In this episode, Lyle Benson and Karen Goodfriend discuss Karen's journey as a CPA financial planner, highlighting her transition from corporate aspirations to a focus on personal financial planning. Karen emphasizes the importance of integrating psychological aspects with technical financial planning, especially for clients experiencing sudden wealth. In this episode of the PFP Section podcast, Lyle Benson interviews Kelley to share more of her story with our community. The conversation includes Karen’s experience and perspective on topics like:

• Benefits and opportunities of remote work
• Technology’s evolving role of technology and its impact on remote collaboration
• Importance of the supportive CPA financial planning community and mentorship
• Significance of maintaining a balance between technical expertise and client relationships
• The CPA financial planner’s role in the broader financial planning ecosystem

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.
• Technology for a Tax and Financial Planning Services Business Guide
• Learn more about the pathways for getting educated and attaining your 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.

As a follow-up to Debra’s webcast Planning for Clients with $1-15M in Net Worth, she discusses a much more organized approach for tax planning. A year-round planning calendar clearly shows how you apply tax planning to their financial decisions. The events encompassed in the calendar reinforce the key goals of a successful plan. As CPAs you talk tax planning, but here are ways to apply it with your client discussions that will allow you to be better organized, improve client retention and expectations and justify your fees.
Debra answers questions like these and more:

• How can a year-round planning calendar improve client retention and team organization?
• What are the five key elements of a great financial plan?
• How do you differentiate your tax planning from the firm down the street?
• How does tax planning affect financial planning?

Many of the PFP Section resources provide ideas on topics that can be discussed throughout the year including:

• Debra Taylor’s video archive Planning for Clients with $1-15M in Net Worth
• The Advisor's Guide to Financial and Estate Planning is a 4-volume guide that serves as a reference for many client questions and strategies.
• The Personal Finance Scorecard is a great tool to get feedback from your clients on what is really important and can guide your conversations throughout the year

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.

In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS discusses strategies for estate tax planning in anticipation of the TCJA (Tax Cuts and Jobs Act) sunset on December 31, 2025. The sunset, which will reduce the double exclusion amount from approximately $14 million to $7 million and many practitioners will need to evaluate gifting for their relevant clients. Bob covers various techniques, including:

• Spousal lifetime access trusts (SLATs) and dynasty trusts, to ensure effective estate planning.
• The importance of cash flow planning, understanding portability rules, and careful trust design to avoid issues like the Reciprocal Trust Doctrine.
• Practical considerations such as timing of gifts, administrative preparation, and the use of private annuities for income.
• The need for thorough documentation and legal compliance to prevent estate inclusion and litigation.

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.

• Prepare large estates for TCJA sunset now article
• Upcoming webcast: Multi-year income tax planning in preparation for the sunset of TCJA included in PFP Section membership
• Video: Planning with SLATs and SLANTs ahead of the TCJA sunset

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.

As a follow-up to Debra’s webcast Planning for Clients with $1-15M in Net Worth, she discusses some important practice management considerations. An annual financial planning service calendar structures the delivery of client services and communication and is the foundation for adding valuable client relationships. Debra advocates for a systematic approach to client service, ensuring transparency and predictability. She also discusses various fee structures, including AUM (Assets Under Management) fees and alternative payment arrangements, to ensure fair and flexible compensation for the services provided. Your fees reflect your professional value. Debra answers questions like:

• How can an annual service calendar help your client relationships?
• How can you charge for your planning services?
• How do you adjust for clients of different asset levels or extensive projects?

Many of the PFP Section resources provide ideas on topics that can be discussed throughout the year including:

• Debra Taylor’s video archive Planning for Clients with $1-15M in Net Worth
• The Advisor's Guide to Financial and Estate Planning is a 4-volume guide that serves as a reference for many client questions and strategies.
• The Personal Finance Scorecard is a great tool to get feedback from your clients on what is really important and can guide your conversations throughout the year

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.

Life inevitably presents us with forks in the road, whether chosen or forced upon us. These transitions can be uncomfortable, requiring us to leave the familiar and step into the unknown. Whether guiding your clients through their life changes or experiencing your own, having a strategy can make these journeys less daunting.

In this Deeper CPA Financial Planner Connections episode of the PFP Section podcast, Lyle Benson, CPA/PFS, CFP® interviews Andrea Millar, RLP®, PCC, CPA/PFS to share her expertise on navigating these uncertain times. Tune in to discover:

• What to anticipate during significant life transitions
• The primary source of struggle during periods of uncertainty
• Practical steps to transform these challenging moments into opportunities for growth and deep satisfaction

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.
• Tune into Susan Bradley’s podcast episode, Understanding the human side of life transitions.
• Join Andrea in her session at ENGAGE, Navigating the balance: Prioritizing mental wellness for financial professionals.

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.

A recent CNBC survey of couples discovers that 64% admitted to being financially incompatible. A money date is a relaxed and open conversation about finances and goals. This is an important component to financial compatibility and avoiding potential conflict. It can benefit relationships of any length and open channels of communication with transparency and respect. Dave answers questions like:

• What is a money date and why is it important?
• How can it help understand each other’s financial habits and attitudes?
• What are the places for combined and separate money in marriage?
• Does this concept work for both newly engaged and long-term couples?

Many of the PFP Section resources provide ideas on topics that can be discussed in this manner including:

• The Life Events section of Broadridge Advisor provides conversation ideas relating to clients’ current or future situations.
• The new Health Transitions Guide help you talk clients through potentially stressful situations.

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.

As we narrow in on the sunset of the Tax Cuts and Jobs Act, many practitioners will be suggesting that their relevant clients make gifts. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Larry Brody, JD, discuss what needs to be known when valuing life insurance policies for the purpose of filing gift tax returns, including:

• What do we need to know about the IRS regulations?
• Can you get a valuation in lieu of relying on the IRS regulations?
• What value should be used when given a series of values on Form 712?
• What if you don’t agree with the Form 712 values?

For more resources related to this episode:

• Access Bob’s decisions charts in the Proactive Planning Toolkit.
• Use the Adviser’s Guide to Financial & Estate Planning for other planning ideas as we head into the sunset of TCJA.

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 SECURE 2.0 Act opened new doors for the use of 529 plan funds. Kelley Long discusses the impact of the changes on strategies available to clients using 529 plans. Not only does Kelley review the rules of rolling 529 plan funds to Roth IRAs, but also takes a step further to address the numerous related questions she has gotten on this strategy and other creative ways to draw down 529 plan funds. In this episode of the PFP Section podcast, Kelley will provide the information you need to discuss how 529 plans can fit into your clients’ financial plans. The conversation includes the following topics:

• How to handle beneficiary changes.
• How to equalize the distributions from excess funds in 529 plans.
• How to evaluate the 15-year measurement when transferring 529 funds to Roth IRAs.
• How does a transfer of funds from one beneficiary to another impact the 5-year rule?
• What is a backdoor 529 to Roth transfer?
• Can a mature client contribute 529 plans with the intent to roll the funds to a Roth IRA?
• What are the penalties for 529 non-qualified withdrawals?
• What are some other ways to draw down excess funds in a 529 plan?
• How taking out a student loan can be a strategy

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.

• Read Kelley’s article: Saving for college: The new 529-to-Roth IRA transfer rule
• Related podcast: How SECURE 2.0 impacts clients we see in our practice
• Use the related Education planning resource guide or Roth changes from SECURE 2.0 visual.
• Learn more about the pathways for getting educated and attaining your 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.