AICPA Personal Financial Planning (PFP)

By AICPA & CIMA

Welcome to the AICPA Personal Financial Planning Section podcast. Follow us to receive unlimited access to free podcasts from nationally known experts on topics such as retirement, estate, tax, invest... more

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The podcast currently has 358 episodes available.

Best of AICPA Personal Financial Planning (PFP)

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Number 1: Why Bob Keebler Makes the Section 645 Election Almost Every Time
The months immediately following a client's death create one of the most important income tax planning windows in estate administration. While many practitioners focus on basis step-ups and beneficiary distributions, one election can fundamentally change how post-death income is managed: the Section 645 election. In this episode, Cary Sinnett sits down with nationally recognized tax expert Bob Keebler to explore how electing to treat a revocable trust and estate as a single taxable entity can create valuable planning opportunities through fiscal year flexibility, income deferral, charitable deduction planning, and more. Bob explains why he believes the Section 645 election should be the default choice in nearly every revocable trust administration and discusses the rare situations where it may not be appropriate. What you'll learn: Why estates receive more favorable income tax treatment than revocable trusts How the Section 645 election allows a trust to use an estate's fiscal year Using fiscal year flexibility to defer income and smooth taxable distributions How the election can effectively stretch certain inherited IRA distributions Why charitable deductions under IRC Section 642(c) are often more advantageous for estates The impact of the election on distributable net income (DNI) planning How the election can improve gain and loss netting in pecuniary funding situations under the Kenan case The interaction between the Section 645 election and S corporation stock ownership The limited circumstances where practitioners may intentionally avoid making the election AICPA Resources: Chart: Useful Estate and Trust Decision Charts Podcast: Bob Keebler on Avoiding Costly Estate Planning Mistakes Resource: Summary and initial thoughts — Changes to opportunity zones Resource: 2026 Individual, Estate, and Gift Tax Cheat Sheet Guide: The Adviser's Guide to Financial & Estate Planning - Vol. 4 Program: Estate Planning Certificate Exam 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.
July 24, 202621min
Number 2: The IUL Experiment with Andy Panko
Indexed Universal Life (IUL) insurance is often marketed as a "tax-free retirement income" solution, but how do these policies really work over time? To cut through the noise, financial planner Andy Panko, CFP®, RICP®, EA, decided to run his own real-time experiment. He bought an IUL, fully documented the structure, costs, and performance, and is openly sharing the results year after year. In this episode, Andy joins us to explain what IULs are, why he launched The IUL Experiment, and what every financial planner should know before considering them in retirement planning conversations. We talk about: The structure of IULs and why they're so often misunderstood The gap between marketing promises and actual performance The potential benefits—tax deferral and downside protection—and their trade-offs Why transparency and ongoing tracking matter for evaluating these products How planners can approach IUL conversations with clarity and objectivity Whether you've advised clients on IULs, been pitched on them, or just want to better understand how they fit (or don't fit) into real financial planning, this episode gives you a front-row seat to an experiment playing out in real time. AICPA Resources: Tools: Life insurance policy evaluation Podcast: Life insurance planning strategies for individuals Webcast: Advanced strategies for life insurance policies Checklist: Life insurance policy checkup 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.
July 10, 202628min
Number 3: Your Clients Can Afford to Retire. Will They Enjoy It?
Most retirement plans answer one question: Can I afford to retire? But far fewer answer the question that often matters just as much: What am I retiring to? In this episode, Cary Sinnett sits down with renowned researcher and Harvard Business School professor emerita Teresa Amabile to explore the hidden psychological transition that accompanies retirement. Drawing from more than a decade of research and interviews with retirees, she explains why many successful professionals fear retirement, why those fears are often misplaced, and how financial planners can help clients prepare for life beyond the balance sheet. Whether you're guiding clients toward retirement or thinking about your own future, this conversation offers practical insights into identity, purpose, relationships, and creating a retirement that truly works. Questions Discussed: Why do so