AICPA Personal Financial Planning (PFP)

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 .

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 "Deeper CPA Financial Planning Connections," Lyle Benson interviews Marianela Collada, CEO of Tobias Financial Advisors, about her career journey, the growth of her firm, and her role on the PFP Executive Committee.

Marianela discusses her experience working with high-net-worth clients, the importance of estate and tax planning, and her approach to growing the firm's team and capabilities. She emphasizes the significance of proactive planning, developing new leaders within the firm, and her optimism for the future of the financial planning profession.

• How does proactive estate and tax planning benefit clients with a net worth between $7.5 million and $60 million?
• What strategies can financial planners use to provide personalized services to clients who are not ultra-wealthy but still require comprehensive planning?
• How can effective business succession planning enhance continuity and client service in a financial advisory firm?
• What are the benefits of incorporating a team-based approach in financial planning to address diverse client needs?
• How does integrating technology improve the efficiency and accuracy of financial planning processes for clients?

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.

• Vol. 2 - The Adviser’s Guide to Financial & Estate Planning – 15th Ed

• Helping clients preserve family unity in the wealth transfer process

• PFP Section: Your partner in navigating financial planning

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.

Expert Bob Keebler, CPA PFS, breaks down the final regulations of SECURE Act 2.0. Difficult RMD questions are answered and complexities explained.

• What is the difference between RMD rules for an IRA owner who dies before their required beginning date (RBD) versus after their RBD under the SECURE Act?

• Who qualifies as an Eligible Designated Beneficiary (EDB), and how are they treated differently under the SECURE Act when it comes to distributions?

• What is the significance of the 327 Election for surviving spouses with a significant age gap, and how does it impact the timing of distributions?

• How does the SECURE Act's treatment of Roth IRAs differ from traditional IRAs regarding post-mortem distributions and the 10-year rule?

• What tax penalties are introduced starting in 2025 for failure to comply with the new RMD rules, and how can financial planners develop strategies to minimize these penalties?

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.

• Guide to Financial & Estate Planning - Volume 2
• Guide to Financial & Estate Planning - Volume 2 Excerpt
• Guide to Financial & Estate Planning - Volume 3
• Guide to Financial & Estate Planning - Volume 3 Excerpt

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 podcast, Kelley Long, a CPA financial planner, discusses two overlooked 401(k) scenarios that can lead to unexpected taxes or penalties: 

• when someone leaves their job with an outstanding 401(k) loan, and
• when an employee's contributions are refunded due to plan testing failure.

Kelley explains how to avoid penalties by making loan payments into a rollover IRA before the tax return deadline and highlights the importance of identifying whether a 401(k) plan is safe harbor to prevent contribution limits for highly compensated employees.

Questions answered:

1. What happens if I leave my job with a 401(k) loan?
2. How can I avoid early distribution penalties after leaving my job?
3. What is a "return of contributions" in a 401(k) plan?
4. How does being a highly compensated employee affect 401(k) contributions?
5. What is a safe harbor 401(k) plan, and why is it important?

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. 

• Guide to Practical Retirement Planning
• Building business owner wealth with tax advantaged plans

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.

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.

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.