Focusing on what you need to know to serve your clients today, Bob Keebler CPA/PFS reviews the changes and their nuances as a result of the passage of SECURE 2.0. Some of the areas highlighted in this episode of the Personal Financial Planning (PFP) podcast include: Changes in Required Beginning Dates (RBD) Upcoming changes to IRA and qualified plan catch-up contribution amounts Allowance for matching contributions for student loan payments Rules for newly allowed rollovers from 529 plans to Rot...
Jan 06, 2023•29 min
Haesun Moon, Ph.D., is a communication scientist who has a mission to change the world through better conversations. She has created a simple coaching model in which people participate to imagineer and perform their preferred change. Lyle Benson, CPA/PFS, interviews Haesun to understand how her approach can lead to effective financial planning conversations. They discuss: Why guiding clients towards their preferred future may be more powerful than creating goals Haesun’s take on empathy and how ...
Jan 06, 2023•33 min
PFP Executive Committee (EC) chair, Brooke Salvini, CPA/PFS, and PFS Credential Committee (CC) chair, Oscar Vives, kick off the new year in this episode of the PFP Section podcast. They answer the following questions: What are their 2023 resolutions that may inspire you? What are the objectives of the PFP EC and PFS CC and how do they support members in financial planning? What were the committee focuses in 2022 and what is their vision going into 2023? How can you get connected with the PFP com...
Jan 03, 2023•31 min
Brooke Salvini, CPA/PFS, started out in the CPA profession in the traditional way and eventually made her way back to an early seed that planted her desire for personal finance. In this episode of the PFP Section podcast, Lyle Benson connects with Brooke to share her story and how she made decisions along the way. Brooke answers the following questions: How did you decide to start your hourly advice financial planning firm? What led you to add investment management and how did you figure out how...
Dec 30, 2022•32 min
Rising interest rates may cause bond values to go down and it may be the time to make changes to bond portfolios. Bob Keebler CPA/PFS and Mark Fichtenbaum CPA review: Options for a bond that has a coupon that is less than market. How to avoid the wash sale rules when selling a bond. Tax implications of selling a bond at a loss. The three types of bonds and how the income from each is taxed for federal, state, and local levels. Definition of a triple exempt bond. Definition of original issue disc...
Dec 23, 2022•18 min
Mackey McNeil, CPA, PFS, shares how she took back her time in this episode of the PFP Section podcast. Guest: Mackey McNeill, CPA/PFS Do you long for more flexibility and free time in your schedule? In part 2 of this PFP Section podcast series, Mackey McNeill, CPA/PFS, shares her process for taking back her time. Mackey fills you in on how she went from having her hands in everything to designing her business so that it could run without her. She takes you through the 5-step step process that yo...
Dec 16, 2022•19 min
For the last 20 years, Mackey McNeill, CPA/PFS, has been working on building and delivering Prosper for Business. This life changing system has facilitated her clients to achieve the 3 freedoms of money. The methodology is relevant whether you are a CPA financial planner with your own practice or you are advising clients on their businesses. In part 1 of this 4-part series, Mackey shares: How she went from having the largest CPA firm in her city to intentionally pulling it apart and redesigning ...
Dec 09, 2022•20 min
Holiday season is a great time of year to discuss philanthropic intent with your clients. This brings together the year-end planning opportunity to maximize tax deductions and the time of year to have purposeful conversations with family on causes that matter. In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, and Rick Peck share ideas to consider with your clients as the end of the year approaches, including: A smarter way to give than writing checks Using a Donor Advised Fund (DA...
Dec 02, 2022•31 min
Clients have three years left to use the enhanced unified credit before it gets cut in half. Putting holistic techniques in place that consider tax, financial planning, and asset protection sooner rather than later will be important. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Marty Shenkman, CPA/PFS, JD, and Jonathan Blattmachr, JD, to get their thoughts on using SLATs and other strategies. They answer the following questions: How do SLATs work? Why are SLATs an...
Nov 29, 2022•30 min
Mark Astrinos, CPA/PFS, has made some bold and scary moves in his career to land where he is now with his own financial planning firm. In this episode of the PFP Section podcast, Lyle Benson facilitates Mark to share his story and the wisdom he has gained. Mark discusses: Why and how he made moves from audit to tax to financial planning to business owner How he got clear on his vision for his life and work and made it happen What he did to move beyond the fear of putting everything on the line w...
