How to deepen client relationships during the pandemic {PFP Section}

Qualified terminable interest property (QTIP) trusts were created so that spouses could receive the benefit of the marital deduction while also setting aside resources for a surviving spouse and retaining control over what happens to the funds when the surviving spouse passes away. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Paul Hood, JD, LLM, discuss the nuances of QTIPs, including:

• The confusion is caused by the separate Internal Revenue Code provisions on the estate and gift side. On the estate side, the rules are lax. And, on the gift side, they are rigid.
• How can a buy/sell agreement interfere with the efficacy of a QTIP trust and what to watch out for to make sure this doesn’t happen.
• What do QTIP limits like fiduciary income to the surviving spouse mean from a family harmony, efficient trust and estate administration, and a fiduciary income accounting perspective.
• What’s the bottom line as CPAs prepare gift tax returns that involve QTIPs in 2024.

For more resources related to this episode:

• Send your relevant clients this Broadridge Alert to educate them on QTIP trusts.
• Use the Adviser’s Guide to Financial & Estate Planning volumes 1, 2, 3, and 4 as a reference for planning with QTIP trusts and much more.
• Get the basics of estate planning with our certificate program. This is one of 5 certificates that leads to attaining the PFS credential when experience and other requirements are met.
• Access Bob’s decisions charts in the Proactive Planning Toolkit. 

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Do you want to be the trusted advisor who makes a meaningful difference in your client’s life? One of the ways to do this is to get in touch with the qualities of being that you want to demonstrate consistently with your clients. In this episode of the PFP Section podcast, Steve Atkinson, Managing Director with Admired Leadership, shares the behaviors that admired advisors have that separate them from the pack. Steve answers the following questions:

• Tell us about your prior experiences that gave you insights into how the most admired advisors show up for their clients.
• What is Admired Leadership and how is it evidence-based?
• Share some of the behaviors that are seen consistently in the research. 
• How do these high performing admired advisors avoid burnout?
• What do you suggest to CPA financial planners who are overloaded with work?
• What’s your top takeaway for listeners?

For more resources related to this episode:

• Register for Creating Your CPA Personal Financial Planning Practice workshop so that you can learn from others who have paved the path.
• Access the Admired Leadership Field Notes.
• Listen to the Admired Advisor podcast. 

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

The tables are turned on Lyle Benson, CPA/PFS, in this episode of the PFP Section’s Deeper CPA Financial Planner Connections series. Dr. Haesun Moon, communication scientist, educator, and author, interviews Lyle to pull out the gold threads of his professional story. They discuss:

• Lyle’s story of beginning in tax and his why behind diving into financial planning at age 29 and starting his own firm at the age of 36. 
• How leaders in the profession became mentors early in Lyle’s career and how this community connection has been the foundation throughout his career. 
• What it’s like to be in a family business with Lyle’s son, Chris, and how this can help others who are in family businesses.
• How Lyle is transitioning and transforming to his next life stage.
• The changes that Lyle has seen in the CPA financial planning profession over the last 30 years and what has stayed constant.
• How his firm is evolving to meet the needs of the next generation.
• How Lyle weaves his role as host and human connector through his professional and personal life. 

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Listen to other episodes in this series. 
• Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. 
• Save the date for Creating your CPA financial planning practice workshop in advance of ENGAGE on June 2nd.
• Save the date for PFS Live! workshop in advance of ENGAGE on June 2nd. 

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

• What legacy is, why it’s so important, and why it’s not optional
• Understanding the difference between the default, political, and organic legacies
• How to guide your clients to discover meaning, purpose, and legacy
• A client example where Jean-Luc illustrates how to have this conversation
• The enormous amount of research behind the benefits of reflecting on life
• How to integrate legacy planning into your work with clients

Proper insurance planning is one of the most overlooked areas of personal financial planning. In part 1 of this PFP Section podcast series, experts Lee Slavutin, MD, CLU, and Marty Shenkman, CPA/PFS, JD, LLM share planning details you will want to know, including:

• Buying the adequate amount of life insurance
• Using whole life insurance as a way to save, to diversify client portfolios, and to protect assets
• How to protect against a fraudulent conveyance
• Buying insurance from highly rated companies
• Making sure disability insurance needs are not overlooked

For more resources related to this episode:

• Find our life insurance summary and review roadmap and other PFP Section resources. 
• Check out the AICPA’s Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

PFP Executive Committee (PFP EC) chair, Brooke Salvini, CPA/PFS, and PFS Credential Committee (PFS CC) chair, Oscar Vives, kick off the New Year in this episode of the PFP Section podcast. They answer the following questions:

• What did you learn in 2023 that was meaningful to you personally and professionally?
• What were the PFS CC and PFP EC milestones in 2023?
• What is the PFP Division celebrating in 2024?
• What are the focus areas for the committees in 2024?
• What is your favorite PFP Section resource?
• What are you looking forward to personally and professionally in 2024?

