In part 2 of this series, you’ll learn about the history of money and how that relates to the likelihood of Bitcoin becoming the future of money. In this episode of the PFP Section podcast, David Oransky, CPA/PFS, shares his knowledge based on his deep dive into understanding Bitcoin. Mark Astrinos, CPA/PFS, poses the following questions to David: What is the history of money? Compare and contrast Gold and Bitcoin. What gives Bitcoin its value and what makes it the perfect money? What will it ta...
Jul 21, 2023•30 min
David Oransky, CPA/PFS, believes that if you don’t allocate a small allocation of your assets to Bitcoin as a hedge, you may be exposing yourself and your clients to a significant risk. In this episode of the PFP Section podcast, Mark Astrinos, CPA/PFS, interviews David Oransky, CPA/PFS, to get his wisdom on what we should know about Bitcoin. David takes a conservative approach to planning, so he was skeptical at first and was not an early adopter. However, after a deep dive to learn more, he di...
Jul 14, 2023•36 min
There has never been a better time to focus on tax planning services to give clients high value. Integrating this with financial planning and investment management is even better. In this episode of the PFP Section podcast, Andrea Millar, RLP®, CPA/PFS, interviews Debbie Taylor, CPA/PFS, JD, to get her take on how to deliver the services that will make the largest impact for clients while also giving you high satisfaction. They discuss: What’s so important about identifying a target market/niche...
Jul 07, 2023•31 min
Clark Blackman started out in tax, moved into financial planning, and eventually honed his expertise in investment advice. He was very likely the first CPA who had a client pay their fees based on assets under management rather than hourly or retainer fees. His experience in large CPA firms paved the way to finally open his own wealth management firm in 2006 where he now works alongside his wife and son. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Clark to learn ...
Jun 30, 2023•40 min
Services like tax compliance and investment management are becoming commoditized. In this episode of the PFP Section podcast, Andrea Millar, RLP®, CPA/PFS, interviews Debbie Taylor, CPA/PFS, JD, to get her take on how to deliver the services that will make the largest impact for clients. They discuss: How do advisors add value beyond basic tax compliance and investment management? What is the breadth of services that clients expect? Are those services actually being delivered? What is the “clien...
Jun 23, 2023•32 min
The decision to wait until 70 to collect Social Security compared with starting as soon as possible is not as straight forward as it may seem. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS interviews expert Ted Sarenski, CPA/PFS to gain more insight into how to guide clients forward. They discuss: What are the factors that need to be considered when making this decision The straightforward scenarios and when things get more complex Weighing the importance of winning the Social...
Jun 16, 2023•15 min
SECURE 1.0 eliminated life expectancy distributions apart from eligible designated beneficiaries. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS provides a refresher of how the rules work and client examples to illustrate what needs to happen to maximize IRA wealth transfers. He shares: What happens in 90% of cases How the 10-year works before and after the required beginning date How to manage the 10-year rule from a mathematical perspective when RMDs are required Why every cl...
Jun 09, 2023•12 min
Portability allows a surviving spouse to add the exemption of the first spouse to die to their exemption for estate tax purposes. This happens automatically on a timely filed estate tax return unless intentionally electing out of portability. The nuances come in when you need to file an extension to give more time to see which strategy works best or when filing an estate tax return wasn’t necessary at the time of the first to die. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS,...
Jun 02, 2023•17 min
Dave Stolz started out as a music major and shifted to business and being a CPA along the way. His journey deeper into financial planning began when he lost his dad. This tragedy shifted his perspective on life and took him in a new direction. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Dave to learn how he created his financial planning practice and much more. Dave answers the following questions: How did you create the successful financial planning firm you hav...
May 26, 2023•33 min
Bob Keebler, CPA/PFS, discusses the techniques that make the most sense when you have a client who wants to maximize the wealth transfer of their large IRA. Bob walks you through the considerations in the following areas in this episode of the PFP Section podcast. The payout rules Roth conversions CRTs IRA relocation 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. U...
