How to help clients with decumulation | The Great Recession is still affecting millennial investing decisions | Teamwork is key for planning for clients with dementia
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September 10, 2018
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How to help clients with decumulation
Clients may have several behavioral biases that make it difficult for them to make smart decisions as they draw down their retirement assets. Advisers can help with decumulation by asking questions and presenting a range of outcome-oriented choices.
InvestmentNews (tiered subscription model) (9/1) 
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Reap the reward of payroll services
Payroll services can provide CPA firms with an opportunity to build loyalty and stronger relationships with their clients. In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk, and the impact payroll can have as a value-added service.
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Industry News and Trends
FREE | Certificate Programs Virtual Open House
Enrich your skills. Advance your career. Lead in the profession. The AICPA offers 20+ certificate programs in the hottest areas such as personal financial planning, cybersecurity and blockchain. On September 12 from 1-3pm ET, come learn which program is best for you.
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Estate & Elder Planning
Teamwork is key for planning for clients with dementia
Financial professionals can help create better planning outcomes for clients with dementia by acting as part of a team that also includes designated decision makers, physicians and others. A first step for the financial planner is to encourage clients to draw up a durable power of attorney after receiving their diagnosis. Check out these elder planning resources (included with PFP/PFS Section membership) for more information on helping your clients who are aging.
WealthManagement (9/4) 
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Retirement, Investment & Insurance Planning
Why it's time to rethink standard retirement advice
Conventional wisdom about withdrawing 4% from retirement savings annually and using break-even analysis to determine when to claim Social Security might be flawed. Gain a deeper perspective on retirement planning by reading The Adviser's Guide to Retirement and Elder Planning: Practical Retirement Planning (available to PFP/PFS Section members).
MarketWatch (9/5) 
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Prudent spending habits are key for retirement readiness
Many households overspend, leaving them with little money to put toward retirement, so establishing prudent spending habits is critical. Resources such as the Bureau of Labor Statistics' Consumer Expenditure Survey can be helpful for benchmarking purposes. However, it is important to remember that this survey simply shows how other households are spending their money, not how they should be spending their money.
Nerd's Eye View (9/5) 
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What to do with 529 college savings plans in a divorce
The existence of a 529 college savings plan may affect the financial aid eligibility of a client's child. When a couple is divorced, the impact will depend on whether the custodial or noncustodial parent owns the 529 account. The Managing College Expenses Center in Broadridge Advisor (included with PFP/PFS Section membership) contains presentations, articles and more on managing college expenses and decisions regarding funding college.
Financial Advisor online (9/5) 
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Other News
Tax Topix
Mitigating risk related to tax reform
Two primary liability risks are expected for tax practitioners as a result of the Tax Cuts and Jobs Act. Professionals can alleviate these risks by using compliance engagement letters and providing clients with information about the law.
Journal of Accountancy print issue (9/2018) 
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Vacation home rentals and the TCJA
Changes made in the Tax Cuts and Jobs Act could affect the tax circumstances of clients with mixed-use vacation homes. Here is a look at how taxable income may differ under two different methods for allocating expenses between business and personal use. For more help with planning for your clients' personal finances after tax reform, check out this free resource hub (available to all) and this toolkit (for PFP/PFS Section members only).
Journal of Accountancy print issue (9/2018) 
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Timely Planning Topics
What new tax rules mean for clients buying property
New tax rules reduce the size of the deduction clients can claim for mortgage interest and generally bar deductions for interest on home equity loans. However, other changes may lower the total 2018 tax bill for high-net-worth individuals, so it's important to "review the overall tax calculation," said Larry Pon, CPA/PFS.
Financial Advisor online (9/4) 
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Personal casualty losses from natural disasters
The past year has seen significant changes in rules regarding the deduction of personal casualty losses from natural disasters at the same time such disasters seem to be increasing in frequency. Find out how to calculate and report the deduction for these losses from residential property and other nonbusiness property for federal tax purposes.
The Tax Adviser (9/2018) 
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Other News
You and Your Practice
Why your firm needs a succession plan
It's critical for firm owners to create a succession plan and review it regularly. Here is a look at a real-world situation in which an advisory firm was able to transfer its assets to another firm by using a buy-sell agreement after one of the owners had a stroke. Check out this podcast series on succession planning for more information (for PFP/PFS Section members).
Financial Advisor online (9/4) 
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Other News
AICPA PFP News
Updated for tax reform: Tax Planning Calculator
Formerly the Tax Rate Evaluator, Bob Keebler's Tax Planning Calculator has been updated for the Tax Cuts and Jobs Act. With this tool, you can finally see the full picture: the effect the multi-dimensional tax system has on your clients. The full-color, user-friendly reports generated by the Calculator will help you to explain all the planning options and variables to your clients. Check out all its features, including 15-year projections, gain and loss harvesting, IRA distribution calculator and more.
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Comprehensive PFS exam can now be taken any time
The PFS exam can now be taken any time at national test centers open throughout the year. You no longer have to wait for one of the quarterly windows. (The processes for purchasing and scheduling the exam remain the same.) Many members find they are most successful when preparing with the online PFP Boot Camp and taking the PFS exam shortly after. Learn more.
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About the CPA/PFS Credential | Broadridge Advisor | Inside Information Newsletter
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The key is not to prioritize what's on your schedule, but to schedule your priorities.
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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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