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    New 50% member discount on Leimberg NumberCruncher Software.

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    PFP News

     

    Member-Exclusive News, Resources and Events

     

    July 22, 2015

    In This Issue

    Webcast: Practical Planning for Cash Flows and Withdrawal Strategies in Retirement

    Video Podcast: Top Tips for Helping Clients Choose Appropriate IRA and Plan Beneficiaries

    Podcast: RMD Regulations

    Podcast: Advanced Strategies for Generation Skipping Transfer Tax Planning

    New Member Discount: Leimberg NumberCruncher Software

    Forefield Alert: New Concept Pieces, Videos and Other Materials

    Bob Veres Media Reviews: The Modern Family 80/20 Rule

    2015 Q2 Personal Financial Satisfaction Index Released

    Jeremy Weaver Awarded P. Thomas Austin Scholarship

    CPA/PFS Corner: Register Now for Fall/Winter Exam Preparation

    Other News: Retirement Planning Video Series; 3 New Podcasts; Non-Grantor Trust State Income Tax Chart

     

     

    PFP News & Resources

     

    Webcast: Practical Planning for Cash Flows and Withdrawal Strategies in Retirement

     

    Your clients likely have a particular vision for their retirement years, but how do their expectations align with reality? In this webcast on August 5, 1-2:30 ET, a panel of CPA/PFS credential holders will discuss practical planning tips for addressing cash flows and withdrawal strategies for and in retirement, including:

     

    Envisioning a purposeful retirement

    Addressing changing life expectancies and long-term care issues

    Simulating retirement and cash flows via analysis of income streams, expenses, spending prioritization and more

    Withdrawal strategies and special considerations

     

    This webcast is free to all without CPE. Invite your colleagues to attend! Access retirement planning resources (including a new guide on practical retirement planning) at aicpa.org/pfp/retirement.

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    Video Podcast: Top Tips for Helping Clients Choose Appropriate IRA and Plan Beneficiaries

     

    Each week in the month of July, we are bringing you a special video podcast on some the top financial planning strategies to consider for your clients. In this week’s video podcast (with accompanying slides), Bob Keebler discusses how CPAs can assist clients in choosing appropriate IRA and plan beneficiaries with regard to family goals, asset protection issues, estate tax issues, income tax issues, and more. Access the PFP Learning Library for more videos, podcasts, and webcasts.

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    Podcast: RMD Regulations

     

    In this podcast, Bob Keebler provides an update on Notice 2015-49 issued July 9, 2015 regarding the use of lump sum payments to replace lifetime income being received by retirees under defined benefit pension plans. The IRS announced that it would amend regulations to provide that qualified defined benefit plans cannot replace any joint and survivor, single life, or other annuity currently being paid with a lump-sum payment or other accelerated distribution. The rules will be applied as of July 9, 2015, except for certain grandfathered transactions. Read more from the Journal of Accountancy.

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    Podcast: Advanced Strategies for Generation Skipping Transfer Tax Planning

     

    In this 42-minute podcast, Bob Keebler and Jonathan Blattmachr discuss advanced generation skipping transfer (GST) tax planning strategies, including:

     

    Allocation of GST exemption to life insurance trusts and how life insurance complements other estate planning strategies

    Use of a Health and Education Exclusion Trust (HEET)

    Strategy and efficacy of the use of Cascading Crummey Powers and Extra Crummey Trusts, a variation of the Crummey Trust

     

    Advantages of a “generation jumping” trust

    How the Delaware tax trap can be used for GST tax planning

    Subtle differences between the estate tax, gift tax, and GST tax and use of IRC Section 2701 structures to reduce exposure to GST tax

    How to decant a trust to reduce exposure to GST tax

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    New Member Discount: Leimberg NumberCruncher Software

     

    NumberCruncher, from Leimberg & LeClair, Inc., is a powerful easy-to-learn and use, estate and financial planning software. This state-of-the-art software is used by the IRS and will automatically compute:

     

    QPRTs,

    GRATs,

    Charitable Remainder & Lead Trusts,

    Private Annuities,

    Capital Punishment by Confiscation

    and much more! 

     

    PFP/PFS members receive 50% off the NumberCruncher software. Learn about all discounts available to PFP/PFS members at aicpa.org/pfp/discounts. References to the products or services provided above do not imply any form of endorsement, non-endorsement, support or commercial gain by the AICPA.   

