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    PFP News

     

    Member-Exclusive News, Resources and Events

     

    July 29, 2015

    In This Issue

    Updated: The CPA’s Guide to Financial & Estate Planning: Volume 2

    Updated: The CPA’s Guide to Technology in a PFP Practice

    Updated: Disaster and Financial Planning: A Guide for Preparedness and Recovery

    Video Podcast: Top Tax Efficient Pre and Post Retirement Strategies

    Leg/Reg: AICPA Due Dates Proposal Moves Forward

    Leg/Reg: IRS Considering Proposed Regs to Disallow Valuation Discounts on Transfers of Family Entity Interests

    Webcast: Searching for Basis - The New Tax Planning Elixir

    CPA/PFS Corner: Resources to Establish and Grow Local Media Relationships

    Other News: 3 Podcasts Covering Beneficiary Selection, RMD Regulations and GST Planning; Discount on NumberCruncher Software; Q2 PFSi Released

     

     

    PFP News & Resources

     

    The CPA’s Guide to Financial & Estate Planning: Volume 2

     

    The 2015 edition of one of the most popular PFP/PFS member benefits is now available! Volumes 1-2 of the 2015 edition of The CPA’s Guide to Financial and Estate Planning are available to PFP/PFS members, and can be accessed both as a downloadable PDFs and in the PFP Collection in the AICPA’s 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, as well as reflects the latest laws and planning implications. Watch PFP News for Volumes 3 and 4, which will be available in the coming months.

    Volume 2, available now, covers annuities, employee benefits, transfers includible in the death of the estate, wills, the marital deduction, powers of appointment, selection and appointment of fiduciaries, postmortem planning, planning for the executive, planning for the professional, closely held businesses, and planning for the owner of a closely held corporation.

    Volume 1, which was released earlier this month, covers the art of financial planning, estate and client analysis, the co-ownership of property, lifetime gifts to individuals, charitable giving, the use of trusts, and life insurance.

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    The CPA’s Guide to Technology in a PFP Practice

     

    Because personal financial planning firms vary greatly in size and in their business approach, it is important to understand that there is no "one size fits all" technology solution. On the contrary, the technology needs of a firm will be dictated by a wide variety of factors including the firm's business model, size, client profile and goals. 

    Use the 2015 edition of The CPA’s Guide to Technology in a PFP Practice (available as a downloadable PDF and in the PFP Collection in the AICPA’s Online Professional Library) by technology expert, Joel Bruckenstein, to navigate the vast array of technology decisions for your practice including general office hardware and software, document management systems*, CRM applications, portfolio management and accounting software, financial planning software, custodial information*, and cloud computing* (*chapters updated in 2015; other chapters updated in 2014).

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    Disaster and Financial Planning: A Guide for Preparedness and Recovery

     

    More than 45 major disasters hit the United States in 2014, ranging from severe storms and flooding to tornadoes, earthquakes, mudslides and wildfires, according the Federal Emergency Management Agency (FEMA). Two-thirds of those major disasters occurred from May to December.

    Safeguarding clients’ finances in case of a catastrophic event is an often overlooked aspect of disaster preparedness. To help clients mitigate potential damages and lessen the financial blow of a disaster, the AICPA, American Red Cross and National Endowment for Financial Education (NEFE) released a consumer guide: Disasters and Financial Planning: A Guide for Preparedness and Recovery.

    Disasters and Financial Planning is a comprehensive, interactive guide developed to help clients take proactive steps to minimize the potential impact of disasters on their lives and financial well-being. The guide is divided into six sections covering topics such as making a disaster plan and protecting your property, income and records. Each chapter includes brief, easy-to-follow checklists to help individuals and families take proactive steps to prepare for possible disaster and recover should disaster strike.

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    Video Podcast: Top Tax Efficient Pre and Post Retirement Strategies 

     

    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 video podcast (with accompanying slides), Bob Keebler discusses the top retirement planning strategies to create tax efficiencies, including bracket management, tax efficient investing, drawdown strategies, and more. Access the PFP Learning Library for more videos, podcasts, and webcasts.

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    Leg/Reg Update: AICPA Due Dates Proposal Moves Forward

     

    The AICPA's proposal to re-order certain filing due dates that are causing headaches for many taxpayers, especially those with investments in flow-through entities, was included in the Highway Trust Fund reauthorization passed by the House July 15. Learn more about the due dates challenges, solution and AICPA proposal.