Nov 25, 2022•34 min
Interest from US donors to be philanthropic to causes overseas is picking up steam. This is often happening without the knowledge that there are ways to do this in a manner that incorporates due diligence and tax benefits. In this episode of the PFP Section podcast, Jonathan Gassman, CPA/PFS, Rick Peck (NH Charitable Foundation), and Brooks Reid (CAF America) walk CPA advisors through what they need to be considering with their relevant clients. They answer the following questions: What are the ...
Nov 22, 2022•29 min
As we look to the results of the midterm election, it appears that we will have a divided government in 2023-2024 and we will need to carefully consider the impact on our clients. Year-end planning could include tax loss harvesting for crypto, new energy provisions and investments, Roth conversions and filling up the 22% and 24% tax bracket. We will also need to give careful consideration to the preparation for the sunset of the Tax Cuts and Jobs Act of 2017 regarding the federal gift and estate...
Nov 14, 2022•18 min
QTIP trusts often allow the testator to have it all by having peace of mind that their surviving spouse will be cared for during their lifetime at the same time as passing assets to heirs of their choosing after the surviving spouse’s death. In this episode of the PFP Section podcast, Paul Hood, JD, LLM, dives into planning for the surviving spouse. He discusses: The pros and cons of using a QTIP trust The difference between a gift tax and estate tax QTIP election Conflicts of interest that can ...
Nov 11, 2022•19 min
2022 has been a volatile year in the stock market. Year-end planning will undoubtedly include tax-loss harvesting to offset capital gains for many clients. As you approach this with your clients, it’s important to keep the wash sale rules in mind. In this PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Mark Fichtenbaum, CPA. Mark answers the following questions. What is the intent of the wash sale rules and what are some simple ways around this? How can you structure a transaction t...
Nov 04, 2022•31 min
Mackey McNeill, CPA/PFS, has evolved from a business owner providing traditional accounting services to owning three companies to serve her business owner, business, and personal financial planning clients. She has also gone from running the businesses to handing that duty off and working part time to fulfill other areas of her life. In this episode of the PFP Section podcast, Lyle Benson facilitates Mackey to share her story and what she has learned along the way. Mackey talks about: How identi...
Oct 28, 2022•28 min
Andrew Fisher, CPA, CFA, has had a long-held passion for international travel, culture, and business. He has made it his career to weave this together with his interest in finance. For twenty years he has been serving his private wealth clients in the niche of cross-border planning. He currently focuses on the community of foreign-born citizens who have moved to the US. In this episode of the PFP Section podcast, Andrew shares highlights of the six financial challenges to be aware of as you serv...
Oct 21, 2022•17 min
401k plans offer sophisticated resources that your clients may not know about. These tools can supplement the advice that you offer so that your clients are best prepared for their future retirement. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, discusses who can benefit from the use of these tools and how they can help you in your practice. Kelley covers the ins and outs of: Auto escalators Investment education and guidance built into 401k platforms General financial wellnes...
Oct 14, 2022•19 min
International and cross border financial implications are extremely complex. This is an area that likely requires speaking with other knowledgeable advisors before giving your clients recommendations and advice. In this episode of the PFP Section podcast, Global Financial Planning Institute Founder, Ashley Murphy, answers the following questions: What are the operational challenges facing advisors working with these types of clients? How does international planning differ from cross border plann...
Oct 07, 2022•26 min
Experiencing hurricanes, fires, and other disasters is overwhelming. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews disaster expert Jerry Schreiber, CPA, to discuss how CPAs can best support their clients through these events. Jerry answers the following questions: What defines a casualty or disaster loss? What are the primary authorities to figure out valuations, losses, etc.? How has the insurance market changed over the years with claims, premiums, and deductible...
Oct 03, 2022•21 min
Hurricanes Ian and Fiona and Typhoon Merbok are the latest natural disasters in the US to leave many people in a state of emergency. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews IRA expert Sarah Brenner, JD, to discuss the implications of taking withdrawals from IRAs during times of hardship. They share: Is there penalty and tax relief for those who face financial hardship in natural disasters? What help can IRA owners expect from Congress and the IRS? How can peo...
