AICPA Personal Financial Planning (PFP)

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, investment planning, and more. Visit us online at aicpa-cima.com/pfp to join our community and gain access to valuable member-only benefits.

Valuing life insurance policies for gift tax returns {PFP Section} 04/26/2024

Strategies to draw down excess 529 funds {PFP Section} 04/15/2024

Strategies to draw down excess 529 funds {PFP Section} 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 to access show notes with direct links. Read Kelley’s article: Related podcast: Use the related resource guide or . Learn more about the for getting educated and attaining your CPA/PFS. This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/30781448

Deeper CPA financial planner connections with Kelley Long {PFP Section} 03/22/2024

Deeper CPA financial planner connections with Kelley Long {PFP Section} Kelley Long began her career in big 4 accounting like so many other CPAs. However, she had to quickly shift her path with the fallout that happened after September 11, 2001. Her roles as a bank trust officer and as a workplace financial wellness provider led her to her passion for coaching on the everyday money issues that clients have. In this episode of the PFP Section podcast, Lyle Benson interviews Kelley to share more of her story with our community. The conversation includes the following topics: How did Kelley go from where she was to where she is now, doing her passion work as a financial coach. How did being a member of AICPA’s Financial Literacy Commission impact Kelley’s work? What are Kelley’s thoughts on working in a remote or hybrid environment? What does Kelley want every CPA to know about HSA planning? What does Kelley enjoy doing most and how does she make sure her time and energy are aligned with this? How does Kelley view the future of CPA financial planning? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit to access show notes with direct links. in this series. Read Kelley’s article, - Journal of Accountancy. Learn more about the for getting educated and attaining your CPA/PFS. This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/30488098

The best and worst things you can do with insurance – Part 2 {PFP Section} 03/08/2024

What to beware of with QTIP trusts {PFP Section} 02/23/2024

What to beware of with QTIP trusts {PFP Section} Qualified terminable interest property (QTIP) trusts were created so that spouses could receive the benefit of the marital deduction while also setting aside resources for a surviving spouse and retaining control over what happens to the funds when the surviving spouse passes away. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Paul Hood, JD, LLM, discuss the nuances of QTIPs, including: The confusion is caused by the separate Internal Revenue Code provisions on the estate and gift side. On the estate side, the rules are lax. And, on the gift side, they are rigid. How can a buy/sell agreement interfere with the efficacy of a QTIP trust and what to watch out for to make sure this doesn’t happen. What do QTIP limits like fiduciary income to the surviving spouse mean from a family harmony, efficient trust and estate administration, and a fiduciary income accounting perspective. What’s the bottom line as CPAs prepare gift tax returns that involve QTIPs in 2024. For more resources related to this episode: Send your relevant clients this to educate them on QTIP trusts. Use the Adviser’s Guide to Financial & Estate Planning volumes , , , and as a reference for planning with QTIP trusts and much more. Get the basics of estate planning with our . This is one of 5 certificates that leads to attaining the PFS credential when experience and other requirements are met. Access Bob’s decisions charts in the . This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/30072328

The evidence-based qualities of admired advisors {PFP Section} 02/09/2024

Deeper CPA financial planner connections with Dr. Moon and Lyle {PFP Section} 01/26/2024

Deeper CPA financial planner connections with Dr. Moon and Lyle {PFP Section} The tables are turned on Lyle Benson, CPA/PFS, in this episode of the PFP Section’s Deeper CPA Financial Planner Connections series. Dr. Haesun Moon, communication scientist, educator, and author, interviews Lyle to pull out the gold threads of his professional story. They discuss: Lyle’s story of beginning in tax and his why behind diving into financial planning at age 29 and starting his own firm at the age of 36. How leaders in the profession became mentors early in Lyle’s career and how this community connection has been the foundation throughout his career. What it’s like to be in a family business with Lyle’s son, Chris, and how this can help others who are in family businesses. How Lyle is transitioning and transforming to his next life stage. The changes that Lyle has seen in the CPA financial planning profession over the last 30 years and what has stayed constant. How his firm is evolving to meet the needs of the next generation. How Lyle weaves his role as host and human connector through his professional and personal life. Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit to access show notes with direct links. in this series. Save the date for where you will find the most technically advanced learning in PFP, tax, and estate planning. Save the date for in advance of ENGAGE on June 2nd. Save the date for in advance of ENGAGE on June 2nd. This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/29636263

The why, what, and how behind legacy planning for your clients {PFP Section} 01/19/2024

The best and worst things you can do with insurance – Part 1 {PFP Section} 01/12/2024

Happy 2024 from the PFP EC and PFS CC chairs! {PFP Section} 01/05/2024

Deeper CPA financial planner connections with Jim Shambo {PFP Section} 12/29/2023

