July 26, 2021
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AICPA Financial Planning Digest
Top Story
Reverse mortgages, long viewed with suspicion, can be an effective financial planning tool for some older adults. This article describes how reverse mortgages work and when they might make sense for your clients as well as alternative strategies to consider. (Related podcast: Retirement housing options)
Full Story: AICPA (7/22) 
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Industry News and Trends
A ruling by the US Court of Appeals for the 2nd Circuit suggests certain kinds of private lender-issued student loans can be discharged in bankruptcy. Two other appeals courts have reached similar conclusions. (Related video: Practical strategies for education planning -- PFP/PFS members)
Full Story: Bloomberg Law (7/20) 
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Estate & Elder Planning
The proposed American Families Plan Act could have a major impact on the wealth that Americans can pass along as a result of provisions that would make changes to capital gains taxes and modify or remove certain step-up in basis rules. Here is a look at three planning strategies to manage the impact of any potential changes. (Related chart: Estate tax cheat sheet -- PFP/PFS members)
Full Story: Forbes (tiered subscription model) (7/20) 
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Florida Gov. Ron DeSantis recently signed two pieces of legislation that affect trust laws in the state. One of the new laws includes provisions related to duties and liabilities of trust directors and directed trustees, while the other enables spouses to create community property. (Related guide: State charts for trusts)
Full Story: WealthManagement (7/21) 
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Retirement, Investment & Insurance Planning
Sens. Chris Van Hollen, D-Md., and Bernie Sanders, I-Vt., have introduced a bill to extend eligibility for Social Security survivor benefits to college students up to age 26. The lawmakers hope the measure will improve access to education for young people. (Related guide: Guide to Social Security planning -- PFP/PFS members)
Full Story: ThinkAdvisor (free registration) (7/21) 
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A retirement strategy playbook can help your clients stay on the right track. Start by compiling information about current financial resources, and then consider retirement goals and what needs to be done to reach them. (Related webcast Aug. 17: Estimating length of retirement)
Full Story: Forbes (tiered subscription model) (7/20) 
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Tax Topics
The Biden administration's Green Book outlines a proposal to increase the top marginal income tax rate to 39.6%. This could encourage some couples to carefully consider their filing status as they look to avoid the so-called marriage penalty. (Related podcast: Impact of the president's Green Book)
Full Story: Kiplinger (7/22) 
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Working from home during the coronavirus pandemic has raised a number of questions about income tax rules. This article discusses state guidance and analyzes tax nexus and other issues. (Related podcast: Unexpected state tax consequences)
Full Story: The CPA Journal (7/2021) 
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Timely Planning Topics
Every decade brings new financial challenges and opportunities for clients. This article highlights four things people in their 40s and 50s should consider, including retirement budgeting and legacy planning. (Related chart: 2021 planning ideas -- PFP/PFS members)
Full Story: Advisor Perspectives (7/20) 
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You and Your Practice
Advisers who use a fixed-fee retainer model for their services held on to more of their clients than those charging an asset-based fee in 2020, according to Herbers & Co. (Related guide: Advisory business models -- AICPA members)
Full Story: ThinkAdvisor (free registration) (7/22) 
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Podcast: The impact of the Van Hollen bill on current estate administration
If you have clients with estate administration in process, tune in to this episode of the PFP Section podcast for new developments. One of the potential tax changes widely discussed is the replacement of the IRC Section 1014 basis adjustment with gain realization at gift, death, and certain other transfers. Bob Keebler and Marty Shenkman share the impact this could have on clients, including:
  • The difference between funding trusts on a fractional share basis versus a specific amount
  • Gains that could be triggered right now for clients who have passed away and how to avoid
  • Why it may be important to fund trusts quickly after death going forward
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Podcast: Preventing and responding to elder financial exploitation
Billions of dollars are lost each year due to fraudulent acts against older Americans. In this episode of the PFP Section podcast, Erin Scheithe with the Consumer Financial Protection Bureau gives tips, tools, and resources to help you and your clients spot, prevent, and report elder financial exploitation. She covers the following topics:
  • Examples of scams
  • Who is at risk and who are the abusers?
  • How to spot, prevent, and report abuse
  • Resources to help you help your clients
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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.
AICPA Personal Financial Planning Section Resources
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AICPA Service Center
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Durham, NC 27707-8110
Phone: 888.777.7077
Fax: 800.362.5066
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