many successful professionals fear retirement despite being financially prepared? What are the four psychological tasks every retiree faces? How can retirees preserve a sense of identity after leaving work? What role should financial planners play in preparing clients emotionally for retirement? What single question can advisors ask that helps clients begin designing a meaningful retirement? Key Takeaways: Retirement is a transition, not a single event. Financial readiness alone does not guarantee retirement satisfaction. Many pre-retirees fear the unknown, but most retirees ultimately adapt successfully. Identity, relationships, and daily routines are critical components of a fulfilling retirement. Financial planners can add tremendous value by encouraging clients to think intentionally about what comes after their careers. Resources: Article: Retiring: Creating a Life That Works for You Webcast: Financial Planning for Aging Clients Article: 4 Questions to Identify Your Retirement Needs and Goals 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.
June 26, 202633min
Number 4: Bob Keebler on Avoiding Costly Estate Planning Mistakes
Some of the biggest planning opportunities in trust and estate taxation are also the easiest to miss. In this episode, Cary Sinnett sits down with nationally recognized estate planning authority Bob Keebler to explore three highly technical areas that can dramatically impact client outcomes: portability elections, fiduciary income taxation during periods of market volatility, and the often-misunderstood Kenan doctrine. Bob explains where advisors commonly overlook opportunities, how missed elections may still be salvaged, and why funding decisions inside trusts and estates can create unexpected capital gains. Along the way, he highlights strategies that help CPA financial planners deliver more thoughtful and tax-efficient advice to families across generations. Questions Answered How does portability work, and when can missed portability elections still be recovered? When should advisors favor portability versus bypass trusts and GST planning? What is the Kenan doctrine, and why can funding a trust with appreciated assets trigger capital gains? How does a Section 645 election change the taxation of trusts during administration? Equal inheritances are not always equal when embedded capital gains and basis differences are considered. Resources: The Adviser's Guide to Financial & Estate Planning - Vol 4 Generation Skipping Transfer Tax Chart Estate Planning & Portability Volatile Markets, Smart Estates: Keebler's Top Tax Plays 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.
June 19, 202628min
Number 5: Why the Future of Financial Planning Runs Through the CPA
What does the future of the CPA profession look like as advisory, financial planning, and AI reshape client expectations? In this episode of the AICPA Personal Financial Planning Podcast, Cary Sinnett sits down with Sue Coffey, CEO of Public Accounting at the American Institute of Certified Public Accountants, to discuss the profession's transformation from compliance-focused work to holistic trusted advisory. Sue shares why trust has become one of the profession's greatest competitive advantages, how technology and complexity are accelerating change, and why CPA financial planners are uniquely positioned to lead multigenerational client relationships. The conversation also explores how education, credentialing, AI, and evolving firm models are shaping the next generation of CPA advisors. Whether you are building an advisory practice, expanding into financial planning, or thinking about the future direction of the profession, this episode provides an inside look at where the CPA profession is headed and why the opportunity for planners has never been greater. Questions Answered Why is the CPA profession shifting from compliance toward advisory services? What makes CPA financial planners uniquely valuable to clients and families? How are AI and technology changing the future of CPA advisory work? What separates firms that successfully transition into advisory services? Why did financial planning become part of the CPA exam evolution? How can firms prepare for the future of trusted advisory relationships? Key Takeaways Trust remains one of the CPA profession's greatest differentiators in an increasingly complex world. Financial planning is becoming more integrated into the CPA identity and educational pipeline. AI is expected to enhance CPA capabilities rather than replace advisors. Successful advisory firms combine technical expertise, relationships, governance, and talent development. CPA financial planners are well-positioned to serve as the "quarterback" coordinating broader client advice teams. AICPA Resources: Pathways to Practicing Personal Financial Planning Rise2040: Co-creating our profession's future National Accounting Day: What Trust Looks Like in Action Celebrating CPAs 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.
June 05, 202620min