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October 9, 2012
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  Top Story 
  Industry News and Trends 
  • Investment managers are more confident about U.S. economy
    Institutional investment managers expect a rebound in the housing market to cushion, in part, any downturn in the U.S. economy, according to Northern Trust's quarterly survey. They also see less downside risk to the economy, with 87% expecting GDP growth to remain stable or speed up in the third quarter. Financial Advisor online (10/5) LinkedInFacebookTwitterEmail this Story
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  Estate & Elder Planning 
  • How estate planning has changed over the past year
    Several developments in estate planning and compliance have occurred over the past year. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 put into place portability of the estate tax exemption between spouses. The Internal Revenue Service has reproposed regulations to limit the availability of the alternate valuation date provision and is challenging the use of family limited partnerships to create estate tax benefits. The Tax Adviser (10/2012) LinkedInFacebookTwitterEmail this Story
  • 2 court cases highlight complexity of family limited partnerships
    Two court cases, Turner I and Turner II, highlight the issues of using a Sec. 2036 inclusion when transferring assets to a family limited partnership, which can be problematic for the marital deduction calculation. The cases also illustrate the importance of transferring FLP interests for valid nontax reasons. The Tax Adviser (10/2012) LinkedInFacebookTwitterEmail this Story
  • Advisers must be direct with clients facing fatal illness
    To help clients dealing with fatal illness, advisers must push for details about the client's life expectancy despite the difficult nature of the situation. Having this information is the only way the planner can realistically help the client and surviving spouse properly craft a living will and medical directives as well as make sure trusts are well-documented. Financial Planning (10/2012) LinkedInFacebookTwitterEmail this Story
  • Other News
  Retirement, Investment & Insurance Planning 
  • Cash-value life insurance provides hedge in uncertain times
    Companies concerned about tax and business environment uncertainty should consider business insurance, especially cash-value life insurance, as an investment for excess cash. Cash-value life insurance is an attractive investment because of the lack of current taxation on increases in cash value and because the death proceeds go to the insurance policy's beneficiaries tax-free. Morningstar Advisor (10/2012) LinkedInFacebookTwitterEmail this Story
  • Other News
  Tax Topix 
  • Other News
  You and Your Practice 
  • Due diligence guides for CPAs regarding trustees, referrals
    CPAs are viewed as fiduciaries, which means they must exercise necessary due diligence before making a referral to a financial adviser or retaining an adviser when acting as a trustee. Rules recently adopted by the Securities and Exchange Commission that require registered investment advisers to provide clients with two narrative disclosures -- Form ADV, Part 2A and Form ADV, Part 2B -- can be a helpful guide. Use these disclosures to evaluate advisers. For more regulatory and compliance information for CPA financial planners, visit aicpa.org/PFP/PracticeCenter. Journal of Accountancy (10/2012) LinkedInFacebookTwitterEmail this Story
  • How to implement a succession strategy
    Many multiowner CPA firms, as well as sole practitioners, are ill-prepared for succession, according to the 2012 PCPS Succession Survey, a joint project of the AICPA Private Companies Practice Section and Succession Institute. Suggestions to correct this include putting in place a three-year written plan, planning an exit strategy and reviewing existing rates and clients. JournalofAccountancy.com (10/4) LinkedInFacebookTwitterEmail this Story
  • Other News
  AICPA PFP News 
  • Renew Your PFP/PFS Membership Today!
    Don't lose access to the PFP Section's valuable resources and education. If you haven't yet renewed, log in to your member profile on AICPA.org and renew today. (Please disregard this reminder if you have already renewed). AICPA renewal notices have been sent, including PFP Section and CPA/PFS credential renewals. Don't forget -- CPA/PFS credential holders have access to all of the benefits of the PFP Section membership and do not need to purchase separately to receive. Not a PFP member? Join the PFP Section today and gain exclusive access to tax, estate, retirement, risk management and investment planning resources. Learn more about PFP/PFS member benefits. LinkedInFacebookTwitterEmail this Story
  • Free Consumer Web Seminar: Plan Now for 2013: Tax, Gift and Estate Planning Tips
    This year presents an unprecedented opportunity for consumers to turn their focus to their personal financial plan (or lack thereof), including retirement, estate, tax, investment and insurance planning. With so many unknowns in 2013 compounded by an election year, now is the opportune time to take advantage of many financial planning avenues to avoid missing crucial opportunities to protect your nest egg and increase your net worth. Register and invite your clients to this consumer-focused Web seminar on Oct. 18 from 1 to 2 p.m. ET. LinkedInFacebookTwitterEmail this Story
  • Register for the Winter PFS Exam and Apply for a Sponsorship
    Registration is now open for the winter PFS exam window. The exam will be offered Dec. 26 to Feb. 5 at 340 convenient test centers nationwide. Take advantage of sponsorships of $200, $400 or $600, volume pricing, and early bird and PFP member discounts to offset the cost of the exam and exam review materials. Additional information about registration, discounts/sponsorships and education designed to help you prepare for the exam is available at aicpa.org/PFSexam. LinkedInFacebookTwitterEmail this Story
Learn more about PFPAbout the PFP Section  |  Join the PFP Section  |  About the PFS Credential
Become a PFS Credential Holder  |  Forefield Advisor Client Communication Tool
AICPA Advanced Personal Financial Planning Conference  |  Fox Financial Planning Network for CPAs

  SmartQuote 
The day the child realizes that all adults are imperfect, he becomes an adolescent; the day he forgives them, he becomes an adult; the day he forgives himself, he becomes wise."
--Alden Nowlan,
Canadian poet, novelist and playwright


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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.
 
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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