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    Forefield Alert: New Concept Pieces, Videos and Other Materials

     

    Forefield Advisor has added several new materials over the past few months, including:
    Recently Added Concept Pieces:

     

    Don't Let Your Retirement Savings Goal Get You Down

    Health-Care Reform: Credits and Subsidies

    Retirement Plan Considerations at Different Stages of Life

     

    Recently Added Concept Videos:

     

    The Tax Benefits of Retirement Plan Participation

    The 1 Percent Difference, Part 1: Increasing Your Retirement Plan Contributions

    Federal Income Tax Basics

     

    Other Materials:

     

    Tax-Equivalent Bond Yields Calculator

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    Bob Veres Media Reviews

     

    Bob Veres Media Reviews are designed to save you hours of reading time each month -- giving you time for more productive activities. Read Bob’s write-ups of articles in July’s Investment Advisor magazine, including:

     

    “Financial Illiteracy: The Local Solution” by Jamie Green

    “Pathfinders” by Jamie Green (Separately Managed Accounts Managers of the Year)

    “Modern Family Planning” by Olivia Mellan and Sherry Christie

    “The Price of Independence” by Mark Tibergien

    “Hold the Innovation!  First, Build a Solid Foundation” by Angie Herbers

    “Is Your Technology Ready for an Audit?” by Dan Skiles

    “Does your CCO/Senior Management Relationship Need Improvement?” by Tom Giachetti

    “The Modern Family 80/20 Rule” by Cam Marston

     

    Access other editions of media reviews, Inside Information and e-columns.

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    2015 Q2 Personal Financial Satisfaction Index Released

     

    To help CPAs, the media, and consumers gain clearer insights into how Americans feel about their financial situation, the AICPA’s Media Relations team has released the Q2 2015 Personal Financial Satisfaction Index (PFSi). This economic barometer measures the personal financial satisfaction of the typical American with both AICPA proprietary and normalized official US Government data.  It is made up of eight factors that effectively measure both the pain and pleasure that Americans feel as they assess their financial situation. The purpose of the PFSi is to provide timely, relevant data for the AICPA to use for media outreach and member communications and to highlight the work that CPA financial planners do.

    According to the Q2 2015 PFSi, Americans’ personal financial satisfaction has hit a new post-recession high. The Q2 PFSi measured 15.0, representing a 1.9 point increase from the prior quarter and an 18.2 point increase from one year ago. An increase in job openings and a rise in home equity values coupled with continued reductions in loan delinquencies means that the financial outlook for the average American is the most positive it has been since the third quarter of 2007. Inflation, now registering at historically-low levels, was also a contributing factor in the PFSi increase from the previous quarter. In addition, the U.S. housing market is slowly returning to pre-recession levels. While the second quarter represents a post-recession high for the PFSi, the quarterly increase was the smallest in the past four quarters, and represents a slight slowing of momentum.

    Read a summary of the second quarter index, the media release and an article from the Journal of Accountancy. See information about previous quarter’s indices at aicpa.org/PFSi.

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    AICPA Awards Jeremy Weaver with Prestigious P. Thomas Austin Scholarship

     

    The AICPA is pleased to announce that Jeremy Weaver, CPA/PFS, a financial planner and investment manager with PlanFIRST, Inc. in South Carolina, has been awarded the 2015 P. Thomas Austin Personal Financial Planning Division Scholarship. Weaver was presented with the scholarship earlier this week at the AICPA Estate Planning Conference in Salt Lake City.

    Weaver was honored for his work providing estate planning services for families with special needs children in the Greenville, South Carolina area. “Jeremy’s strong desire to protect and help those who are unable to help themselves, particularly serving families with special needs children in his home state illustrates the important role that CPAs play to protect estates, beneficiaries, and families” said Robert Keebler, CPA/PFS, Chairman of the AICPA Advanced Estate Planning Conference.

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    CPA/PFS Corner

     

     

    Register Now for Fall/Winter Exam Preparation
    Plan now for the fall/winter PFS exam:

     

    November 16, 23, December 7, 14 – Online PFP Boot Camp (registration coming soon!)

    December 9-11In-person PFP Boot Camp in Columbus, OH (Call the OH Society of CPAs at 888-959-1212 to register.)

