr. Eric Bean in this PFP Section podcast episode. Eric shares:

Three research supported strategies to help manage pressure so that you can minimize its performance killing effects
How to get real with consequences and weigh this against the risks to shift perspective
The power of focusing your mind on opportunities versus threats
How to be a healthy control freak

Book: Performing under pressure: The science of doing your best when it matters most
Course: Building personal resilience (gratis to AICPA members)
Podcast: Serving your clients, running your firm, and taking care of you
Bob Veres Inside Information (available to PFP/PFS members)

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.

Keebler on the American Rescue Plan Act of 2021 {PFP Section} Mar 15, 2021

Show notes

President Biden signed off on the latest relief for businesses and individuals late last week. You can learn the specifics you need to know for your clients in this PFP Section podcast episode from Bob Keebler, CPA/PFS, including:

The ins and outs of the restaurant revitalization grant program
Expansion of the employee retention credit and EIDL loans
The many tax relief components for individuals and businesses, including tax free unemployment compensation in 2020
Related news on the 4 key reasons the AICPA requested an extension of the tax deadline

The IRS gives a statement on how 2020 tax returns are impacted.
For more in depth coverage of the act, join Bob Keebler this Friday at 1 pm EDT.
Attend this week's AICPA Town Hall for up to the minute guidance.
Read more in various articles from the Journal of Accountancy.
PFP/PFS members can use the latest Broadridge Advisor alert to communicate with their clients.

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.

Part 2: Important planning strategies to consider in 2021: Estate {PFP Section} Mar 12, 2021

Show notes

Guest: Bob Keebler, CPA/PFS

Many experts expect the estate tax exemption to decrease to $5 million or $3.5 million under the current administration. Therefore, we are in a potential use it or lose it situation with respect to today's exemption. In this PFP Section podcast episode, Bob Keebler, CPA/PFS, fills you in on:

Understanding what's likely to happen by looking to proposals from Sanders, Obama, and Warren
What to do now to prepare your clients for what may be coming
Planning strategies that may make sense to accelerate

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.

Serving clients, running your firm, and taking care of you {PFP Section} Mar 05, 2021

Show notes

Guest: Lyle Benson, CPA/PFS

AICPA PFP Summit brings together financial planning thought leaders to talk about what will take them, their clients, and their firms to the next level. In this PFP Section podcast episode, Lyle Benson shares takeaways from the January event such as:

The power of having clarity on the core values and purpose of your firm and bringing staff and clients along for the ride to inspire a sense of belonging.
Supporting clients to gain direction on their cherished charitable goals to bring meaning to their money.
Lessons learned from guiding blind athletes that tie in perfectly with your role as a financial planner.

The March edition of Bob Veres Inside Information includes write ups of two PFP Summit sessions.
Listen to an in-depth session on 2021 best ideas for you, your clients, and your firm.
Read about skills financial planners need to succeed in today's environment.

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.

Philanthropy techniques for your wealthier clients {PFP Section} Feb 26, 2021

Show notes

Guest: Steve Siegel, J.D., LL.M.

For your high income and net worth clients, there are many savvy strategies that can meet their benevolent desires while also providing for their loved ones and saving significant tax. In this PFP Section podcast episode, Steve Siegel, J.D., LL.M., fills you in on:

The benefits of qualified charitable distributions (QCDs), the limitations, and the importance of timing this right
The beauty of charitable remainder trusts, especially in an environment where capital gain rates may increase, and the cons
The value of charitable lead trusts for your most affluent clients and why this may become a more popular technique if other wealth transfer strategies go by the wayside

If you're looking for ideas for your everyday clients, check out Steve's charitable giving strategies for the masses.
Use Steve's Adviser's Guide to Financial & Estate Planning (included with PFP/PFS membership) as a reference library for a deep technical dive on charitable planning and much more.
Visit Broadridge Advisor (included with PFP/PFS membership) to find client facing resources to educate and communicate with your clients about giving and many other planning topics.

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.

Charitable donation strategies for the masses {PFP Section} Feb 19, 2021

Show notes

Guest: Steve Siegel, J.D., LL.M.

The CARES Act introduced new rules in 2020 to encourage donations to charitable organizations during the pandemic. In this PFP Section podcast, Steve Siegel discusses:

2020 charitable contribution rules for individuals and business to be aware of when filing tax returns
2021 giving strategies, including changes made to the above the line deduction and increased penalties for improperly claimed deductions
Common mistakes or misses to be on the lookout for with your clients related to estate, gift, and trust charitable deductions

Use Steve's Adviser's Guide to Financial & Estate Planning as a reference library for a deep technical dive on charitable planning and much more.
Check out Broadridge Advisor for client facing resources to educate and communicate with your clients about giving and many other planning topics.

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.

Part 1: Important planning strategies to consider in 2021 {PFP Section} Feb 12, 2021

Show notes

2021 is going to be a tricky year in terms of how to best advise clients since we don't know what tax laws will change and when they may go into effect. In this 5-part series, Bob Keebler, CPA/PFS, walks you through the key areas to be mindful of so that opportunities aren't missed with your clients.

In this PFP Section podcast episode, Bob covers planning for the potential change to step up in basis at death, including:

What are the 4 ways that the law could play out?
With the uncertainty, what planning ideas should you think about in 2021?

Listen to 2021 best ideas for you, your clients, and your business.
Register to attend the latest and greatest with Roth conversion planning.
Use the Adviser's Guide to Financial & Estate Planning as a reference guide for current law.

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 new approach to retirement planning: part 3 {PFP Section} Feb 05, 2021

Show notes

Guests: Mackey McNeill, CPA/PFS

Creating a meaningful experience for your clients has become even more important over the past year. Mackey McNeill, CPA/PFS, has gamified her process to bring fun to retirement planning. In this episode of the PFP Section podcast, she shares her approach, step by step, including:

How she opens the conversation to invite her clients in
Why she has her clients who are couples create their goals separately
What she says to get clients out of the data gathering weeds
How she creates an ideal and acceptable financial plan to help with decision making

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.

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