Current PFP News 


    Register for CPA/PFS Perspectives: Addressing Client Life Insurance Questions in your Practice
    (November 6, 1-2:45pm ET).

    AICPA

    PFP News

     

    Member-Exclusive News, Resources and Events

     

    October 29, 2014

    In This Issue

    Volume 3: The CPA's Guide to Financial & Estate Planning

    November 5: Essential Post-Mortem Planning Decisions

    Reminder: Relief for Missed Portability Elections

    Estate Planning Review: Highlights from Expert Advisory Panel

    Dynasty Trust State Rankings Chart

    Forefield Alert: 2015 Social Security and Medicare Figures

    Forefield Alert: 2015 IRA and Retirement Plan Limits

    CPA/PFS Corner: Final Call for November PFP Boot Camps

    PFP Conference Corner:Five Customized Tracks for Focused Learning

     

     

    PFP News & Resources

     

    Podcast: Retirement Income Strategies and Recent Research

     

    Volume 3: The CPA's Guide to Financial & Estate Planning
    Volume 3 of the 2014 edition of The CPA’s Guide to Financial and Estate Planning is now downloadable exclusively for PFP/PFS members. Volume 3 covers powers of appointments, selection and appointments of fiduciaries, postmortem planning, choice of business form for closely held businesses, the impact of estate freeze rules of intrafamily transfers, and planning for the executive, professional, owner of a closely held business, partner, sole proprietor, farmer and rancher.

    This comprehensive 1000-page, 4-volume, downloadable publication provides guidance to CPAs advising clients in estate, tax, retirement, investment and risk management matters. The 2014 edition also reflects evolved planning in connection with the implications of the American Taxpayer Relief Act of 2012 (ATRA) and the net investment income tax. Watch PFP News for Volume 4, which will be available later in the year.

    Also, register for the final webcast on essential post-mortem planning decisions (November 5, 1-2:45pm ET) in the 4-part series, The CPA’s Guide to Financial and Estate, with co-author of the guide, Steven Siegel, J.D., LL.M.

    In this series, Steve Siegel will tie in this PFP Section benefit with essential estate, tax and financial planning considerations to discuss with your clients now. Archived webcasts in the series cover the latest trends and strategies in charitable giving, key income tax planning strategies for the mass affluent, and integrated personal financial planning for business owners.

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    November 5: Essential Post-Mortem Planning Decisions

     

    Many clients do not create the ideal estate plan prior to their deaths. Fortunately, the planner has many excellent techniques available to "repair" a less than perfect estate plan. On November 5 from 1-2:45pm ET, Steve Siegel, JD, LLM and author of The CPA's Guide to Financial and Estate Planning, will address a number of key post-mortem planning decisions that the planner can address with the decedent's survivors to minimize estate and income tax burdens.

    The webcast will cover planning as it affects the decedent's final income tax return, as well as elections to be made in connection with a fiduciary income tax return and the estate tax return of the decedent. Some of the areas to be addressed will include:

     

    Elections on the final 1040 to minimize the decedent's tax burden and help his or her heirs

    Elections on the estate or trust 1041 to minimize income tax and net investment income tax liabilities

    Estate tax elections (portability, marital deduction, credit shelter trust planning, etc.) to achieve optimal tax planning

    The use of post-mortem techniques such as disclaimers, reverse QTIP elections and more to optimize the tax and planning outcomes for the decedent and the surviving family members

     

    This webcast is free without optional, discounted CPE. See all upcoming webcasts in November under “Events” in the right hand column.

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    Reminder: Relief for Missed Portability Elections until December 31st

     

    Revenue Procedure 2014-18, issued in January 2014, provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31, 2014. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. Listen to a podcast (download the slides) from Bob Keebler providing an overview of the simplified method for certain taxpayers to obtain an extension of time to make a portability election.

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    Estate Planning Review: Highlights from Expert Advisory Panel

     

    PFP/PFS members can download a complimentary issue of CCH’s Estate Planning Review - the Journal. This special issue features highlights from the CCH Financial & Estate Planning Advisory Board Meeting, including:

     

    1.

    The impact on professionals of recent developments in the life insurance industry, investment planning and technology

    2.

    The impact of changes on clients and planning strategies

    3.

    The impact of state law on estate and tax planning

    4.

    Recent legislative proposals

     

    The expert panel includes insights from Sidney Kess , Ben G. Baldwin, Jr., Lyle K. Benson, Jr., Carol Cantrell, Charles D. “Skip” Fox IV, Robert S. Keebler, Stephen J. Krass, Richard A. Oshins, Barbara J. Raasch, Sanford J. Schlesinger, Martin Shenkman and Lee Slavutin.