    AnytimeArchived recording of the PFP Boot Camp without CPE

    AnytimeSelf-study PFS Exam Review Course

    December 14, 2015 - January 29, 2016 – the next PFS exam window

     

    Visit aicpa.org/PFS for more information or email us at financialplanning@aicpa.org if you have any questions.

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    Other News

     

     

    Video Series: Retirement Planning Insights from Leading CPA Financial Planners
    In a new video series on AICPA TV and YouTube, a panel of leading CPA financial planners – including Lyle Benson, David Oransky, Ted Sarenski and Tracy Stewart – share retirement planning insights on topics ranging from savings and cash flow planning to safe withdrawals and much more.

    Video Podcast: Top Tips for Effective Trust Income Tax Planning 
    In last week’s video podcast (with accompanying slides), Bob Keebler discusses how CPAs can effectively help clients with tax planning for trusts, including strategies like bracket management, reducing income tax with trust distributions, and reducing state income tax with trust situs.

    Podcast: Payments to a DISC Deemed Dividends
    In this podcast, Bob Keebler discusses Summa Holdings v. Commissioner, where the U.S. Tax Court held that payments made from a corporation to a domestic international sales corporation (DISC) were essentially dividends to shareholders that shifted value in excess of annual contribution limits into Roth IRAs so that income could accumulate and be distributed tax free.

    Podcast: Investor Control in Private Placement Life Insurance
    In this podcast, Bob Keebler discusses Webber v. Commissioner, where the U.S. Tax Court ruled that income from investments made in a private placement life insurance wrapper is taxable income citing that the investor control doctrine applies.

    1st Annual Non-Grantor Trust State Income Tax Chart
    Use this new Non-Grantor Trust State Income Tax Chart from Steven Oshins, Esq., AEP (Distinguished) as a reference for the top tax rates, conditions under which each state taxes a non-grantor trust, and taxing statutes for all 50 states and the District of Columbia. Steve Oshins is also the author of the Domestic Asset Protection Trust State Rankings Chart, Trust Decanting State Rankings Chart, and Dynasty Trust State Rankings Chart, which are available on the PFP website.

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    Events

     

    PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and are posted to aicpa.org/pfp/library if you would like to listen again or if you are not able to attend the live event.

    Conference recordings are available at no charge to conference attendees or for purchase to those who weren't able to attend. Recordings from past conferences are available at aicpaconference
    materials.com
    .


    PFP Section-Sponsored Webcasts:

    Practical Planning for Cash-Flows and Withdrawal Strategies in Retirement
    August 5, 1-2:30 ET
    Free without CPE.

    Navigating Medicare and the Affordable Care Act
    August 19, 1-2:45pm ET
    Registration coming soon.
    Free with CPE for PFP/PFS members.

    Planning for Spending in Retirement
    Consumer Series: Take Charge: Your Money. Your Life. 
    August 27, 1-2pm ET
    Free without CPE. Invite your clients to this consumer-oriented webcast.

    Aging and Incapacity: CPAs Role in Advising Aging Clients
    September 16, 11-12:45pm ET
    Registration coming soon.
    Free with CPE for PFP/PFS members.



    How to Know Wills, Trusts and Other Legal Documents Meet Your Clients' Goals
    October 21, 1-2:45pm ET
    Registration coming soon.
    Discounted CPE.

    Practical Planning for Social Security and Healthcare in Retirement
    November 4, 1-2:45pm ET
    Registration coming soon.
    Free without CPE.

    Upcoming Conferences:

    Bob Veres’ Insider’s Forum Conference
    September 28-30
    Chandler, AZ
    Inside Information subscribers (including PFP/PFS members) save $150 when using the promocode 2015TRUEINSIDER.

    Sophisticated Tax Planning for Your Wealthy Clients
    November 16-17
    Boston, MA
    Live | Virtual
    PFP/PFS members save an additional $50 on the early bird AICPA member price.

    2016 Advanced Personal Financial Planning
    January 18-20
    Bellagio, Las Vegas
    Live | Virtual
    PFP/PFS members save an additional $100 on the early bird AICPA member price.

    Implementing PFP Services: Step-by-Step Plans for Success
    January 16-17
    Bellagio, Las Vegas
    PFP/PFS members save an additional $100 on the AICPA member price.
    Watch PFP News for registration information.

     

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

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