May 19, 2023•14 min
As financial planners, we have deep technical knowledge. It’s a gift to take that expertise and deliver it in a way that simplifies concepts and ties back to what is most meaningful for your clients. In this episode of the PFP Section podcast, Andrea Millar, CPA/PFS, interviews Christine Moriarty to get her take on how to reduce overwhelm for clients. They discuss: How to be a thinking partner with your clients How to get clients to open up and share their biggest concerns and hidden agendas Wha...
May 12, 2023•28 min
If you are approached by clients or other advisors who think it makes sense to move money from an IRA to a life insurance policy, take a look before you throw out the idea. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares situations and considerations where this strategy may be prudent. He discusses: Why it works best for clients with a federal and state estate tax Other factors that make this worthwhile such as tax arbitrage and getting the life insurance out of the esta...
May 05, 2023•13 min
In this special episode of Deeper CPA Financial Planner Connections, Dr. Haesun Moon is back by popular demand. In her fist podcast, she described her simple coaching model that can be used to have more effective conversations with clients and anyone you care about in your life. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Haesun to help you put her communication framework into practice. Dr. Moon answers the following questions: How do we integrate the 4-quadrant ...
Apr 28, 2023•35 min
Best practices on how to view Roth conversions has shifted now that SECURE 2.0 has changed the age for required minimum distributions up to age 75 beginning in 2033. In this episode of the PFP Section podcast, Bob guides you with what to be thinking about as you make decisions with your clients this year, including: Tax brackets, outside funds to pay the tax on the conversion, and deferral have always been the main factors in deciding whether converting to Roth makes sense When looking at the br...
Apr 21, 2023•11 min
Are you looking for ways to deepen relationships with next generation clients and staff? In this episode of the PFP Section podcast, AICPA PFP Standing Ovation Award recipient Akeiva Ellis, CPA/PFS, shares how she keeps her younger clients feeling cared for and important. She also shares tips on what to think about to attract talented next gen advisors to your firm. Akeiva answers the following questions: What is the definition of next gen? What are some ways you have engaged these clients in yo...
Apr 14, 2023•24 min
When planning for the surviving spouse with your client’s attorney, it’s important to address issues while both spouses are alive to arrive at the best outcomes. In part three of this PFP Section podcast series, Paul Hood, JD, LLM, walks you through what may occur after the first spouse dies that should be built into the estate plan. He discusses the following issues to consider: Cashflow Backup fiduciaries Managing incapacity Blended families Estate tax apportionment Income tax basis possibilit...
Apr 07, 2023•27 min
Susan Tillery, CPA/PFS, began her career journey in tax and eventually landed with her own fee for service financial planning firm that she owns with her husband, Tom. Their firm is designed to provide education and planning to their clients, and they team with other advisers to manage investments and do the tax compliance work. They also provide education and other resources to CPAs who want to add financial planning to their offerings. In this episode of the PFP Section podcast, Lyle Benson, C...
Mar 31, 2023•31 min
President Biden’s fiscal year 2024 budget proposal includes many familiar changes that we have seen in past proposals. It’s difficult to predict whether these will come to fruition though it will be important to get ahead on having conversations with your higher wealth clients so that there are no unexpected surprises. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, covers the major tax provisions that will impact your individual clients if enacted, including: An increase in th...
Mar 28, 2023•15 min
Note that this episode was recorded prior to the effective date of SECURE 2.0 which allows for 529 funds to be rolled into Roth IRAs in certain circumstances. Trust terminations can become complicated when beneficiaries decide to go their separate ways and break up the trust. The IRS views this transaction as a sale of the interest in the trust for cash or assets and a gain is triggered. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Ed Morrow, JD, LL.M. They...
Mar 24, 2023•22 min
Guest: Kelley Long, CPA/PFS The flexibility and advantages of Roth IRAs makes them highly desirable for planning that goes beyond retirement funding. In this episode of the PFP Section podcast, Kelley Long, CPA/PFS, discusses situations where it may make sense to use a Roth IRA, including: Getting around the psychological barrier for clients who don’t want their money tied up until age 59 ½ Serving as an alternate emerging savings fund Funding first time home purchases Setting up a supplemental ...