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    Dynasty Trust State Rankings Chart

     

    The Third Annual Dynast Trust State Rankings Chart (and accompanying article) from Steven Oshins, Esq., AEP (Distinguished) is now available. Highlights from the latest chart, include:

     

    1.

    The top 3 states are #1 South Dakota, #2 Nevada and #3 Alaska.

    2.

    The #4, #5 and #6 states will surprise many people.

    3.

    More weight was put on Decanting in this year’s chart versus last year’s chart.

    4.

    A new column was added related to whether discretionary trusts are protected from divorcing spouses and child support.

     

    Steve Oshins is also the author of the Domestic Asset Protection Trust State Rankings Chart and Annual Trust Decanting State Rankings Chart. Use these charts to help your clients plan where to set up dynasty and/or asset protection trusts and coordinate with their attorneys.

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    Forefield Alert: 2015 Social Security and Medicare Figures

     

    Every fall, the Social Security Administration (SSA) and the Centers for Mediare & Medicaid Services (CMS) announce limits and costs for the following year. This year the SSA has announced that beneficiaries will receive a 1.7% cost-of-living adjustment (COLA), and CMS has announced that the standard monthly Medicare Part B premium will remain the same for 2015. Forefield Advisor’s client alert summarizes what's changing and what's staying the same, and can help you stay in touch with clients and prospects who may be affected by the new figures.

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    Forefield Alert: 2015 IRA and Retirement Plan Limits

     

    Many IRA and retirement plan limits are indexed for inflation each year. On October 23, 2014, the IRS issued the inflation-adjusted numbers for 2015, and many of the limits have increased.

    For example, the elective deferral limit for 401(k), 403(b), and 457(b) plans rises to $18,000 in 2015, up from $17,500 in 2014. The catch-up limit rises to $6,000 in 2015, up from $5,500 in 2014. The maximum IRA contribution for 2015 is $5,500, unchanged from 2014 (the catch-up limit also remains unchanged at $1,000). However, the phaseout ranges for determining the deductibility of traditional IRA contributions, and for determining whether an individual can contribute to a Roth IRA, have increased for 2015. In addition, the maximum amount that can be contributed to a defined contribution plan has increased from $52,000 to $53,000 for 2015.

    Forefield Advisor’s
    client alert summarizes the new limits, and can help you explain these important changes to your clients and prospects.

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    CPA/PFS Corner

     

     

    The fall/winter 2014 PFS exam will be offered December 15, 2014 - January 26, 2015. Learn more at aicpa.org/PFSexam.

    Final Call for November PFP Boot Camps
    November PFP Boot Camps start next week!  This is your final opportunity to register for the entire boot camp.  Whether you are preparing for the fall/winter 2014 PFS exam or simply refreshing your tax, estate, retirement, investment, and risk management skills, this class will provide a systematic overview of all PFP topics, including the Statement on Standards in PFP Services. Tom Tillery, an experienced practitioner and instructor, covers the material in an engaging format and includes real-life scenarios and practical guidance.

    Register for the format that fits your budget and schedule:

     

    In-person class in Columbus, OH on November 5-7 (24 hours of CPE)

    Online broadcast during November (20 hours of CPE)

    On-demand video archive (no CPE)

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    PFP Conference Corner

     

     

    Five Customized Tracks for Focused Learning
    The Advanced PFP Conference has tracks to meet your needs regardless of your area of expertise. Choose to focus your time in one track or mix things up. Tracks include:

     

    1.

    Retirement Planning

    2.

    Tax and Wealth Management Planning

    3.

    Investment Management

    4.

    New in 2015! Insurance & Risk Management Mini-Track

    5.

    Practice Management and Technology

     

    Learn more and register by December 5th to receive up to $175 off of the already reduced AICPA member price with the early bird discount and PFP/PFS member discount.

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    Other News

     

     

    Video: PFP Member Benefit Demo
    In this video, the PFP staff walks you through an overview of your member benefits, as well as demonstrates how to navigate the PFP website and access our most popular content.

    Podcast: Retirement Income Strategies and Recent Research
    In this podcast, Michael Kitces discusses recent retirement planning research with respect to safe withdrawal rates, asset allocation glide paths and how to craft effective liquidation strategies for clients in retirement. Listen to this 12 minute podcast to get a glimpse of the research he’s been working on with Dr. Wade Pfau.

