Current PFP News 


    Register for the next webcast in the Advanced PFP Series: Planning for Large IRAs (August 27, 3-5pm ET) with Bob Keebler.

    AICPA

    PFP News

     

    Member-Exclusive News, Resources and Events

     

    August 20, 2014

    In This Issue

    New Member Benefit: PFP Collection in the Online Professional Library

    August 27: Planning for Large IRAs

    Added to the Archives: Charitable Giving: The Latest Trends and Strategies

    Added to the Archives: Trusts, Section 469 & Section 1411: Material Participation After Frank Aragona Trust

    Whitepaper: How to Build a Robo-Shield™ for Your Financial Advisory Firm: 20 Effective Tactics to Marginalize the Rise of Robo-Advisers

    Chart: State Creditor Protection Statutes for IRAs, Non-ERISA 403(b) and Roth Variants

    Advocacy Update: AICPA and State CPA Societies Seek Clarification About Applicability of the NIIT

    Bob Veres Media Reviews: Alpha for Financial Life Planners and 2014 FA Insight Study

    Survey: Economic Benefits of Providing PFP Services

    CPA/PFS Corner: Plan Now for December PFS Exam

     

     

    PFP News & Resources

     

    New Member Benefit: PFP Collection in the Online Professional Library

     

    Introducing a new way to access the technical and practice management guides available to you as a PFP/PFS member! The PFP Collection in the Online Professional Library (OPL) is a web-based collection of PFP guides that provides access to the information, guidance, and standards available to help members specializing in offering tax, estate, retirement, risk management and investment planning advice to individuals, families and business owners.

    Guides included in the collection cover everything from technical content on planning for Social Security, healthcare in retirement, and in-depth tax and estate issues to practice management and professional responsibilities like technology considerations, investment advisory business models, and applicable standards. Guides available in the collection include:

     

    The CPA's Guide to Financial and Estate Planning Volume 1 (2014 editions of volumes 2-4 are coming this fall!)

    The CPA's Guide to Financing Retirement Healthcare

    "The Industry has a Race Problem" by Charles Paikert

    The CPA's Guide to Investment Advisory Business Models

    Roadmap to Developing and Managing a CPA Personal Financial Planning Practice

    A Guide to Financial Decisions: Implementing an End-of-Life Plan

    Statement on Standards in Personal Financial Planning Services Toolkit

    Personal Financial Planning Services: Related Standards

    Prudent Practices for Investment Advisors

    Prudent Practices for Investment Stewards

     

    The online library is superior to downloadable and eBook formats because it allows you to search, bookmark and download to PDF from one convenient location, as well as allows for more frequent updates to content. Explore the library today and stay tuned to PFP News for a demo of OPL coming soon! PDFs of the above guides will continue to be available on our Web site for PFP/PFS members if you prefer that format; however, note that you have the ability to download PDFs directly from OPL.

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    Advanced PFP Series: Planning for Large IRAs

     

    Many of your clients, if not all, have IRAs. Some of your clients' IRAs may even be quite large and their only retirement asset. While IRAs are a great and beneficial retirement asset, the planning opportunities from very large IRAs become limited upon your clients' retirement, translating into adverse tax consequences that can be devastating. If you start planning early, however, you can use your clients' large IRAs to help them diversify their retirement assets, thereby possibly decreasing their tax liability in their retirement years. On August 27 from 3-5pm ET, Bob Keebler will discuss advanced planning strategies, including:

     

    The possibly devastating tax consequences of large IRAs

    Roth conversions

    Life insurance

    IRA relocation

    Stretch IRA planning

    Testamentary charitable remainder trusts

    Isolating basis

    Traditional 401(k) to Roth 401(k) conversions

    Asset protection planning

    IRAs payable to trusts

     

    This seminar is available for purchase with discounted CPE. Recordings from the Advanced PFP series will be available free at aicpa.org/pfp/webcasts after the live events.

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    Added to the Archives: Charitable Giving: The Latest Trends and Strategies

     

    Did you miss last week's webcast on charitable giving trends and strategies? The recording and presentation materials were recently archived at aicpa.org/pfp/webcasts.
    Recent law changes have created fewer payers of estate tax and increased income tax burdens for more Americans. How should planners address charitable giving to minimize tax burdens and ensure a client's generosity receives the maximum tax benefit? In this webcast, Steve Siegel, J.D., LL.M., co-author of The CPA's Guide to Financial and Estate Planning, discusses the role of charitable planning, especially the use of charitable remainder trusts, in this environment, and how charitable planning tools can relate to the personal and family tax and estate planning objectives of your clients.

