Current PFP News 


    Please add AICPA_PFPNews@e.aicpa.org to your address book. If you have trouble viewing, the latest issue of PFP News is posted to aicpa.org/pfp/pfpnews on Thursdays.

    New in the learning library! Recording and slides from last week's webcast on the "Tax Impacts of Decanting" (aicpa.org/pfp/library).

    AICPA

    PFP News

     

    Member-Exclusive News, Resources and Events

     

    May 20, 2015

    In This Issue

    Practical Planning for Aging and Elder Issues

    Podcast: What To Do With An Unwanted Insurance Policy

    DOL Extends Deadline for Comments on Proposed Fiduciary Rule

    Bob Veres Media Reviews: Beyond E-Signatures

    New in the Learning Library: Tax Impacts of Decanting

    Julie Welch Honored with 2015 Kess Award for Excellence in Continuing Education

    Young CPA Financial Planners: Apply to the AICPA Leadership Academy by May 31

    CPA/PFS Corner: 25% PFS Exam Early Bird Discount Ends May 22; Exam Prep Options

    Other News: Social Security Podcast; PFP Trends Survey Responses Due May 27; Advisor Compensation/Staffing Study

     

     

    PFP News & Resources

     

    Practical Planning for Aging and Elder Issues

     

    As our clients age, new dimensions of planning challenges and opportunities arise. These planning issues are complicated by rising tax rates, growth in health care costs, potential cognitive decline, complex Medicare and long-term care decisions, and caregiver concerns, among other issues. In this webcast, Jim Shambo, Jean-Luc Bourdon, and Dirk Edwards will discuss best practices and practical planning tips for addressing aging and eldercare issues, including:

     

    Statistics and studies

    Managing insurance, tax brackets and cash flows

    Managing documents and directives

    Diminished capacity and caregiver issues

    Retirement projections - accounting for health care costs, addressing longevity and creating withdrawal strategies

    Digital asset obstacles and resources

    Eldercare resources

    And more!

     

    This webcast is free for all, without CPE and is the first event in a 2015 series on best practices and thought leadership in retirement planning.

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    Podcast: What To Do With An Unwanted Insurance Policy

     

    What should a CPA financial planner do with a life insurance contract that is no longer needed for the client's personal financial plan? Often these policies were purchased for debt reduction, survivor income, and estate liquidity; and an incorrect recommendation could have catastrophic consequences to the client. A number of factors should be considered before making the decision to remove the life insurance contract such as original need, ownership, type of policy, financial strength of the insurance company, and age of the policy. Disposal of the contract through cash surrender, 1035 exchange, or sale would create an income tax event for the client and possibly other unintended consequences. Tom Tillery discusses several strategies to consider once the adviser and client decide that the life insurance contract no longer achieves the goals of the personal financial plan.

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    Leg/Reg Update: DOL Extends Deadline for Comments on Proposed Fiduciary Rule

     

    The DOL has added 15 days to the initial comment period for its proposed fiduciary rule, extending the comment period from 75 days to 90. Labor Secretary Thomas Perez noted that the total comment period could stretch out to more than 140 days, because more comments will be allowed after a public hearing in August. Read more about the proposed rule.

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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 May's Financial Advisor magazine, including:

     

    "The 1K Pass It On" by Deena Katz (Charitable giving)

    "Beyond E-Signatures" by Joel Bruckenstein (Technology)

    "Young Advisors to Watch" by Eric Rasmussen

    "The Hidden Tsunami" by Mark Hurley (Buying and selling practices)

     

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

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    New in the Learning Library: Tax Impacts of Decanting

     

    PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and are posted to aicpa.org/pfp/library, including last week's event on the tax impacts of decanting. In this webcast, Bob Keebler and Jonathan Blattmachr discussed:

     

    Situations and reasons for decanting

    The potential tax implications of decanting

    What's the tax impact of IRS Notice 2011-101

    Income tax issues (both federal and state) to address and avoid, including recognition of untaxed income when changing grantor trust status and the impact on NOLs and QSST status

    Gift tax issues, including what changes may create a gift by the trustee or beneficiaries

    Estate tax issues, including when marital or charitable deductions may be lost, or estate tax inclusion caused

    Generation skipping transfer tax issues, including possible loss of exempt status

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    Julie Welch Honored with 2015 Kess Award for Excellence in Continuing Education

     

    Julie A. Welch, CPA/PFS is the recipient of the AICPA's 2015 Sidney Kess Award for Excellence in Continuing Education. The award, created in 2010 in honor of Kess, a nationally renowned tax expert, recognizes CPAs who have made significant and outstanding contributions in tax and financial planning and whose public service exemplifies the CPA profession's values and ethics. Read the press release.

