In this episode of the AICPA Personal Financial Planning Podcast, Cary Sinnett welcomes Bob Keebler, a nationally recognized expert in estate and tax planning. Together, they break down the critical topic of portability in estate planning—what it is, how it works, and why it matters for both financial planners and clients.

Key Insights: Portability: Use It or Lose It – If you don't elect portability within the required time frame, the deceased spouse’s unused estate tax exemption is lost forever.

Deadlines Matter – The DSUE must be filed within 9 months of death, but an extension up to 15 months is possible. For smaller estates, a late portability election may be available for up to 5 years.

Bypass Trust vs. Portability – While portability can double a surviving spouse’s exemption, a bypass trust protects future growth from estate taxes. The right choice depends on long-term tax projections.

Estate Planning in 2025 & Beyond – The current $14 million exemption per person is set to sunset in 2026, potentially dropping to $7 million. Planners must prepare clients accordingly.

CPAs Must Be Proactive – Even if a CPA isn’t directly engaged for estate tax returns, they should ask key questions about a client’s estate plan, especially if the surviving spouse's assets could exceed the future exemption limit.

Resources & Links:

• AICPA PFP Section
• Email us your feedback
• Related video and slides: Estate planning deep dive (exclusive to PFP Section members)

Welcome to the AICPA Personal Financial Planning Podcast, hosted by Cary Sinnett. In this episode, Cary is joined by Brooke Salvini, Chair of the Personal Financial Planning (PFP) Executive Committee, and Oscar Vives, Chair of the PFS Credential Committee. Together, they dive into pivotal advancements in CPA financial planning, including the integration of Personal Financial Planning into the CPA exam, updates to PFP standards, and the evolving role of technology and artificial intelligence in the profession.

Key Discussion Points:

1. Introduction and Guest Backgrounds
   • Brooke shares her tenure as Chair of the PFP Executive Committee and the dynamic changes during her leadership.
   • Oscar highlights his leadership role in the PFS Credential Committee and his experience in financial planning since 2007.
2. Major Milestones in 2024
   • Launch of the new CPA exam featuring Personal Financial Planning topics.
   • Simplified pathways for earning the PFS credential, including express routes for experienced professionals.
3. Outlook for 2025 and Beyond
   • The impact of rapidly advancing technology and artificial intelligence in financial planning.
   • Updated roadmaps to help CPAs incorporate financial planning into their services, regardless of their current practice model.
   • Enhancements to PFP standards to keep pace with the evolving profession.
4. Personal Financial Planning Engagements
   • Redefining financial planning to include services such as retirement planning, tax strategies, and business structure advice.
   • Addressing misconceptions about investment management as a barrier to financial planning.
5. Exciting Developments for CPA Financial Planners
   • The upcoming PFP Advanced Conference, returning in January 2026, blending the best of previous summits and conferences.
   • Resources available at AICPA.org/PFP, including standards, templates, and the updated PFP roadmap for 2025.

Resources Mentioned:

• Visit aicpa.org/PFP for tools, resources, and updates.
• Understanding and applying the statement on standards in PFP services
• SSPFPS Pre-Engagement Checklist
• Explore the pathways to earn the PFS designation.
• PFS Credential
• PFS Infographic 
• PFP/PFS infographic
• Review the tax and planning calendar for quarterly service opportunities.
• Digging Deeper with your clients

Lyle Benson and his guests discuss how the upcoming AICPA Personal Financial Planning (PFP) Summit scheduled for January 2025 in Charlotte, North Carolina promotes the importance of networking and deepening our peer relationships. This 9th annual PFP Summit is an example of how connecting with other leaders through deep discussions on mutually beneficial topics can benefit both individuals and the CPA financial planning profession.

Lyle’s conversation with guests includes these topics (and more) and how PFP Summit addresses them:

• Finding an environment where professionals can engage deeply with a blending expert presentations with participant discussions.
• Combining both larger interactive group discussions with informal and smaller gatherings that together can solidify long-term professional relationships.
• Prioritizing the on-going development of community that builds on the initial “study group on steroids,” experience and extends during the year with other formal and informal activities, such as the PFP Summit Presents virtual follow-up meetings.
• Carving out time to address broader themes providing challenges and opportunities in financial planning, such as leadership, succession planning, and emerging issues like artificial intelligence.

The podcast highlights the PFP Summit’s unique approach to professional development and community building; looking forward to the new opportunities the 2025 event will offer.

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 the Deeper CPA Financial Planner Connections podcast series.
• Register for the 2025 PFP Summit to be held in Charlotte, NC on January 26-29, 2025, with a current early bird registration discount.  Attendance is limited to 120 people to encourage networking and interaction.