Oct 03, 2022•8 min
David Oransky, CPA/PFS, took the leap to start his own financial planning firm from scratch at the age of 26. He has come a long way and shares his story and pearls of wisdom in this episode of the PFP Section podcast guided by Lyle Benson, CPA/PFS. David discusses: How he went from being an auditor in a big 4 firm to figuring out financial planning was the right path for him. What he did to evolve his firm intentionally over time from the clients he works with to how he bills for his services. ...
Sep 30, 2022•31 min
Spouses receive the best deal when it comes to being an eligible designated beneficiary. There are three options for what can be done when a spouse inherits an IRA from their deceased spouse. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Natalie Choate, Esq., to discuss the choices so that you can implement the most effective strategy for your clients. They discuss: The three options and which is the best route The better deal that spouses receive as eligibl...
Sep 23, 2022•12 min
Many professionals haven’t gone through a period of high inflation like we’re experiencing now. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Wade Pfau, PhD, CFA, to get you up to speed with what to be thinking about for your clients nearing and in retirement. Wade answers the following questions: Why is investing for retirement different from pre-retirement? How do risks change in retirement? What is the difference between investment risk and sequence of re...
Sep 16, 2022•19 min
Business owners can accumulate significant wealth by making use of a combination of defined benefit and defined contribution plans. In this PFP Section podcast, Bob Keebler, CPA/PFS, interviews actuarial expert Neil Shore. Neil provides insight into the most effective way to help your business owner clients build their retirement nest egg. Neil responds to the following questions: What are the advantages for the business to sponsor a qualified retirement plan? What are the possibilities when you...
Sep 09, 2022•19 min
Too often estate planning is done without careful consideration for the surviving spouse. This can lead to unintended consequences that may be very damaging. In this episode of the PFP Section podcast, Paul Hood, JD, LLM, provides pointers that will support CPA financial planners to work effectively with attorneys to protect the long-term best interest of the surviving spouse. Paul discusses: What to pay special attention to that is often missed in planning for the surviving spouse How to make s...
Sep 02, 2022•20 min
As we have heard often in this podcast series, Lori Luck, CPA/PFS, didn’t take a straight path to becoming a CPA financial planner. Though the knowledge and skills she learned along the way developed her into a CPA financial planner who has clients for life. In this episode of the PFP Section podcast guided by Lyle Benson, CPA/PFS, Lori shares her story and her wisdom by answering the following questions: Why do the business, finance, and tax skills of CPAs make them strong personal financial pl...
Aug 26, 2022•25 min
Clients who have large IRAs and are charitably inclined may benefit from making a qualified charitable distribution (QCD) or naming a charity as the beneficiary of their IRA. In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, and Rick Peck, ChFC, discuss how to approach these opportunities with clients. They share: What QCDs are, how they work, and the tax benefits The clients who are best suited to use this strategy The options for setting up endowments or scholarship funds with a...
Aug 19, 2022•30 min
There may be subconscious internal barriers to wealth that are getting in the way of the goals and lifestyle that your clients say they want most. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, helps you identify when these money stories have taken control and how to help your clients see the truth of the matter so they can shift their behavior. Kelley shares: The three most common money mindsets for those who work with CPA financial planners What to say and do to help your cl...
Aug 12, 2022•21 min
Where your clients choose to set up a trust can have significant tax and legal ramifications. There are nuances to consider whether you are involved in setting up new trusts for your clients or contemplating moving a trust to another state. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews attorney experts Jonathan Blattmachr and Richard Nenno to get their take on what CPAs and advisors need to be thinking about related to locating trusts. They answer the following que...
Aug 05, 2022•27 min
Howard Safer, CPA/PFS, fell into financial planning when he worked for business owners who valued Howard’s ability to respond to personal finance questions and bring balance to their lives above all other services. He shares his story and nuggets of wisdom in this PFP Section podcast guided by Lyle Benson, CPA/PFS. Howard discusses: Why trust companies are a great platform for CPAs to provide these services How CPA tax professionals can provide value in the investment area Why tax expertise is s...
Jul 29, 2022•33 min
