October 25, 2021
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AICPA Financial Planning Digest
Top Story
Medicare's fall enrollment season is underway and will continue until Dec. 7, meaning beneficiaries have another chance to review coverage and make changes. Here is a look at factors to consider related to Medicare Part D, Advantage plans and other issues.
Full Story: Morningstar (10/20) 
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Charitable planning resources at your fingertips
As temperatures drop and the holidays approach, a spirit of generosity fills the air and charitable giving becomes top of mind for many. Get all the resources you need to elevate your client's giving strategy this year. Browse our library of content.
Industry News and Trends
Democrats are close to agreement on a social spending bill, and they will likely include a tax on the unrealized capital gains of a small group of taxpayers as part of the funding mechanism, according to senior Democrats. The provision would likely apply to people who generate $100 million worth of income for three straight years or who have $1 billion in assets.
Full Story: The Associated Press (10/25),  The Wall Street Journal (10/24),  Reuters (10/24),  The Washington Post (tiered subscription model) (10/24) 
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AICPA & CIMA |GOV and Not for Profit
Take a deep dive into implementation, optimization and prepare for the next stage of progress on recent government standards and regulations.
Last Week's Poll Results
Of the following tax proposals, which are you most concerned about for your clients?
Forced distributions from mega IRA and defined contribution plans
Taxation of grantor trusts
Decrease in the lifetime estate and gift exemption
All the above
None of the above
There were 476 responses to this poll.
Estate & Elder Planning
One key step for retirement planning after age 60 is to determine how to transform savings into income. If you find your plan isn't on track, there are several ways to adjust your approach.
Full Story: U.S. News & World Report (10/20) 
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It's important to be aware of income tax issues related to intentionally defective grantor trusts, including the implications of transferring assets encumbered by debt to these trusts.
Full Story: Wendel Rosen LLP (10/15) 
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Retirement, Investment & Insurance Planning
Medicare recipients seeking to join an Advantage plan should consider benefits that are important to them and should recognize some plans might limit them to in-network providers. Here is a discussion of these and other factors to consider when choosing a plan.
Full Story: CNBC (10/18) 
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Separating retirement resources into three buckets is one way to manage inflation and market volatility for clients approaching retirement. The method requires savers to think about goals across the short term, medium term and long term and to invest with those time frames in mind.
Full Story: Kiplinger (10/19) 
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Tax Topics
Legislative proposals to end the backdoor and mega backdoor Roth IRA strategies mean year-end Roth planning is especially important in the next couple of months. Here are four issues and strategies to consider involving Roth IRAs.
Full Story: ThinkAdvisor (free registration) (10/19) 
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Timely Planning Topics
Donor advised funds can provide benefits both for your clients and the causes they want to support. Here are six advantages of setting up a donor advised fund related to issues such as taxes, client satisfaction and charitable impact.
Full Story: WealthManagement (10/20) 
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It's important to help clients with high deductible health plans determine if health savings accounts are right for them. A key advantage of HSAs is that contributions, growth and withdrawals are all tax-free provided the money is used for qualifying medical costs.
Full Story: Morningstar (10/22) 
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You and Your Practice
Clients increasingly want financial advice that links their short- and long-term goals. Here are three ways advisers can update their approach and have broader planning conversations with clients.
Full Story: ThinkAdvisor (free registration) (10/21) 
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Best year-end planning strategies in today's uncertain environment
Year-end planning in 2021 is shaping up to be one of the most important turning points in decades. Exactly what will happen is unclear, but starting to plan now will be the only way to navigate it. Join us for a webcast Oct. 26 or Nov. 1 as Bob Keebler, CPA/PFS, presents ideas, tips and tools to act on before year-end to minimize your clients' tax liabilities. Free CPE for PFP/PFS members.
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Grow your practice beyond taxes
Learn how to identify clients who would gain from personal financial planning services, choose software and other solutions to free up time and decide on business models and pricing methods for financial planning services. Join us for a CPE webcast Dec. 6 in which Christopher Benson, CPA/PFS; Timothy Todd, Ph.D., J.D., CPA/PFS; and Carolyn Larsen-Wieber, CPA/PFS, will talk about how they have built their practices. Discounted for PFP/PFS members.
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About the CPA/PFS Credential  |    Broadridge Advisor  |    Personal Financial Planning Section  |    Bob Veres Inside Info & Media Reviews
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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
Contact AICPA
AICPA Service Center
220 Leigh Farm Road
Durham, NC 27707-8110
Phone: 888.777.7077
Fax: 800.362.5066
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