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Join your AICPA PFP community at the next PFP Summit in Austin, TX January 15th through 18th.
• Learn more about the PFP certificate program, the PFS experienced track, and PFS Live!
• Apply to become a PFP Champion. 
• Join the emerging leaders Slack channel. 
• Save the date for ENGAGE PFP and Creating Your CPA Financial Planning Practice Workshop. 
• Download the latest Adviser’s Guide to Financial & Estate Planning and find other PFP Section benefits. 
• Hear more about the PFP Division history and 2024 milestones in our history and future podcast part 1 and part 2.
• Listen to the Deeper CPA financial planner connections series to hear success stories from other members in your PFP community. 

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Jim Shambo is one of the pioneers of the CPA financial planning profession, the PFP Section, and the PFS Credential. He has a lot of insight to offer on many topics that can be useful takeaways for listeners. In this episode of the Deeper CPA financial planner connections PFP podcast, Lyle Benson facilitates a discussion with Jim to share the highlights of his story. The conversation includes the following topics:

• How Jim decided to focus on personal financial planning after beginning his career in tax
• How Jim and a few of his peers laid the foundation for what we have today with the PFP Section and the PFS credential
• What Jim learned in college that led to his success in his firm, in his service for clients, and as a volunteer for AICPA
• What approach Jim takes with investing and how his relationship with Vanguard’s John Bogle influenced him
• How Jim planned for a successful retirement and sale of his business
• How using the creative side of his brain has been Jim’s secret to a life well lived

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

• Listen to other episodes in this series. 
• Save the date for ENGAGE 2024 where you will find the most technically advanced learning in PFP, tax, and estate planning. 
• Save the date for How to build your CPA financial planning practice workshop in advance of ENGAGE on June 2nd.
• Save the date for PFS Live! (registration coming soon) in advance of ENGAGE on June 2nd. 

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Ed Slott, CPA, and Bob Keebler, CPA/PFS, discuss the complicated inherited IRA RMD rules and what is required in 2023 and 2024 in this episode of the PFP Section podcast. Ed and Bob provide clarity in the following areas:

• An easy formula to use to get clear on all of the elements that need to be considered 
• The only scenario in which penalty relief is available when the RMD is not taken
• Who must take RMDs in years 1 through 9 under the 10-year rule and who can wait until year 10
• When does the 5-year rule apply
• What happens when a ROTH IRA is inherited 

For more resources related to this episode:

• Check out Bob’s IRA distribution flowcharts in the Proactive Planning Toolkit. 

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

150 million Americans live with chronic illness. And yet, disability and long-term care (LTC) insurance are often overlooked in planning with clients. In this episode of the PFP Section podcast, experts Lee Slavutin, MD, CLU and Marty Shenkman, CPA/PFS, JD, LLM share the most important considerations for client planning, including:

• What three riders are important to have on a disability insurance policy
• Why the exercise of determining the impact of disability on a family’s finances is critical 
• Why you need to reassess disability, life insurance, and LTC insurance as part of estate strategies being done ahead of the TCJA sunset
• Who benefits most from LTC and what are the types to consider
• The importance of considering the human side (aka emotional side) of planning with these decisions 

For more resources related to this episode:

• Check out the AICPA’s Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

You can give your clients tremendous value by guiding them with their life insurance planning, even if you’re not an insurance expert. In this episode of the PFP Section podcast, Ed Mendlowitz, CPA/PFS, interviews expert Lee Slavutin, MD, CLU to share strategies for businesses. Ed poses the following questions to Lee:

• What are the advantages of having life insurance in a qualified plan for a business owner?
• What specific rules do CPAs need to watch out for with key person insurance? 
• Share more about the ins and outs of buy sell agreements that CPAs need to consider.
• Why does split dollar provide tremendous benefits for family business succession planning?

For more resources related to this episode:

• Listen to Lee’s podcast with David Kushner outlining the tax traps to beware of with life insurance planning.
• Listen to Lee’s podcast with Ed Mendlowitz covering life insurance planning strategies for individuals. 
• Use the Adviser’s Guide to Financial & Estate Planning Volume 1 as a reference with respect to life insurance planning.
• Check out the AICPA’s Risk Management and Insurance Planning Certificate Program, that is also a step on the path towards becoming a CPA/PFS.
• Review the PFP Section life insurance policy evaluation tools which includes a checklist for a life insurance policy checkup, issues to consider when evaluating replacing a life insurance policy, and more.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.