Mar 17, 2023•22 min
If you’re currently working in a hybrid environment or running a business that is managing this structure, tune in to hear best practices for keeping employees engaged in this episode of the PFP Section podcast. Kelley Long, CPA/PFS, discusses 5 tips, including: ·How to keep the office and remote workers connected and invigorated. ·How to help employees avoid burnout. ·What to consider with the home office reimbursement policy. ·Acknowledging special occasions so as not to create a cultural divi...
Mar 10, 2023•24 min
The new spousal IRA election in SECURE 2.0 is both novel and complex. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, walks you through the options that need to be considered when a spouse who is 7+ years younger dies first. Bob shares: The spousal IRA options in SECURE 1.0 and SECURE 2.0 How to know whether you should do a traditional rollover or make the inherited spousal IRA election Access resources related to this podcast: Note: If you’re using a podcast app that does not ...
Mar 03, 2023•7 min
Dirk Edwards, CPA/PFS, designed his financial planning practice to make the complex planning work the centerpiece for his clients. He brings in experts in the areas such as estate, risk management, and investments to implement the planning so that his family clients have the best specialists involved. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews Dirk to share ideas that may resonate with others in the community. Lyle poses the following questions to Dirk: How did ...
Feb 24, 2023•37 min
Family office clients have complex planning issues. It’s helpful to collaborate with a team of advisors and not feel like you must have all the answers. It is often valuable to begin the engagement by having conversations about what matters most to the family and for their legacy. In this episode of the PFP Section podcast, JG Gassman, CPA/PFS, and Rick Peck have a conversation with family office expert, Steven Bowles, to discuss how best to support these families in their philanthropic desires....
Feb 17, 2023•29 min
SECURE 2.0 allows 529 plans to be rolled into Roth IRAs beginning in January 2024. To learn more about the specifics of what is allowed, Bob Keebler, CPA/PFS, interviews education expert, Ross Riskin, CPA/PFS, in this episode of the PFP Section podcast. Ross responds to the following questions. What are the primary tax benefits of 529 plans? What are the most important things to know about the new provision in SECURE 2.0? Where do we need to seek further clarification and what potential traps do...
Feb 10, 2023•21 min
Guest: Mackey McNeill, CPA/PFS In part 4 of this PFP Section podcast series, Mackey McNeill, CPA/PFS, discusses how to keep the annual plan alive through effective measuring. You can use this in your own business and for your relevant clients. Mackey describes the importance of preparing easy and effective reports with visual metrics that anyone can understand. This allows everyone on the team to quickly see where the business is today compared to the goals. The more frequently business owners a...
Feb 07, 2023•16 min
In part 3 of this PFP Section podcast series, Mackey McNeill, CPA/PFS, shows you how to move your big ideas into an actionable framework for the coming year. You can use this in your own business and for your relevant clients. Mackey describes how to use two resources, Grow Four Ways, and Cascading Metrics Process, that you can find in the show notes. She walks you through: How she took a client from dwindling cashflow and stagnant sales to routine profitability and sales growth by using a clear...
Feb 03, 2023•19 min
Many CPA financial planners give credit for the career they have created to the relationships they have built within their AICPA PFP community. To spread these stories and pearls of wisdom more broadly, we created the Deeper CPA Financial Planner Connections series in November 2021. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, and Andrea Millar, CPA/PFS, discuss the 7 recurring themes and lessons learned that have played through the many stories shared and what they mean to ...
Jan 27, 2023•32 min
A lot of information is flying around on the importance of SECURE 2.0 and what this means for retirement planning. Get the bottom line of what you need to think about for your clients in this episode of the PFP Section podcast. Bob Keebler, CPA/PFS, interviews retirement expert, Ed Slott, CPA. Ed shares: His take on the bill The issue of needing to take RMDs in years 1-9 when inheriting an IRA from someone who had already begun RMDs was not fixed His concern with what the replacement of the 50% ...
Jan 20, 2023•18 min
As CPAs and financial planners, we are trained in the technical skills to help clients plan for transitions such as a business sale, retirement, divorce, or loss of a spouse. What we may not be as prepared for is the human experience that takes place over the years leading up to, during, and settling into a new way of life. The human side is messy and it’s more challenging to see how it influences choices and decisions. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, interviews...
Jan 13, 2023•24 min
