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| Industry News and Trends | | |
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- Many people overestimate their future retirement age, study finds
People tend to retire sooner than they anticipate, according to a Society of Actuaries survey. Thirty-five percent of preretirees said they would never retire, and half said they wouldn't retire until age 65 or later. However, the survey found that 31% of retirees stopped working by 55; 20% stopped by 60; and 10% stopped by 62. Health problems and downsizing accounted for some of the earlier-than-expected retirements, the Society of Actuaries said. Financial Advisor online
(4/4)     
| Estate & Elder Planning | | |
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- Advice for transferring family businesses
Advisers can help clients figure out the best way to transfer interests in a family business to the next generation, writes Heidi Bolger, CPA/ABV. Factors to consider include family members' activity and contribution to the business, as well as the amount of time they've been involved. Older family members may want to start by transferring minority stakes to test an ownership arrangement before handing over control. CPA Insider
(4/2)
- Mitchell case raises valuation issues for estate taxes
A recent Tax Court case demonstrates the difficulty of valuing artwork and other property for estate-tax purposes. Questionable valuations could lead to examinations and litigation by the Internal Revenue Service. Clients can lessen the risks by ensuring property has received sound and consistent appraisals. The Tax Adviser
(4/2012)
- How to do estate planning for international clients
Clients with assets located around the world face unique estate-planning challenges. Issues to consider include residency, estate and gift taxes, and taxes on property transferred to non-U.S. citizens. Estate taxes may apply to overseas property owned by individuals who are citizens or domiciled in the U.S. as well as property in the U.S. that is owned by noncitizens. The Tax Adviser
(4/2012), Journal of Accountancy
(4/2012)
| Retirement, Investment & Insurance Planning | | |
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- Would your clients benefit from "bucket" strategy of allocation?
More advisers are adopting the "bucket strategy" of asset allocation, instead of the traditional systemic-withdrawal strategy, Michael Kitces writes. However, one study found that the two methods may actually generate similar results. Nevertheless, the bucket strategy may be better from a psychological perspective because it is easier for clients to understand. Nerd's Eye View blog
(4/5)
- The problem with prepaid college plans
Parents may want to think twice before buying into a prepaid college plan, some advisers say. The plans allow investors to buy tuition credits years in advance. However, some states have ended their programs because of rapid inflation that has made the programs economically unfeasible. They also prevent a family from choosing a new school or state when their children enter college. Other vehicles, such as 529 plans, offer better returns and more flexibility. Financial Advisor online
(4/3)
- Liability insurance protects wealthy clients' assets
Insurance providers are reaching out to advisers to promote plans that protect wealthy individuals' assets from legal liability. The excess liability policies are affordable and can offer protection from a range of legal claims, including personal-injury claims. "Excess personal liability is the most inexpensive insurance your clients can buy," Risk Strategies' Jeff Kaplan says. Financial Planning
(4/2012)
| Tax Topix | | |
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- Important elections for tax clients
Here is a rundown of some elections available for estates, partnerships and individuals for this tax season. They include elections on estate tax portability, capitalizing carrying charges and applying consolidated auditing rules to small partnerships. CPAs should also determine whether federal elections are also available to clients at the state level. Journal of Accountancy
(4/2012)
| You and Your Practice | | |
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- How psychology can improve family advising
More financial advisers are turning to group psychology as a way to help their wealthy family clients. One method called the "family systems approach" involves mapping out relationships among family members to better understand their dynamics. It's important to frame financial decisions in terms that encourage healthy communication and interaction, one expert says. Financial Advisor
(4/2012)
| AICPA PFP News | | |
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April Inside Information available
The April 2012 edition of Inside Information from Bob Veres is now available to PFP members and PFS credential holders. This issue includes stories on maximizing referrals by defining your target market, an entirely new way to structure your succession plan, a report on breakout sessions from a recent conference, and why the fiduciary model is on the right side of history. Not a member? Join the PFP Section today and save $50 on your first year of membership when you enter promocode CPALDPFP at checkout.
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Free tax-season resources from the AICPA PFP Division
The AICPA's PFP Division supports CPAs who advise individuals and closely held entities on tax, estate, retirement, risk-management and investment-planning matters. Sample the PFP Division's member benefits this tax season by downloading a free checklist, created by expert CPA financial planners, to identify financial-planning opportunities as you analyze your client's tax returns. Also, listen to a podcast covering proactive planning ideas for tax season. Finally, download a free two-page excerpt from Forefield Advisor's popular 2012 Key Numbers, which provides the most essential figures for the busy season in one convenient document. PFP/PFS members have free access to Forefield (a $399 value), a premier Web-based education and client-communication tool.
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AICPA Advanced Estate Planning Conference
The AICPA Advanced Estate Planning Conference will be held June 23 to 25 in Las Vegas. Renowned speakers include industry leaders Bob Keebler, Tom Austin, Jere Doyle, Jim Hogan, Dan Daniels, Jonathan Blattmachr and Elizabeth Schurig. They will provide key strategies, insights and perspectives concerning today's current tax legislation and how to address potential changes resulting from this election year. Register by April 14 and save with the super-early-bird discount. PFP/PFS members save an additional $100 off the super-early-bird AICPA member price.
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 | Anyone without a sense of humor is at the mercy of everyone else."
--William Rotsler,
American cartoonist, graphic artist and author
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| AICPA Personal Financial Planning Section Resources |
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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 CPAs who specialize in providing estate,
tax, retirement, risk management and investment planning and advice to their individuals and closely held entities.
The PFP Section’s primary objective is to support its members by providing resources that enable them to perform
valuable personal financial planning services in the highest professional manner. Members of this section broaden
their technical expertise, improve their professional competence and receive resources to deliver high-quality,
profitable PFP services. All AICPA members, generally, are eligible to join the PFP Section.
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| About the
PFS Credential |
The
Personal Financial Specialist
credential distinguishes CPAs as having demonstrated that they have the subject matter expertise and experience necessary
to deliver financial planning services of the highest, as well as the CPA's traditional hallmarks of uncompromising
objectivity, integrity and adherence to the AICPA's Code of Professional Conduct. CPA/PFS credential holders demonstrate
their expertise through financial planning education, experience and testing.
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| | Recent Financial Planning Digest Issues:
- Tuesday, April 03, 2012
- Tuesday, March 27, 2012
- Tuesday, March 20, 2012
- Tuesday, March 13, 2012
- Tuesday, March 06, 2012
| | | Lead Editor: Ashley Fletcher Frampton
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