Education Funding {PFP Section}
AICPA Personal Financial Planning (PFP)
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: The Value of Education Planning Education...
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Deeper CPA Financial Planning Connections | Celebrating 30 Years in the Industry {PFP Podcast}
AICPA Personal Financial Planning (PFP)
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: 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. The Critical...
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The Power of Client Communication: 4S Framework for Financial Planners {PFP Podcast}
AICPA Personal Financial Planning (PFP)
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 Why Communication Matters: Builds trust, fosters engagement, and differentiates you from competitors. Avoid overloading clients with technical jargon or unnecessary details. 4S Framework for Communication: Scripts: Prepare and practice concise responses to common questions. Stories: Share personal anecdotes to build emotional...
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Understanding Bitcoin: A CPA's Perspective {PFP Podcast}
AICPA Personal Financial Planning (PFP)
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: Foundations of Investing: Saving vs. investing and the speculative nature of all assets. Bitcoin’s similarities to "digital gold" and its unique network benefits. Bitcoin’s Role in Portfolios: How Bitcoin compares to traditional assets like stocks, bonds, and gold. Its potential as...
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Talking about Medicare {PFP Podcast}
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...
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Intersection of Health and Financial Planning {PFP Podcast}
AICPA Personal Financial Planning (PFP)
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...
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Deeper CPA financial planner connections with Marianela Collado {PFP Section}
AICPA Personal Financial Planning (PFP)
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...
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Changes and clarifications with the SECURE Act final regulations {PFP Section}
AICPA Personal Financial Planning (PFP)
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...
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Practical tips to help clients with unintended early withdrawals from 401(k) plans {PFP Section}
AICPA Personal Financial Planning (PFP)
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: What happens if I leave...
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Deeper CPA Financial Planner Connections, Lyle Benson {PFP Podcast}
AICPA Personal Financial Planning (PFP)
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...
info_outlineIn 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:
- 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.
- 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.
- 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.
- 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.
- 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.