Current PFP News 

Podcast: Income Taxation of Trusts and Estates Made Easy

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PFP News


Member-Exclusive News, Resources and Events


February 15, 2017

In This Issue

Podcast: Income Taxation of Trusts and Estates Made Easy

Updated: Elder Planning Resource Page

PFP Trends Survey Findings: Divorce and Retirement

Bob Veres Media Reviews: A Tax Nightmare

PFP Summit Article: 4 Ways to Move Towards Practice Transformation

Nominate a Star CPA/PFS for a Standing Ovation

CPA/PFS Corner: It's Never Too Early to Start Prepping for the PFS Exam

Other News: Leg/Reg Update: Trump's Executive Order and the DOL Rule; Broadridge (formerly known as Forefield) Alerts: Current Trends in Cybercrime and New Retirement Materials Available; CPA Financial Planner Resources and New Videos; Apply to Volunteer on a PFP Committee



PFP News & Resources


Podcast: Income Taxation of Trusts & Estates Made Easy


In this video podcast (slides), Bob Keebler walks you through income taxation of trusts and estates, including:


Foundational concepts

Grantor trusts


Bracket management

Shifting income with trust distributions

Limit on miscellaneous itemized deductions

State income tax planning for trusts

Form 1041 examples



Updated: Elder Planning Resource Page


As a CPA financial planner, you are perfectly positioned to help your clients through life transitions, including the many transitions that occur as clients age.  On this page, you can access a wealth of resources and new materials on topics specific to your clients who are aging including:


What it Means to Be There for Your Clients as They Age

Planning Ideas for CPAs Who Have Aging Clients

Elder Fraud and Abuse

The Importance of Planning Early

Medicare and Health Issues

Taxpayer Memory Loss


PFP Trends Survey Findings: Divorce and Retirement


While divorce is never something your clients plan on, following some fundamental financial planning recommendations will put them in a better situation if it happens. See the PFP Trend Survey Key Findings for varying impacts of divorce on retirement by gender and steps that would have left them better prepared. Use the press release and infographic to reach out to your local media outlets and help address this key issue in your community. For past PFP Trend Surveys, click here.  For more tools on this topic, access this podcast series.


Bob Veres Media Reviews: A Tax Nightmare


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 February’s Financial Planning magazine, including those rated with high relevance:


“Heading Off Hackers” by Kimberly Foss

“Focus on Staff Goals” by Glenn Kautt

“Learning From Her Past” by Kathy Kristof

“A Tax Nightmare” by Ed Slott

“Life Insurance SOS” by Michael Kitces

“A Payback From Giving” by Sharon Allen


Also, read write-ups in February’s Financial Advisor magazine, including those rated with high relevance:


“Women Are Key to Advisor Succession Dilemma” by Staff

“Aiken, CFP Board, Reviewing Professional Conduct Standards” by Karen DeMasters

“Rethinking Retirement Liability” by Russ Hill and Sam Pittman

“The Big Picture App” by Joel Bruckenstein

“Embracing the Educator’s Role” by Jeff Schlegel

“Charitable Inheritance Dilemmas” by Charlie Jordan

“Question Everything” by Scott MacKillop


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


PFP Summit Article: 4 Ways to Move Towards Practice Transformation


Lyle Benson, CPA/PFS, shares four major takeaways from his experience at the 2017 PFP Summit in this article. Take your knowledge deeper in this recap of the following practice management issues:


Understanding trust from the client perspective

Looking backwards to accomplish forward-thinking

Focusing on skillsets and behaviors in your leadership pipeline

Integrate your story into your succession plan



Nominate a Star CPA/PFS for a Standing Ovation


Young CPA/PFS credential holders are the future of the profession; and the AICPA’s PFP Division wants to recognize these individuals for their professional achievements. The AICPA’s Standing Ovation Program recognizes young CPAs in personal financial planning (including estate, retirement, investment, risk management/insurance, and tax planning) who exhibit exemplary professional achievement. Help spread the word to others in your firm that they can submit nominations with this quick and easy online application by May 1, 2017.



CPA/PFS Corner



It’s Never Too Early to Start Prepping for the PFS Exam
Below are the review option for the Summer 2017 PFS Exam window from July 1-31, 2017 (registration now open with early-bird 25% discounted pricing):


Online PFP Boot Camp (May 2017, dates to be announced)

In-person PFP Boot Camp (June 11-12 at the Engage Conference in Las Vegas)

Self-study PFS Exam Review Course (Anytime)


Need something more in-depth?  Enhance your learning with American College textbooks on each major topic available on the PFP Resource page at the AICPA Store.  Email us at with any questions on the CPA/PFS program.