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    Young CPA Financial Planners: Apply to the AICPA Leadership Academy by May 31

     

    The AICPA Leadership Academy exposes the next generation of CPAs to a strong ethic of leadership and service while providing them with strategies to forge relationships to expand their competencies and empower them to become a leader within their organization, community and the CPA profession. Licensed CPAs who meet the following eligibility requirements eligibility requirements (at the time of application), are invited to apply:

     

    Voting member in the AICPA 

    Member of a state society or affiliate partner organization 

    3+ years of experience within the CPA profession 

    Between the ages of 25 and 35

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    CPA/PFS Corner

     

     

    Deadline for 25% Early Bird PFS Exam Discount this Friday
    Get a 25% discount on the first-time registration for the summer 2015 PFS exam (offered June 19 - July 31 at convenient testing centers located across the country) when you register by Friday, May 22nd. Learn more at aicpa.org/PFSexam. Learn about sponsorships available to reduce the net cost for preparing for and taking the exam to as low as $407.50!

    Exam Prep Options to Fit Your Schedule

     

    Online PFP Boot Camp - June 1, 8, 15, 22

    In-person PFP Boot Camp in Denver, CO - June 17-19

    Archived recording of the PFP Boot Camp without CPE - Anytime

    Self-study PFS Exam Review Course - Anytime

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    Other News

     

     

    Podcast: Social Security - Will It Last?
    In last week's podcast, Michael Kitces and Ted Sarenski discussed the outlook for Social Security and how several factors including retirement age, payroll taxes, and income threshold will impact the sustainability of funds. What changes does it take to sustain the system for another century? What can advisers tell clients to expect with regard to social security benefits?

    PFP Trends Survey on Elder Client Issues: Respond by May 27th
    Please respond to a short 10 minute PFP trends survey by May 27th on issues faced by elderly clients. The results of the survey will be used to create media message points that will demonstrate the importance of CPAs in their clients' financial planning relationships and raise awareness in the CPA community and with the media of the issues that CPA financial planners face.  You can download the Q1 PFP Trend Survey executive summary and media release for use with your clients and local media at www.aicpa.org/pfp/trendsurvey. We need your involvement to establish a consistent message of awareness for CPA financial planners through this survey. We thank you in advance for your support of this quarterly survey.

    Advisor Compensation and Staffing Study
    Participate in the 2015 InvestmentNews Advisor Compensation and Staffing Study. This study, formerly the Moss Adams Compensation and Staffing Study, will help you properly assess your firm's individual and overall compensation levels; give you the opportunity to evaluate your staffing structure and strategies; and ultimately implement a plan to accelerate your firm's growth. The survey will take no more than 45-60 minutes to complete and the deadline is May 29. Use code "AICPA" when prompted at the beginning of the survey. 

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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:
    In addition to the webcasts below, scroll down for information on the rebroadcast of the "Tax Preparer to Financial Planner" series, being held May 21-June 18.

    Today! Expanding the Framework of Safe Withdrawal Rates
    May 20, 1-2:15pm ET
    Discounted CPE

    Practical Planning for Aging and Elder Issues
    June 3, 1-2:15pm ET
    Free without CPE

    Generation Skipping Transfer Tax: Theory and Advanced Applications
    June 5, 12-1:40pm ET
    Discounted CPE

    Asset Allocation Glidepaths in Retirement
    June 10, 1-2:15pm ET
    Free with CPE for PFP/PFS members

    Asset Protection Strategies
    July 8 at 1-2:45pm ET
    Registration coming soon.
    Discounted CPE.

    Practical Planning for Cash-Flows and Withdrawal Strategies in Retirement
    August 5, 1-2:45pm ET
    Registration coming soon.
    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
    Registration coming soon.
    Free. No CPE available. Invite your clients to this consumer-oriented webcast.

    Aging & Incompetence: When Your Client Has Crossed the Line and What Next?
    September 16, 1-2:45pm 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.

    PFP Series Rebroadcast: From Tax Preparer to Financial Planner: The Road Best Traveled
    Register for the entire series or individual sessions. Recordings and materials (without CPE) are available free to PFP/PFS members on our website. The rebroadcasts offers discounted CPE for PFP/PFS members; a subject matter expert will be available during the rebroadcast to answer questions.

    Tomorrow! Understanding the Value of Personal Financial Planning
    May 21, 1-2:45pm ET
    Discounted CPE

    Moving from Tax Planning to Integrated Financial Planning
    May 28, 1-2:15pm ET
    Discounted CPE.

    The Practical Side of Investment Planning
    June 2, 1-2:45pm ET
    Discounted CPE.

    The Practical Side of Estate Planning
    June 4, 1-2:30pm ET
    Discounted CPE.

    The Practical Side of Retirement Planning
    June 9, 1-2:30pm ET
    Discounted CPE.

    The Practical Side of Risk Management and Insurance Planning
    June 11, 1-2:30pm ET
    Discounted CPE.

    Comprehensive PFP Case Study
    June 18, 1-3:15pm ET
    Discounted CPE.

    Upcoming Conferences:

    Practitioners Symposium and Tech+
    June 7-10
    Orlando, FL
    Register. PFP/PFS members save an additional $100 on the AICPA member price.

    Advanced Estate Planning
    July 20-22
    Salt Lake City, UT
    Live | Virtual
    PFP/PFS members save an additional $100 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.

     

    Contact Us

     

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

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