Deeper CPA financial planner connections with Jim Shambo {PFP Section} Jim Shambo is one of the pioneers of the CPA financial planning profession, the PFP Section, and the PFS Credential. He has a lot of insight to offer on many topics that can be useful takeaways for listeners. In this episode of the Deeper CPA financial planner connections PFP podcast, Lyle Benson facilitates a discussion with Jim to share the highlights of his story. The conversation includes the following topics: How Jim decided to focus on personal financial planning after beginning his career in tax How Jim and a few of his peers laid the foundation for what we have today with the PFP Section and the PFS credential What Jim learned in college that led to his success in his firm, in his service for clients, and as a volunteer for AICPA What approach Jim takes with investing and how his relationship with Vanguard’s John Bogle influenced him How Jim planned for a successful retirement and sale of his business How using the creative side of his brain has been Jim’s secret to a life well lived Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit to access show notes with direct links. in this series. Save the date for where you will find the most technically advanced learning in PFP, tax, and estate planning. Save the date for in advance of ENGAGE on June 2nd. Save the date for PFS Live! (registration coming soon) in advance of ENGAGE on June 2nd. This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/29201493

Inherited IRA RMD clarity for 2023 and 2024 {PFP Section} 12/22/2023

Crucial issues related to disability and long-term care insurance {PFP Section} 12/15/2023

Life insurance planning strategies for businesses {PFP Section} 12/08/2023

Deeper CPA financial planner connections: Our history and our future: Part 2 {PFP Section} 12/01/2023

Deeper CPA financial planner connections: Our history and our future: Part 2 {PFP Section} This is part 2 of the PFP Section podcast that marks our CPA financial planning history and celebrates the journey of where we’ve been to take us into the future. We once again invited other AICPA volunteer leaders into the discussion to help us share our story. In this episode, Lyle Benson, CPA/PFS, Andrea Millar, CPA/PFS, and other CPA financial planners discuss: What are the investment adviser regulatory issues that CPAs need to understand? Why should we all consider embracing calling these services personal financial planning? The purpose behind The Statement on Standards in Personal Financial Planning Services and how this elevates CPAs Why having personal financial planning on the CPA exam will be a game changer? The education that supports the CPA way of providing these services What is the coach approach and why is it so crucial? What are the attributes you need to flourish into the future? What you get back by being involved in your CPA financial planning profession? Why we all need to come together to leave a legacy? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit to access show notes with direct links. The . The and related and . The . The education created in the CPA way, including the and the . This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/28874308

Deeper CPA financial planner connections: Our history and our future: Part 1 {PFP Section} 11/27/2023

Deeper CPA financial planner connections: Our history and our future: Part 1 {PFP Section} As with any profession, it’s important to understand how we got to where we are today to take us into a successful future. In this 25th episode of the Deeper CPA Financial Planner Connections podcast series, Lyle Benson, CPA/PFS, and Andrea Millar, CPA/PFS discuss how the CPA financial profession got started and led to building a thriving community and resources from there. They also invited other AICPA volunteer leaders to this episode to share their perspectives. The conversation includes: How have CPAs played the role of trusted adviser to individuals since the creation of the accounting profession in 1887? How were personal financial planning services formalized within AICPA to provide robust resources for members? Why was it so important to create the PFP Section in 1986 and add the PFS credential in 1987? Why is the advanced PFP conference a critical aspect of the AICPA PFP community and their learning? Celebration of the incredible member volunteers who have gotten us to where we are and why passionate members are so crucial to our success We have laid a great foundation with the best of the best resources and learning, authoritative PFP standards, financial planning on the CPA exam, an incomparable community of committed professionals, to name a few. Where do we go from here? Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit to access show notes with direct links. Sid Kess was invited to be a part of this episode. Sadly, he passed away before the recording took place. , graciously shared by his children, in preparation for the podcast. He focuses on the importance of a holistic approach in personal financial planning and how that also applies in the medical field. Learn more about the PFP Division history in our . Listen to other episodes in this series. Save the date for where you will find the most technically advanced learning in personal financial planning, including tax, estate, retirement, risk management, and investment planning. Save the date for How to create your CPA personal financial planning practice at ENGAGE on June 2nd (for CPAs who need guidance on building their financial planning practice) Save the date for PFS Live! at ENGAGE on June 2nd (for experienced CPA financial planners who qualify for the experienced PFS track) This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/28804708

What you need to know about CA ING trusts {PFP Section} 11/17/2023

Life insurance planning strategies for individuals {PFP Section} 11/10/2023

The value of qualified small business stock (QSBS) treatment {PFP Section} 11/03/2023

Deeper CPA financial planner connections with Sarah Bradley {PFP Section} 10/27/2023