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    Added to the Archives: Trusts, Section 469 & Section 1411: Material Participation After Frank Aragona Trust

     

    Did you miss last week's webcast on material participation after the Aragona decision? The recording and presentation materials were recently archived at aicpa.org/pfp/webcasts.
    In Frank Aragona Trust v. Commissioner, the US Tax Court ruled on the applicability of the Section 469 real estate professional exception to the passive activity loss rules and what standard to apply to determine whether a trust materially participates under Section 469. This has a direct and significant impact on whether the net investment income tax applies to your individual client's estate(s) and trust(s) and their beneficiaries. In this webcast, David Kirk, CPA/PFS, J.D., LL.M. and Bob Keebler, CPA, MST, AEP provide you with the known and unknown factors in determining whether a trust materially participates following the Aragona decision to help you provide value to and protect your clients

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    Whitepaper: How to Build a Robo-Shield™ for Your Financial Advisory Firm: 20 Effective Tactics to Marginalize the Rise of Robo-Advisers

     

    Fox Financial Planning Network (FFPN) released a new whitepaper that identifies ways advisors and institutions will need to enhance their business model and service offering to counteract the threat from online investment advice platforms known as "robo-advisers."

    This report explores solutions for advisory firms to competition from online advice platforms and provides specific business planning and practice management ideas to consider adopting in order to thrive in the future. The report provides insight into how advisors can embrace and leverage technology, streamline operations, provide outstanding client service and maintain profitability in a more transparent, price-aware marketplace. It includes specific practice management ideas that firms can adopt, as well as specific dialogues advisors can use with prospects or clients to eliminate the threat of losing business to online investment platforms. In addition, a comprehensive comparison chart of the main robo-adviser is included.

    Fox Financial Planning Network has developed resources and training specifically to assist PFP Section members to work more effectively, increase revenues and deliver a high level of service to their clients.

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    Chart: State Creditor Protection Statutes for IRAs, Non-ERISA 403(b) and Roth Variants

     

    This chart, made available to PFP/PFS members by Edwin P. Morrow, III, J.D., LL.M., provides an overview of state creditor protection and limitations (including all 50 states plus the District of Columbia) for IRAs, Roth IRAs and Non-ERISA 403(b) plans, links to respective state statutes, and provides detail on loopholes, exceptions or unique features in the statutes, such as whether inherited IRAs or SEP/SIMPLEs are protected.

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    Advocacy Update: AICPA and State CPA Societies Seek Clarification About Applicability of the NIIT

     

    The AICPA, the Virgin Islands Society of Certified Public Accountants and the Guam Society of Certified Public Accountants submitted a letter to Congress on August 7 requesting clarification regarding the section 1411 net investment income tax applicability to bona fide residents of the U.S. Virgin Islands, Guam and the Commonwealth of the Northern Mariana Islands. The clarification is needed as to whether the NIIT is a mirrored tax to be collected by tax authorities for the USVI, Guam and CNMI. Read more in the press release.

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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 August's Financial Advisor magazine including:

     

    "Alpha for Financial Life Planners" by Roy Diliberto (setting fees)

    "Searching High and Low" by Dan Jamieson (recruitment)

    "Things That Keep Me Up at Night" by Joel Bruckenstein (technology)

    "Pure's Play" by Dan Jamieson (financial planning practice profile)

    "Liquid Alts Aren't Flowing" by Jeff Schlegel

    "Maintaining the Magic" by Scott MacKillop (client experience)

     

    Read Bob's write-ups of articles in August's Investment Advisor magazine including:

     

    "Variable Annuities a Top Source of Consumer Complaints: FINRA" by Melanie Waddell

    "The Virtues of Growing by Design: 2014 FA Insight Study" by Eliza De Pardo and Dan Inveen

    "The Price of Dithering" by Mark Tibergien (exit planning)

    "Unhappiness Ever After: 10 Questions for a Reality Check" by Angie Herbers

    "Robo-Advisors: What You Can Learn From Their Technology" by Dan Skiles

    "Personal Securities Reporting: Push Back At Your Peril" by Tom Giachetti

    "Breaking Through Your Career-Track Barrier" by Caleb Brown

     

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

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    Survey: Economic Benefits of Providing PFP Services

     

    Enter for a chance to win a 16GB iPad Air!
    Questions about the economic benefits of PFP services surface whether firms are considering pure fee-only planning (in tax, estate, retirement, investments, or risk management/insurance), wealth management, or investment or insurance placement. Please share your knowledge in this 20 minute survey to help us provide a reference resource for firms to understand how PFP services will impact their firm economically and provide benchmarking data for seasoned firms. One lucky survey participant will win an Apple iPad Air. Respond to the survey by August 31.

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    CPA/PFS Corner

     

    Plan Now for December PFS Exam

     

    Enhance your credibility, confidence and competence with the CPA/PFS credential! The Personal Financial Specialist (CPA/PFS) credential distinguishes your skills in tax, estate, retirement, risk management, and investment planning, enabling you to work knowledgeably and confidently with clients and other financial planning professionals.

    The fall/winter 2014 PFS exam will be offered December 15, 2014 - January 26, 2015. Prepare today with the self-study PFS exam review course and register for the PFP boot camp in November (online or in Columbus, OH) as a final review. Visit aicpa.org/PFSexam for more information.

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    Events

     

    Event recordings and materials are posted once available to aicpa.org/pfp/webcasts if you would like to listen again or if you are not able to attend the live event.

