AICPA Personal Financial Planning (PFP‪)‬ AICPA & CIMA

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.