Deeper CPA financial planner connections with Sarah Bradley {PFP Section} Sarah Bradley, CPA/PFS, took a leap from being an employee to being a first-time business owner practicing in tax compliance and personal financial planning. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, facilitates Sarah to share her story so that you can benefit from her experiences. They discuss: How Sarah made her way to her current role as partner in a CPA financial planning firm How she decided to go from employee to business owner and to a very different role in her work What armed her with the ability to make such a bold decision and build the skills needed What got her through a pandemic the first year in business and a partner diagnosed with brain cancer in the fourth How her firm decided their service offering, including not to provide investment advice How she manages time for financial planning in the face of tax compliance deadlines How coaching and mentoring has supported her along the way What she sees for the future of CPAs in financial planning Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit to access show notes with direct links. in this series. Save the date for where you will find the most technically advanced learning in PFP, tax, and estate planning. Save the date for the How to build your CPA financial planning practice workshop in advance of ENGAGE on June 2nd. This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/28441250

How to address the qualitative (aka hard) side of planning {PFP Section} 10/20/2023

How to address the qualitative (aka hard) side of planning {PFP Section} We often hear about the soft side of planning. As Lisa Featherngill, CPA/PFS, shares in this episode of the PFP Section podcast, this is really the hard side of planning. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews Lisa to get her thoughts on how to have important conversations that lead to whether the quantitative side of planning will be successful or not. The stakes are high and it’s important to guide clients to communicate in a way that gets underneath the numbers to the meaning of the wealth. Lisa and Bob discuss: What is the qualitative side of planning? What is the number one reason why families lose control of assets and family unity by the third generation? What can we do to encourage clients to have these conversations? Are there tools that can be used to make it more comfortable for advisors and clients? What gets in the way of having these important discussions and how can we overcome this? What does all of this have to do with AI? For more resources related to this episode: Join the where we dive deeper into the soft (aka hard) side of planning for ourselves, our clients, and our businesses. The books mentioned by Lisa are by Roy Williams and Vic Preisser, by James Grubman, and by Roy Williams and Amy Castoro. Find Bob’s decisions charts in our . This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/28370399

How to earn interest rate equivalents and pay less in tax {PFP Section} 10/06/2023

Deeper CPA financial planner connections with Lisa Featherngill {PFP Section} 09/29/2023

Deeper CPA financial planner connections with Lisa Featherngill {PFP Section} Lisa Featherngill, CPA/PFS, is on a mission to make sure the qualitative side of planning gets as much emphasis as the quantitative aspects. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, facilitates Lisa to share her wisdom so that you can benefit from her experiences. They discuss: How Lisa took the leap from providing tax and financial planning services in a CPA firm environment to joining a large bank What her mom shared with her that helped her make a hard career decision Why her current role is the capstone of her career, bringing all of her experiences together Her passion for helping her family clients be successful by communicating well, especially in the estate planning area The critical role that CPA financial planners play on a team of advisors How she wants to take her knowledge of planning for the HNW to help those with lesser wealth What she sees for the future of financial planning Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit to access show notes with direct links. in this series. Save the date for where you will find the most technically advanced learning in PFP, tax, and estate planning. Use to make complex topics simple for your clients. This episode is brought to you by the AICPA’s , 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, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/28177985

Serving women clients well {PFP Section} 09/22/2023

The new Massachusetts surtax (PFP Section) 09/15/2023

How the recent CA anti ING trust legislation impacts planning {PFP Section} 09/08/2023

Tax traps to beware of with life insurance planning {PFP Section} 09/01/2023

Deeper CPA financial planner connections with Tom Trainor {PFP Section} 08/25/2023

Deeper CPA financial planner connections with Tom Trainor {PFP Section} Tom Trainor is a CPA financial planner in Canada who has given a lot of volunteer time to the AICPA PFP Division. Tom talks about how collaborating with his peers in this community has kept his practice on the cutting edge. In this episode of the PFP Section podcast, Lyle Benson, CPA/PFS, facilitates Tom to share his wisdom so that you can benefit from his experiences. They discuss: The different on ramps that Tom has taken to land with his own family office How Tom uses technology to keep his firm running smoothly with only 3 owners and employees The differences and similarities between financial planning in Canada, in the US, and in other countries How Tom leads with financial planning to inform all else like estate planning, risk management, and investment planning The way that Tom incorporates human capital into his planning Tom’s view that volunteer time is research for his business Tom’s take on the future of the profession and more Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit to access show notes with direct links. Listen to other . Save the date for where you will find the most technically advanced learning in PFP, tax, and estate planning. This episode is brought to you by the AICPA’s , 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 , which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us to join our community, gain access to valuable member-only benefits or learn about our . Subscribe to the PFP Podcast channel at to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app. /episode/index/show/pfplanning/id/27834258

Two important RMD developments {PFP Section} 08/18/2023

Why you need to take Bitcoin seriously - part 3 {PFP Section} 08/11/2023

AICPA Personal Financial Planning (PFP)

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