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 final installment of Debra Taylor’s Digging Deeper series, she focuses on tax planning. After reviewing the importance of a structured service calendar and proactive client communication, she outlines five essential steps for effective tax planning and highlights 20 key tax planning strategies. This is an approach to broaden your tax planning to addressing the financial planning needs of your clients.

Debra answers questions like these in the podcast:

• What are the five essential steps for effective tax planning?
• How can financial advisors use diagnostic software in tax planning?
• What are some key strategies for tax planning that advisors should consider?
• How can comprehensive tax planning benefit clients financially?

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
• Debra Taylor’s previous podcasts Digging Deeper with your Clients, Part 1 and Part 2
• Analysis of a Tax Return for Financial Planning Opportunities
• 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.

This milestone episode celebrates 30 years of professional growth and client success, highlighting the dynamic evolution of the financial planning profession and the firm’s commitment to innovation and excellence.

Five Key Takeaways:

1. The Evolution of a Career in Financial Planning: Growth and succession is vital for a long-lasting impact. Lyle Benson introduces his son Chris. Chris Benson shares his journey from aspiring engineer to CPA financial planner, highlighting the pivotal moments that shaped his career, including his transition from a large CPA firm to the family firm.
2. The Critical Role of Tax Planning: Tax returns form the foundation of the firm’s financial planning process. Tax strategy is woven into every aspect of wealth management, creating a seamless, cyclical approach to client service.
3. Fixed Fees vs. AUM Model: The firm operates on a fixed-fee model, aligning services with client value while minimizing conflicts of interest, offering an alternative to traditional AUM-based fees.
4. Technology Transforming the Profession: Advances in technology, such as digital systems and portfolio management tools, have revolutionized client service and firm efficiency. AI is seen as an augmentation tool rather than a replacement for human advisors.
5. The Value of Community and Professional Networks: Active involvement in organizations like the AICPA and peer study groups has provided invaluable support, resources, and growth opportunities for both Chris and the firm.

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.

• Innovative Technology for Integrated Tax and Financial Planning
• Building a financial planning and tax business
• Investment advisory business models
• Build your tax and financial planning advisory services
• PFP/PFS Drop-in Session - February 26, 2025, at 3pm ET
• Listen to other episodes in the Deeper CPA Financial Planner Connections podcast series.

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 at www.aicpa.org/pfp 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, Cary Sinnet and Mark Gochnour explore how effective communication builds trust and sets financial planners apart. Mark introduces the 4S Framework—a powerful tool for connecting with clients and simplifying complex concepts.

Key Takeaways

1. Why Communication Matters:
   • Builds trust, fosters engagement, and differentiates you from competitors.
   • Avoid overloading clients with technical jargon or unnecessary details.
2. 4S Framework for Communication:
   • Scripts: Prepare and practice concise responses to common questions.
   • Stories: Share personal anecdotes to build emotional connections.
   • Sketches: Use visual aids to explain concepts and engage clients.
   • Supplements: Provide tangible materials to reinforce discussions.
3. Actionable Insights:
   • Tailor your language to clients’ needs and practice regularly.
   • Join workshops at the AICPA PFP Summit in January to refine your storytelling and communication skills.

Access resources and events 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.

• AICPA PFP Summit: January 26–29, 2025, at Dimensional’s Charlotte office.
• Explore communication resources at aicpa.org/pfp.

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 at www.aicpa.org/pfp 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 Sullivan from Pay4Care.org discusses significant changes to Medicare’s prescription drug coverage in 2025, particularly regarding the Medicare Part D plans and Medicare Advantage plans with drug coverage.

•          Jim discusses key 2025 changes to Medicare Part D, including a new $2,000 out-of-pocket maximum for prescription drug costs.
•          Beneficiaries can now opt for the Medicare Prescription Payment Plan, allowing them to spread out deductible payments monthly to ease early-year costs.
•          The Open Enrollment Period (Oct 15 - Dec 7) is a vital time for beneficiaries to review their plans, as many premiums, copays, and formularies will change, and some plans will be discontinued.
•          Clients should be proactive since plans may automatically transfer them to a different plan if theirs is terminated, potentially impacting drug coverage and costs.
•          Jim urges advisors to support clients in ensuring their coverage meets their healthcare needs, prioritizing both affordability and the quality of care provided.

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.

Learn more on the latest proposals and regulations by accessing The Medicare & You Handbook. You can also access Jim Sullivan’s Guide to Retirement & Elder Planning: Healthcare Coverage Planning-6th Ed on the AICPA website. A deep dive for advisors can be found in the Health Transitions Guide: Vol. 3.

Mark Astrinos and David Oransky discuss Bitcoin's role in modern investing, addressing its speculative nature, practical uses, and potential as a long-term store of value. They explore how advisors and clients can approach Bitcoin thoughtfully, balancing skepticism with understanding.