    Upcoming Free Webcasts:

    Advanced PFP Series: Planning for Large IRAs
    August 27, 3-5pm ET
    Bob Keebler, CPA, MST, AEP
    Discounted CPE. Recordings from this series will be available free at aicpa.org/pfp/webcasts after the live events.

    Be in Demand: Building a Career as a CPA Personal Financial Planner
    August 28, 1-2pm ET
    Richard Joyner, CPA/PFS
    Free without optional, discounted CPE for PFP/PFS members.

    Key Income Tax Planning Strategies for the Mass Affluent
    Part 2 of The CPA's Guide to Financial and Estate Planning Series
    September 3, 1-2:45pm ET
    Steve Siegel, J.D., LL.M.
    Free without optional, discounted CPE for PFP/PFS members.

    Investment Tax Planning - Creating Tax Alpha
    September 23, 1-2:45pm ET
    Chris Benson, CPA/PFS, Bob Keebler, CPA, MST, AEP and Scott Sprinkle, CPA/PFS
    Free without optional, discounted CPE for PFP/PFS members.

    Integrated Personal Financial Planning for Business Owners
    Part 3 of The CPA's Guide to Financial and Estate Planning Series
    October 17, 1-2:45pm ET
    Steve Siegel, J.D., LL.M.
    Free without optional, discounted CPE for PFP/PFS members.

    Washington Tax Brief
    October 29, 1-2pm ET
    Ed Karl and Melissa Labant
    Free without optional, discounted CPE for PFP/PFS members.

    Essential Post-Mortem Planning Decisions
    Part 4 of The CPA's Guide to Financial and Estate Planning Series
    November 5, 1-2:45pm ET
    Steve Siegel, J.D., LL.M.
    Free without optional, discounted CPE for PFP/PFS members.

    Save the Date!
    Registration links will be available soon in PFP News.

    How CPAs Can Thrive in the New World of Estate Planning for Clients Under $10M Net Worth
    October 21, 1-2:45pm ET
    Martin Shenkman, CPA/PFS, J.D.
    Free without optional, discounted CPE for PFP/PFS members.

    CPA Financial Planning Thought Leadership: Investment Planning
    November 12, 1-2:45pm ET
    Lyle Benson, CPA/PFS, Joanne Hagopian, CPA, Scott Sprinkle, CPA/PFS, Tom Trainor, CPA, CA
    Free without optional, discounted CPE for PFP/PFS members.

    New Series: Save the Dates!
    Save the dates for the following virtual and live events in the series: From Tax Preparer to Financial Planner: The Road Best Traveled. Registration links will be available soon in PFP News.

    Step 1: Understanding the Value of Personal Financial Planning (Webcast)

    From Client Tax Returns to Value-Added Financial Planning: How CPAs Can Get in the Game
    October 22, 1-2:45pm ET
    Michael Goodman (Moderator), Randy Abeles, Chris Benson, Susan Tillery, Dave Stolz
    Free to ALL; optional discounted CPE for PFP/PFS members.

    Step 2: Moving from Tax Planning to Integrated Financial Planning for Individuals, Families and Business Owners (2-Day Virtual Session)

    Overview: Expand Your Financial Planning Practice through Your Client's Tax Return
    October 29, Time TBD
    Bob Keebler, Ted Sarenski and Susan Tillery
    Free to ALL; optional discounted CPE for PFP/PFS members.

    The Practical Side of Investment Planning
    October 29, Time TBD
    Bob Keebler, Ted Sarenski and Scott Sprinkle
    Paid only; archived recording free to PFP/PFS members.

    The Practical Side of Estate Planning
    October 29, Time TBD
    Bob Keebler, Steve Siegel, Scott Sprinkle and Susan Bruno
    Paid only; archived recording free to PFP/PFS members.

    The Practical Side of Retirement Planning
    October 30, Time TBD
    Ted Sarenski, Steve Siegel and Scott Sprinkle
    Paid only; archived recording free to PFP/PFS members.

    The Practical Side of Risk Management & Insurance Planning
    October 30, Time TBD
    Susan Bruno and Tom Tillery
    Paid only; archived recording free to PFP/PFS members.

    Comprehensive Personal Financial Planning Case Study
    October 30, Time TBD
    Susan & Tom Tillery
    Paid only; archived 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
    See registration information below under "Upcoming Conferences."

    Upcoming Conferences:

    AICPA Sophisticated Tax Planning for Your Wealthy Clients
    November 17-18
    Loews Philadelphia Hotel
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    AICPA Advanced Personal Financial Planning Conference
    January 19-21, 2015
    Bellagio, Las Vegas
    Attend live or virtually. PFP/PFS members save $100 off the early-bird and AICPA member discounts.

    Implementing PFP Services: Step-by-Step Plans for Success
    January 17-18, 2015
    Bellagio, Las Vegas
    Attend the 2-day session only or bundle with the Advanced PFP Conference. PFP/PFS members save $100 off the AICPA member price.

     

    Contact Us

     

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

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