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    Leg/Reg Update: IRS Considering Proposed Regs to Disallow Valuation Discounts on Transfers of Family Entity Interests

     

    There is serious speculation that the IRS will release proposed regulations (late this summer or early this fall) that will impact the availability of valuation discounts when transferring interests in family controlled entities (such as family limited partnerships and limited liability companies) to family members. Under current law, taxpayers are permitted to transfer minority interests in family entities to family members at a significantly reduced tax cost with the use of valuation discounts.

    Given the likelihood of a change to the current valuation discount rules, it is advisable for practitioners to consult with their clients today. If a client is thinking about giving a gift of a family entity or limited partnership interest, he or she should consider making those gifts now while the valuation discounts are still available. Learn more.

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    Searching for Basis: The New Tax Planning Elixir

     

    The step-up basis has been touted as the new magic elixir of estate and income tax planning, but this type of planning provides so much more opportunity than many discussions indicate. Determining whether to use a bypass trust or rely on portability is only one of many planning options, and often that discussion is too simplistic to really provide clients maximum benefit. In this webcast, Martin Shenkman, CPA/PFS, JD, MBA, AEP (Distinguished) will discuss:

     

    How to practically address bypass trust planning — it is not an either or choice. In many cases, it is really an investment, not a tax, driven planning tool.

    Life insurance may no longer be needed for an estate tax, but it provides an array of income and estate tax planning opportunities.

    Powers of appointments can be used to gain basis step up while your clients are alive. What are the risks your clients might face and what are some of the safeguards you can recommend?

    How creative uses of powers of appointment can augment real estate clients’ depreciation deductions. Why you should have every LLC and FLP agreement reviewed.

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

    How to minimize discounts while maintaining asset protection, with 754 elections and considerations. What to consider if Crummey trusts might be adapted to basis planning.

     

    Register for this free webcast on August 11 from 2-3pm ET, hosted by Accounting Today.

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    CPA/PFS Corner

     

     

    Resources to Establish and Grow Local Media Relationships
    A relationship with your local media can provide added visibility for your firm in your community, adding to your reputation as an expert in personal financial planning. It also helps promote the CPA/PFS professional in the media as a valued source for tax, estate, retirement, risk management and investment topics. A key to these relationships is approaching your local media contacts with potential topics where you can provide insight. The CPA/PFS Business Development Toolkit has a variety of ideas and resources for you, including:  

     

    Press release templates for you to customize on various topics,

    Media talking points on timely topics,

    Quarterly PFP Trend Survey with CPA financial planners’ perspectives and experiences on relevant topics,

    Quarterly PFP Trend Survey with CPA financial planners’ perspectives and experiences on relevant topics,

    and much more.

     

    One timely example is the recent release of the Disasters and Financial Planning guide. Use the AICPA press release and the Timely Topic on disaster preparation in the toolkit as a reason to talk to your local media today!

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    Other News

     

     

    3 Podcasts Covering Beneficiary Selection, RMD Regulations and GST Planning
    Listen to last week’s podcasts to get up to speed on the latest planning strategies:

     

    Top Tips for Helping Clients Choose Appropriate IRA and Plan Beneficiaries with Bob Keebler (video with accompanying slides)

    Amendment to RMD Regulations: Defined Benefit Plans Prohibited from Replacing Annuities with Lump-Sum Payments with Bob Keebler

    Advanced Strategies for Generation Skipping Transfer Tax Planning with Bob Keebler and Jonathan Blattmachr

     


    Member Discount: Leimberg NumberCruncher Software
    NumberCruncher, from Leimberg & LeClair, Inc., is a powerful easy-to-learn and use estate and financial planning software, which 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 do not imply any form of endorsement, non-endorsement, support or commercial gain by the AICPA.

    2015 Q2 Personal Financial Satisfaction Index
    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). According to the Q2 2015 PFSi, Americans’ personal financial satisfaction has hit a new post-recession high. Read a summary of the second quarter index and the media release at aicpa.org/PFSi.

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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, 1-2:30pm ET
    Free without CPE.

    Searching for Basis: The New Tax Planning Elixir
    Hosted by Accounting Today
    August 11, 2-3pm ET
    Free without optional 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, 1-2:30pm ET
    Registration coming soon.
    Free without CPE.

    Upcoming Conferences:

    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.

     

    Contact Us

     

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

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