AICPA Personal Financial Planning (PFP‪)‬ AICPA & CIMA

Women control 1/3rd of the total US household financial assets of 11 trillion dollars and they make up 47% of the workforce. And yet many don’t seek the financial advice they need to gain peace of mind for their financial futures. In this episode of the PFP Section podcast, Debbie Taylor, CPA/PFS, shares her experience working with women clients and what she has learned about their needs to best serve them. Debbie discusses the following topics:
What are the financial challenges that women face? Tell us the good news about women and their finances. What do women want most from their advisor? How can CPA financial planners better serve their existing women clients? How can we reach the women who need an advisor? For more resources related to this episode, access:
Use the resources in Broadridge Advisor’s Women’s Resource Center to connect with your clients.  Register for an upcoming webcast on Women & Wealth 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.
 

Effective for 2023, Massachusetts taxpayers are now subject to a new surcharge of 4% of income over one million dollars.  In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Jonathan Blattmachr JD to guide CPA financial planners on the new surcharge.
Who is impacted by the new surcharge? How is the new surcharge calculated? Considerations of changing domicile to avoid the new surcharge. How residents can file and structure income to reduce surcharge. How using some trust structures could help reduce the surcharge.  For more resources related to this episode, access:
Podcast:  The tax and legal aspects of trust situs Guide:  The adviser’s guide to financial & estate planning:  Volume 1 CPE:  Trusts and estate planning documents CPE:  Integrating estate planning with the tax and financial plan  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.

CA recently passed legislation disallowing ING trusts by treating them as grantor trusts for state purposes retroactive to January 1, 2023. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Steve Oshins, JD, LLM, to guide CPA financial planners on how to rectify this situation. They discuss:
What are ING trusts and why are they used in planning for clients? What does the CA legislation allow and not allow going forward? How to pivot to a different technique that still allows for impactful results? Planning opportunities that may be being missed in NY where INGs were disallowed beginning in 2014. What needs to be done now? For more resources related to this episode, access:
The Proactive Planning Toolkit, exclusive to PFP Section members  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.
 

There are many professionals involved with clients and their tax, retirement, estate, insurance, and investment planning. In the case of life insurance, it’s important to be on the lookout for tax traps before it’s too late. In this episode of the PFP Section podcast, David Kushner, CPA, interviews expert Lee Slavutin, MD, CLU to inform us of the issues we need to know. They discuss:
The 3 situations in which life insurance premiums are tax deductible and have little risks of being challenged. What is the estate and income tax impact when an individual with a retirement plan that holds their insurance policy passes away? What unintended consequences can happen when clients move policies around and change ownership?  The 2 things you need to find out before clients get involved in a 1035 exchange.
Valuation issues that arise when gifting a policy.  For more resources related to this episode:
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.
 

Tom Trainor is a CPA financial planner in Canada who has given a lot of volunteer time to the AICPA PFP Division. Tom talks about how collaborating with his peers in this community has kept his practice on the cutting edge. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, facilitates Tom to share his wisdom so that you can benefit from his experiences. They discuss:
The different on ramps that Tom has taken to land with his own family office  How Tom uses technology to keep his firm running smoothly with only 3 owners and employees The differences and similarities between financial planning in Canada, in the US, and in other countries How Tom leads with financial planning to inform all else like estate planning, risk management, and investment planning The way that Tom incorporates human capital into his planning Tom’s view that volunteer time is research for his business  Tom’s take on the future of the profession and more  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.  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.
 

On July 14, 2023, the IRS released notice 2023-54 which provides for relief for RMDs in two circumstances. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares what you need to know, including:
If your client mistakenly took a required minimum distribution in 2023 based on SECURE but they could have waited until 2024 based on SECURE 2.0, they have until September 30th to repatriate the RMD without penalty. Relief via IRS notice 2022-53 has been extended into 2023. Beneficiaries subject to the 10-year rule will not need to take RMDs until the IRS releases final regulations providing more clarity on what is required.  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.
Share the update with your clients with this Broadridge Advisor Alert, included with AICPA PFP Section membership. Learn more on the latest proposals and regulations in the audio section of 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.