Other News



Leg/Reg Update: Trump’s Executive Order and the DOL Rule
On February 3, President Trump signed an executive order which requires the Secretary of Labor to conduct a new economic and legal analysis of the rule’s potential impact.  If the Secretary concludes that the rule is inconsistent with the Administration’s priorities, then the rule is to either be revised or rescinded through the normal regulatory processes.  Earlier circulated draft versions of the executive order and multiple news reports indicated a delay of 180 days for the rule, but the final executive order does not provide for a specific delay.  Rather, Ed Hugler, Acting Secretary of Labor, issued a statement saying that DOL “will now consider its legal options to delay the applicability of the date as we comply with the President’s memorandum.”  Be sure to tap into the resources available to PFP members on the rule and understand how you should begin planning for this new regulation, available on the DOL Resource Page.  Also, stay tuned to future issues of the AICPA PFP news where we will update you on any news related to this issue. 

Broadridge (formerly known as Forefield) Alerts: Digital Deception: Current Trends in Cybercrime and New Retirement Materials Available
Private companies and government agencies that hold personal information are responsible for protecting account data, but even the most vigilant organization can be vulnerable.  This new Broadridge client alert gives an overview of current cybersecurity trends and steps your clients can take to help protect their identities and personal accounts. 

Broadridge has also released the following new materials for employer-sponsored retirement plan participants: a concept piece that explains the tax implications of different contribution types and a concept video that illustrates how pre-tax contributions affect a worker’s take-home pay.  View the alerts and new materials by logging in, then access “Advisor Alerts” under the “Advisor Education” tab on the left side of the screen.<

CPA Financial Planner Resources and New Videos
You, as a CPA financial planner, are the most trusted and can be the “go-to” adviser to your clients seeking services in tax, retirement, estate, charitable and life-transition planning.   In fact, the opportunity to provide those services has never been greater.  Make sure you are taking advantage of specific resources to help you:


Position yourself to the public and clients, showcasing your services (Marketing Toolkit)

Stay updated on the latest technical information through resources like PFP Practice Guides and Online Learning

Register your firm with the SEC if you determine that is necessary


Also, view these new videos about what CPAs have to say about financial planning and be sure to share them in your networks

Apply to Volunteer on a PFP Committee
The AICPA has many volunteers who serve on the various personal financial planning committees and task forces. If you are interested in participating on a committee or task force, please log on to volunteer central at and complete the volunteer application. Please make sure to load a resume or CV when you complete the application. The PFP Committees are:


PFP Executive Committee

PFS Credential Committee


In addition, there are numerous task forces set up every year to work on special projects identified by the committees. If you have questions, please contact us at Our volunteers are what make the AICPA the great organization it is, so please consider serving on one of our committees or task forces. The application period is open from November 10, 2016 - July 10, 2017.





PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and are posted to 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

Upcoming PFP Section-Hosted Webcasts:

Watch PFP News for registration links for upcoming events!

Protecting Your Clients from Financial Fraud and Abuse
February 27, from 1-2:45pm ET
Free with CPE.

Advising Clients on Planning for Education

April 26 from 1-2:15pm ET
Free with CPE.

Life Insurance Policy Review: What CPAs Need to Know When Serving Individual Clients
May 16 from 1-2:15pm ET
Discounted CPE.

Evaluating Existing Variable Annuities
June 29 from 1-2:15pm ET
Discounted CPE.

Taking a Fresh Look at Reverse Mortgages
July 19 from 1-2:15pm ET
Discounted CPE.

Upcoming Conferences:

Advanced PFP Conference (ENGAGE)
June 12-14, 2017
Discounted CPE.

Building a Personal Financial Planning Services Business*
(ENGAGE pre-conference workshop)
June 10-11, 2017

George Kinder’s Seven Stages of Money Maturity Workshop*

(ENGAGE pre-conference workshop)
June 10-11, 2017

PFP Bootcamp*
(ENGAGE pre-conference workshop)
June 10-11, 2017

Planning for the $5-12 Million Dollar Estate*
(ENGAGE pre-conference workshop)
June 11, 2017

*To register for the ENGAGE conference, individual workshops, or bundle, click here to start the registration wizard; once you enter your personal information, you will be directed to the next page where you can select the event or combination of events you wish to attend.


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