The Senate and House tax bills differ on issues such as the timing of investment sales, the future of the estate tax and the fate of the alternative minimum tax. Be sure to watch the Tax Reform Resource Center for breaking news on tax reform. PFP/PFS Section members should also read the weekly PFP Section News, issued on Wednesdays, for resources and planning ideas.
Are Your Clients Prepared for Long-term Care? Lack of knowledge surrounding the importance of long-term care expenses can have a major impact on one's retirement. This free resource will help empower CPAs and financial professionals with tools, resources and knowledge to help minimize LTC exposure for their clients. Free download->
The Senate banking committee has approved the Senior$afe Act, which would protect financial professionals from litigation should they report suspected financial abuse of an older client. Advisers would have to participate in training to benefit from the immunity.
Get cost efficiencies without disrupting employee trust Employee expenses are 6% to 12% of the average organization’s budget. This sponsored report details how to establish and maintain employee trust, why expenses can cause unnecessary disengagement, and how to communicate clear, concise T&E guidelines.
Official guidance is lacking for required minimum distributions from a trust that gives power of appointment to the trust's beneficiary. However, there are strategies for reconciling RMDs with a power of appointment.
Effective planning can often allow clients to alleviate the burden of the estate tax. Even if the tax is repealed, trusts will likely remain popular for the benefits they can provide in areas such as asset protection, privacy and promotion of fiscal responsibility.
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Various strategies can minimize the tax bite of required minimum distributions from retirement accounts, both for those who have reached retirement age and those who simply wish to plan ahead. This article explores several tactics, including use of the still-working exception and qualifying longevity annuity contracts.
With numerous options for claiming Social Security -- and plenty of room for error -- clients need assistance to achieve the best outcome. Among other things, advisers should offer guidance to help clients avoid mistakes related to spousal benefits, taxes and the timing of benefits. Talk to your clients about Social Security decisions using the resource center for Social Security in Broadridge Advisor (free for PFP/PFS Section members).
Long-term tax planning can be tricky for high-net-worth clients given uncertainty about tax policy. However, it may be prudent to anticipate certain changes, such as potential modifications to the way Social Security benefits are calculated. Access in-depth tax and other financial planning strategies for high-net-worth clients in The Adviser's Guide to Financial and Estate Planning (free access for PFP/PFS Section members).
College cost planning is an increasingly important tool for planners to use in providing value for clients. The inflation rate of college costs varies depending on several factors, including the type of institution a student attends and its location. Check out this video for more information on how to advise students and families on planning for education expenses (for PFP/PFS Section members).
Advisers should strive to communicate with clients on a regular basis in a way that is relevant to them. Segmenting clients can allow advisers to communicate more effectively as they use channels such as social media, email messages and textual materials. PFP/PFS Section members get a FREE subscription to Broadridge Advisor, a client communication tool that contains over 3,000 customizable articles, presentations, calculators and more resources to use with clients.
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Don't miss this unique gathering of the profession's brightest minds delivering tax, retirement, estate, risk management and investment advice at the 2018 Personal Financial Planning Summit in January. Connect on a personal and professional level with influential leaders who are looking to challenge conventional thinking and shape future legacy. Grow deeper during the special fireside chats and the intentional networking and activity time, all while staying at the luxurious seaside Terrenea Resort along the southern California coast. Register today!
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About the CPA/PFS Credential:
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