What clients should know about Medicare | Labor Dept. wants to postpone second phase of fiduciary rule | Disclaimers as a fix for old trusts
August 14, 2017
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AICPA's Personal Financial Planning Section
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What clients should know about Medicare
An understanding of the rules governing Medicare can help advisers and clients manage the costs of health care in retirement. Here's a look at when clients should enroll, how surcharges are calculated for high-income clients and how Medicare affects health savings accounts. AICPA PFP/PFS members can access additional information on Medicare in The Adviser's Guide to Financial and Estate Planning.
ThinkAdvisor (free registration)/Tax Facts Online (8/1) 
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Including financial and investment planning alongside your tax practice may significantly increase the amount of revenue you generate per client. Read real stories from Advisors as they reveal how their tax and financial services practices changed after joining HD Vest Financial Services®.
Industry News and Trends
Labor Dept. wants to postpone second phase of fiduciary rule
The Department of Labor is seeking to delay the best-interest contract exemption of the fiduciary rule by 18 months. The delay would postpone enforcement of this provision -- as well as two other prohibited transaction exemptions -- until July 1, 2019.
Financial Planning online (8/9),  ThinkAdvisor (free registration) (8/9) 
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Grow your Client Relationships. Grow your Firm.
The AICPA Personal Financial Planning (PFP) Section will deepen your client relationships by strengthening your staff's expertise in this growing specialty. You'll get resources and tools to ensure an ideal client experience and maximize your firm's growth potential. We focus on the forward-thinking strategies and opportunities that will help you help clients meet their financial goals. Learn more >>
Estate & Elder Planning
Disclaimers as a fix for old trusts
Irrevocable trusts that were established years ago often no longer meet people's needs because of changing circumstances. When that happens, a disclaimer might be a good way to fix the problem.
The Tax Adviser (8/2017) 
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Another chance to make a portability election
A recent IRS revenue procedure extends the time frame to file for a portability election to two years, up from 15 months. In addition, the procedure provides late filing relief, giving executor spouses until Jan. 2, 2018, to file for portability for spouses who died after 2011. Access this podcast by Bob Keebler, CPA/PFS, from the AICPA PFP Section to learn more.
WealthManagement (8/9) 
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Other News
Retirement, Investment & Insurance Planning
Don't let clients make these IRA errors
Clients might make several mistakes with individual retirement accounts, including waiting until the last moment to make contributions, assuming that Roth IRAs are always superior to traditional IRAs and ignoring the potential to make spousal contributions. This article lists 20 mistakes to avoid.
Morningstar (8/8) 
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What to do about high Medicare premiums
People with modified adjusted gross income above $85,000 (or $170,000 for joint returns) face higher Medicare premiums. However, clients may be able to appeal these premiums in certain cases, and advisers can help by incorporating Medicare Part B planning into tax planning.
Financial Planning online (8/8) 
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Should you establish a trusteed IRA?
Drafting a separate trust as the beneficiary of a retirement account may provide more flexibility and lower long-term costs than setting up a trusteed IRA.
Nerd's Eye View (8/9) 
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Tax Topix
What tax reform could mean for retirement accounts
Tax reform is a major goal for Congress and the current administration, but the specifics of how retirement accounts may be affected is not yet clear. This article analyzes how taxpayers would be affected if lawmakers encouraged a shift to Roth contributions.
Morningstar (8/8) 
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Timely Planning Topics
The benefits of helping clients with impact investing
Assisting clients with philanthropic giving and impact investing may improve their satisfaction with your practice, which can ultimately boost retention rates. Forty-four percent of clients say they want more help from their advisers to ensure their philanthropic efforts are achieving results, according to a recent report.
ThinkAdvisor (free registration) (8/8) 
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Advice on managing grief from Facebook's Sheryl Sandberg
Advisers may find some useful suggestions on how to offer comfort to grieving clients in a book co-authored by Facebook's Sheryl Sandberg, who discusses the death of her husband. This article reviews the book and addresses how advisers can help clients who have suffered a loss.
Investment Advisor (8/2017) 
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You and Your Practice
New approach needed for attracting millennial clients
Millennials represent advisers' largest client base in the future, given that much of an estimated $30 trillion in generational wealth will be transferred to them. Attracting millennials as clients involves embracing a combination of technology and human contact, and focusing on a personalized experience. For more information on how to win over millennials, register for this free AICPA PFP Section webcast.
WealthManagement (8/7) 
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Other News
2018 PFP Summit: Where Inspiration Leads to Impact
Don't miss a gathering of forward-thinking financial planners at the 2018 Personal Financial Planning Summit in January. Hear from highly sought-after speakers including Cheryl Holland, Mark Tibergien, Tracey Beckes and Philip Palaveev. Enjoy fireside chats and intentional networking and activity time while staying at the luxurious Terrenea Resort on the southern California coast.
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Podcast: Roth Conversions by Asset Class
Implementing Roth conversions by asset class is an increasingly popular planning strategy. In this podcast, Bob Keebler, CPA/PFS, shares how this strategy works and identifies situations where it would be effective.
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Learn more about PFP:
About the PFP Section | Join the PFP Section | About the CPA/PFS Credential
Become a CPA/PFS Credential Holder | Broadridge Advisor Client Communication Tool
There is no such thing on earth as an uninteresting subject; the only thing that can exist is an uninterested person.
G.K. Chesterton,
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About the PFP Section
The AICPA's Personal Financial Planning Section is the premier provider of information, tools, advocacy and guidance for advisors who specialize in providing estate, tax, retirement, risk management and/or investment planning advice to individuals, families and business owners.

About the CPA/PFS Credential:
The Personal Financial Specialist program allows CPAs to gain and demonstrate competence and confidence in providing estate, tax, retirement, risk management and/or investment planning advice to individuals, families and business owners through experience, education, examination, and a resulting credential.
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