Current PFP News 


    Register for How CPAs Can Thrive in the New World of Estate Planning for Clients Under $10M Net Worth (October 21 from 1-2:45pm ET) with Martin Shenkman.

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    PFP News

     

    Member-Exclusive News, Resources and Events

     

    October 1, 2014

    In This Issue

    Oct. 21: How CPAs Can Thrive in the New World of Estate Planning for Clients Under $10M Net Worth

    Forefield Client Alert: Recharacterizing 2013 Roth IRA Conversions

    Forefield Client Alert: 401(k) Consistency May Pay Off, Study Finds

    Bob Veres Media Reviews: Why ETF-Only 401(k) Plans Don't Excite Me

    September PFP/PFS News & Resources to Help You Practice Competently & Profitably

    CPA/PFS Corner: Where are YOU on the CPA/PFS Pathway?

     

     

    PFP News & Resources

     

    October 21: How CPAs Can Thrive in the New World of Estate Planning for Clients Under $10M Net Worth

     

    ATRA changed the estate planning paradigm. With the new $5 million inflation adjusted exemption amount, few clients care about the federal estate tax. With a modicum of planning, couples with less than $10 million in net worth are unlikely to ever face an estate tax. Still, there are a host of new planning opportunities to serve clients profitably and even to expand services to existing and new clients. On October 21 from 1-2:45pm ET, Martin Shenkman will address how this new estate planning environment is a golden practice development opportunity for practitioners, giving them the opportunity to step into the role of "trusted adviser" as never before. Consider:

     

    Modern trusts are dramatically different than trusts from the past few decades. How will these trusts affect your planning for clients, tax compliance and more?

    Five-million baby boomers a year are retiring. Baby boomers' estate planning focus at the point of retirement will be assuring cash flow for decades of post-retirement life, protecting assets, and minimizing aging-process problems

    The population is aging. Alzheimer's currently affects more than five-million Americans, with numbers on the rise. Protecting clients and their families will create a new practice area for many CPAs. What concrete steps can practitioners take to protect these clients? What new services can be offered?

    Elder financial abuse and identity theft were hardly heard of a few years ago. Now, these risks may be epidemic. What can you offer clients to protect them and give them peace of mind?

    What can practitioners do to help clients benefit from existing estate planning techniques (bypass trusts, ILITs, QPRTs, FLPs, etc.) - all created when the tax laws were so different?

    In addition to a practical and specific planning ideas, sample client letters and other practice materials will be provided

     

    The reduced importance of the federal estate tax does not mean less planning, just different planning. Will you capture your share of this growing market? This webcast is free without optional, discounted CPE. See all upcoming webcasts in October under "Events" in the right hand column.

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    Forefield Client Alert: Recharacterizing 2013 Roth IRA Conversions

     

    Your clients who converted a traditional IRA to a Roth IRA in 2013 and have suffered losses have until October 15, 2014, to undo (recharacterize) that conversion. Forefield's new client alert helps you explain to clients the consequences of recharacterizing their 2013 conversion.

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    Forefield Client Alert: 401(k) Consistency May Pay Off, Study Finds

     

    Despite the stock market drops of 2008, the average account balance of 401(k) participants who continued investing during the five-year period ending December 31, 2012, grew by a compound average annual rate of 6.8%, according to a study released jointly by the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI). Forefield has created a Client Alert that highlights these findings and demonstrates why it may pay off to keep contributing even during rough markets.

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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 September's Journal of Financial Planning magazine including:

     

    "Why ETF-Only 401(k) Plans Don't Excite Me" by Rick Ferri

    "Wins, Losses and Lessons Learned" by Vern Hayden

    "Are You Well Diversified? What Does That Really Mean?" by Jerry Miccolis and Marina Goodman

     

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

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    September PFP/PFS News & Resources

     

    To Help You Practice Competently & Profitably
    Below is a brief recap of the news, resources, advocacy, and education made available to you in the month of September. Visit our website to view this comprehensive list with links to the various resources mentioned:

     

    Request: Submit your Input on the Next Version of the CPA Exam at aicpa.org/NextCPAExam

    Early Bird Brochure for the 2015 AICPA Advanced PFP Conference

    Updated: The CPA's Guide to Financial and Estate Planning, Volume 2 (2014 edition)