Key Topics Covered:

1. Foundations of Investing:
   • Saving vs. investing and the speculative nature of all assets.
   • Bitcoin’s similarities to "digital gold" and its unique network benefits.
2. Bitcoin’s Role in Portfolios:
   • How Bitcoin compares to traditional assets like stocks, bonds, and gold.
   • Its potential as an inflation hedge and long-term store of value.
3. Practical Applications:
   • Bitcoin enables global, permissionless transactions and portable wealth.
   • Its scarcity-driven dynamics make it appealing amid fiat currency concerns.
4. ETFs and Adoption:
   • Bitcoin ETFs simplify access for investors and advisors.
   • Direct ownership offers unique benefits but requires technical knowledge.

Key Takeaways:

• Advisors should educate themselves about Bitcoin’s potential as a legitimate asset class.
• Even a small allocation to Bitcoin may offer diversification and inflation protection.
• Start with reputable resources like Fidelity and BlackRock or AICPA's PFP Division materials.

Resources Available:

A three part deep dive into bitcoin is available:

• Why you need to take Bitcoin seriously - part 1
• Why you need to take Bitcoin seriously - part 2 
• Why you need to take Bitcoin seriously - part 3.

A video with slides

• Understanding Bitcoin. 

In this episode of the AICPA Personal Financial Planning Podcast, Cary Sinnett interviews Dr. Carolyn McClanahan, a physician and financial planner, on the importance of addressing healthcare in financial planning. They discuss how health and financial wellbeing are deeply intertwined, especially when planning for long-term care, aging, and unpredictable health events. Dr. McClanahan emphasizes the importance of having early conversations about healthcare plans, estate directives, and the costs of care to ensure families are prepared.

• How can financial planners integrate health-related conversations into their planning process, especially when clients are reluctant to discuss their health?
• What steps should families take to prepare financially and emotionally for potential long-term care needs, particularly when care costs can vary significantly between home care and assisted living?
• Why is it essential to have conversations about healthcare directives and long-term care preferences early, while everyone is still healthy?
• How can families plan for the financial impact of a loved one’s health event, especially when the timing and severity of such events are unpredictable?
• What role do tools like long-term care insurance, reverse mortgages, and hybrid life insurance policies play in safeguarding a family’s financial future in the face of rising healthcare costs?

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.

• Podcast: The importance of addressing long-term care planning
• Guide: Guide to Retirement & Elder Planning: Healthcare Coverage Planning
• Podcast: Taxes and financing retirement healthcare

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 AICPA Personal Financial Planning Podcast, host Cary Sinnett welcomes Dr. Ross Riskin, Chief Learning Officer at the Investments & Wealth Institute and author of Guide to Education Planning. They dive deep into education planning strategies, including the benefits and complexities of tools like 529 plans, the importance of multi-generational funding conversations, and how to align education savings with broader financial goals.

Here are five key takeaways from the conversation between Cary Sinnett and Dr. Ross Riskin:

1. The Value of Education Planning
   • Education planning remains highly valuable as it bridges generations, connects with next-gen clients, and addresses a significant knowledge gap among financial advisors. It also integrates with broader legacy and wealth transfer strategies.
2. Importance of Multi-Savings Vehicles
   • Financial planning for education isn't "one size fits all." Utilizing a combination of tools like 529 plans, brokerage accounts, and Coverdell accounts helps optimize funding, flexibility, and tax efficiency based on client priorities and state-specific tax benefits.
3. Proactive Conversations Across Generations
   • Successful advisors include grandparents, parents, and even extended family in funding discussions early on. Understanding their contributions and intentions (e.g., lump sums vs. future pledges) is critical for accurate projections and family alignment.
4. Strategies for Leftover 529 Plan Funds
   • Excess funds can be strategically used by transferring beneficiaries, repaying student loans (up to $10,000 per person), or rolling into Roth IRAs for beneficiaries to support retirement planning.
5. Financial Aid and Investment Oversight
   • Advisors must understand financial aid policies, tax considerations, and investment flexibility within 529 plans, especially during distribution years. Monitoring allocations ensures funds are managed efficiently to preserve capital in high-interest environments.

Show Notes: Conclusion

Dr. Ross Riskin reminds us that effective education planning requires proactive conversations, personalized strategies, and leveraging tools like 529 plans for tax efficiency, legacy planning, and beyond. For more resources:

• Explore the AICPA PFP Section: aicpa.org/pfp.
• Get your copy of Guide to Education Planning to build your expertise.

Thank you for listening! Don’t forget to follow the podcast for future episodes featuring expert insights on tax, estate, investment, and financial planning.