    Video: Questions and Answers on The Affordable Care Act
    In this video, Sidney Kess, CPA, J.D., LL.M. and two of the nation’s leading authorities on the ACA, Vern Hoven, CPA and Sharon Kreider, CPA, discuss an overview of the ACA, including the individual and employer mandates, penalties, and credits, how technical corrections can be made to the law, where to buy insurance - including state exchanges and healthcare.gov, and different tiers of plans (gold, bronze, etc.).

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    Events

     

    Event recordings and materials are posted to aicpa.org/pfp/webcasts if you would like to listen again or if you are not able to attend the live event. Unless otherwise noted, PFP Section-sponsored webcasts are offered free without optional, discounted CPE for PFP/PFS members.

    Upcoming Webcasts:

    Today! Washington Tax Brief
    October 29, 1-2pm ET
    Free | Discounted CPE

    Next Week! Essential Post-Mortem Planning Decisions
    Part 4 of The CPA's Guide to Financial and Estate Planning Series
    November 5, 1-2:45pm ET
    Free | Discounted CPE

    Next Week! CPA/PFS Perspectives: Addressing Client Life Insurance Questions in your Practice
    November 6, 1-2:45pm ET
    Free | Discounted CPE

    Year-End Financial and Tax Planning Strategies to Address ATRA, Net Investment Income Tax, and More
    November 10, 1-2:45pm ET
    Free | Discounted CPE

    CPA Financial Planning Thought Leadership: Investment Planning
    November 12, 1-2:45pm ET
    Free to ALL | Discounted CPE

    CPA Financial Planning Thought Leadership: The Outlook for CPA Financial Planning Profession
    November 13, 1:30-2:30pm ET
    Free to ALL | Discounted CPE

    Investment Tax Planning - Creating Tax Alpha
    December 4, 1-2:45pm ET
    Free | Discounted CPE

    CPA/PFS Perspectives on the Next Generation of CPA Financial Planners
    December 16, 1-2:45pm ET
    Free to ALL | Discounted CPE

    Series: From Tax Preparer to Financial Planner: The Road Best Traveled

    Step 2: Moving from Tax Planning to Integrated Financial Planning for Individuals, Families and Business Owners (2-Day Virtual Session)
    Register for Step 2 bundle or for each event separately.

    Today! Overview: Expand Your Financial Planning Practice through Your Client’s Tax Return
    October 29, 10:30am-12:15pm ET
    Free to ALL | Discounted CPE

    Today! The Practical Side of Investment Planning
    October 29, 1-2:45pm ET
    Discounted CPE | Recording free to PFP/PFS members

    Today! The Practical Side of Estate Planning
    October 29, 3-4:30pm ET
    Discounted CPE | Recording free to PFP/PFS members

    Tomorrow! The Practical Side of Retirement Planning
    October 30, 10:30am-12pm ET
    Discounted CPE | Recording free to PFP/PFS members

    Tomorrow! The Practical Side of Risk Management & Insurance Planning
    October 30, 12:30-2pm ET
    Discounted CPE | Recording free to PFP/PFS members

    Tomorrow! Comprehensive Personal Financial Planning Case Study
    October 30, 2-4:30pm ET
    Discounted CPE | Recording free to PFP/PFS members

    Step 3:  Implementing PFP Services: Step-by-Step Plans for Success (Live Session)
    January 17-18, 2015 at the Bellagio, Las Vegas
    Must be purchased separately from Step 1 & 2 bundle. See registration information below under “Upcoming Conferences.”

    Upcoming Conferences:

    AICPA Sophisticated Tax Planning for Your Wealthy Clients
    November 17-18
    Loews Philadelphia Hotel
    Live | Virtual
    PFP/PFS members save an additional $100 on the AICPA member price.


    AICPA Advanced Personal Financial PlanningConferene
    January 19-21, 2015
    Bellagio, Las Vegas
    Live | Virtual
    PFP/PFS members save an additional $100 on the early-bird and AICPA member discounts.


    Implementing PFP Serices: Step-by-Step Plans for Success
    January 17-18, 2015
    Bellagio, Las Vegas
    2-day session only | Bundle with PFP Conference
    PFP/PFS members save an additional $100 on the AICPA member price.


    Tax Efficient Investing Seminar
    January 18, 2015
    Bellagio, Las Vegas
    1-day session only | Bundle with PFP Conference
    PFP/PFS members save an additional $100 on the AICPA member price.

     

    Contact Us

     

    Email the PFP Team: financialplanning@aicpa.org Visit our home page: aicpa.org/pfp

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