    Special Report on Non-Compliant IRA Trusts and Circular 230 Issues

    September Inside Information: Addressing the SEC's New Cybersecurity Initiative

    Four Media Reviews from Bob Veres

    Forefield Alerts:
       o College: Is It Worth the Price of Admission?
       o Forefield Alert: New Concept Pieces, Videos, Other Materials

    Webcasts (recordings/materials archived for PFP/PFS members a week after the event):
       o Key Income Tax Planning Strategies for the Mass Affluent

    Leg/Reg Updates:
       o AICPA Urges Congress to Act Now on Tax Extenders
       o IRS Releases Guidance on After-Tax Rollovers
       o AICPA Submits Comments to IRS on Material Participation of a Trust or Estate
       o AICPA and State CPA Societies Seek Clarification About Applicability of the NIIT

     

    This is a snapshot of some of the many benefits you receive as a PFP/PFS member. Review the core PFP/PFS member benefits provided to help you practice competently and profitably. Provide feedback on the resources you value most and/or additions and improvements you'd like us to consider.

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    CPA/PFS Corner

     

     

    The fall/winter 2014 PFS exam will be offered December 15, 2014 - January 26, 2015 at convenient testing centers located across the country. Learn more at aicpa.org/PFSexam.

    Where are YOU on the CPA/PFS Pathway?
    Whether new to personal financial planning or a seasoned professional, you can enhance your credibility, confidence and competence with the CPA/PFS credential! Here are the 3 steps you can take to distinguish 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.
    1. Learn - Complete foundational learning and/or the PFP Boot Camp (November 2014).
    2. Get Tested - Take the PFS exam (or an alternative exam) (Fall/Winter 2014).
    3. Get Credentialed - Meet the remaining requirements and apply.

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    Other News

     

     

    The CPA's Guide to Financial & Estate Planning: Volume 2
    Volumes 1 and 2 of the 2014 edition of The CPA's Guide to Financial and Estate Planning are downloadable exclusively for PFP/PFS members and available in the PFP Collection in the Online Professional Library. This comprehensive 1000-page, 4-volume, downloadable publication provides guidance to CPAs advising clients in estate, tax, retirement, investment and risk management matters. Watch PFP News for Volumes 3 through 4, which will be available in the coming months.

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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:

    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
    Free | Discounted CPE

    Year-End Financial and Estate Planning Strategies in Plain English
    Invite your clients to this free consumer-oriented webcast. October 20, 1-2pm ET
    Free to ALL (no CPE)

    How CPAs Can Thrive in the New World of Estate Planning for Clients Under $10M Net Worth
    October 21, 1-2:45pm ET
    Free | Discounted CPE

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

    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

    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

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

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

    CPA Financial Planning Thought Leadership: The Outlook for CPA Financial Planning Profession
    October 30, 1-2pm ET
    Free to all without CPE; Optional, discounted CPE for PFP/PFS members.

    CPA Financial Planning Thought Leadership: Investment Planning
    November 12, 1-2:45pm ET
    Free to all without CPE; Optional, discounted CPE for PFP/PFS members.

    CPA/PFS Perspectives on the Next Generation of CPA Financial Planners
    December 16, 1-2:45pm ET
    Free without CPE; Optional, discounted CPE for PFP/PFS members.

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

    Step 1: Understanding the Value of Personal Financial Planning (Webcast)
    Register for Step 1 & 2 bundle or for each event separately.

    From Client Tax Returns to Value-Added Financial Planning: How CPAs Can Get in the Game
    October 22, 1-2:45pm ET
    Free to ALL | Discounted CPE

    Step 2: Moving from Tax Planning to Integrated Financial Planning for Individuals, Families and Business Owners (2-Day Virtual Session)
    Register for Step 1 & 2 bundle or for each event separately.

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

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

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

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

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

    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 $100 off the early-bird and AICPA member discounts.

    AICPA Advanced Personal Financial Planning Conference
    January 19-21, 2015
    Bellagio, Las Vegas
    Live | Virtual
    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
    2-day session only | Bundle with PFP Conference
    PFP/PFS members save $100 off 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 $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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