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Proactive Planning: How Your Peers Are Advising Their Individual Clients in 2014 Presented by: Lyle Benson, CPA/PFS (Moderator) Susan Bruno, CPA/PFS Lisa.

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Presentation on theme: "Proactive Planning: How Your Peers Are Advising Their Individual Clients in 2014 Presented by: Lyle Benson, CPA/PFS (Moderator) Susan Bruno, CPA/PFS Lisa."— Presentation transcript:

1 Proactive Planning: How Your Peers Are Advising Their Individual Clients in 2014 Presented by: Lyle Benson, CPA/PFS (Moderator) Susan Bruno, CPA/PFS Lisa Featherngill, CPA/PFS Robert Keebler, CPA, MST, AEP Larry McKoy, CPA/PFS

2 American Institute of CPAs ® Personal Financial Planning Section Introduction About the PFP Section & PFS Credential The PFP Section is the premier provider of information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and/or investment planning advice to individuals, families and business owners. (learn more at aicpa.org/PFP) The Personal Financial Specialist (PFS) 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. (learn more at aicpa.org/PFS) 2

3 American Institute of CPAs ® Personal Financial Planning Section Introductions 3 Lyle Benson, CPA/PFS (Moderator) L.K. Benson & Company Susan Bruno, CPA/PFS Beacon Wealth Consulting Lisa Featherngill, CPA/PFS Abbot Downing Robert Keebler, CPA, MST, AEP Keebler & Associates Larry McKoy, CPA/PFS Dixon, Hughes, Goodman

4 American Institute of CPAs ® Personal Financial Planning Section Agenda Lessons learned from tax season The true impact of ATRA on financial plans Managing tax brackets and multi-year planning Integrating multiple generations in the financial planning process A shift back to "true" estate planning Insurance planning considerations Encouraging clients to take action 4

5 American Institute of CPAs ® Personal Financial Planning Section Lessons learned from tax season 5

6 American Institute of CPAs ® Personal Financial Planning Section The true impact of ATRA on financial plans 6

7 American Institute of CPAs ® Personal Financial Planning Section Impact of ATRA on plans Increase in tax rates and multiple levels of tax require more planning for tax-efficient investing Location of assets Tax-free or tax-deferred vehicles Consider the impact of state income taxes Consider the tax efficiency of the investment Impact on asset allocation Investment assumptions need to be reviewed, particularly with lower interest rates Integrate income tax and wealth transfer planning 7

8 American Institute of CPAs ® Personal Financial Planning Section Managing tax brackets and multi-year planning 8

9 American Institute of CPAs ® Personal Financial Planning Section Managing tax brackets and multi-year planning Develop a year projections for income tax Tax alpha strategies -Tax asset classes -Statutory tax shelters -Tax efficient investing -Asset location -DrawDown strategies 9

10 American Institute of CPAs ® Personal Financial Planning Section Integrating multiple generations in the financial planning process 10

11 American Institute of CPAs ® Personal Financial Planning Section Integrating multiple generations in the financial planning process Use flowcharts to understand impact of estate plans Plan is not complete until you have: Checked beneficiary designations Checked titling (New!) Communicated to the next generation Long-term care concerns and planning 11

12 American Institute of CPAs ® Personal Financial Planning Section A shift back to "true" estate planning 12

13 American Institute of CPAs ® Personal Financial Planning Section A shift back to "true" estate planning Most clients will not be subject to estate tax, but we need to review their estate plans Ensure assets pass as intended Analyze and reflect on work done in past couple of years Name Guardians, Trustees and Personal Reps Increased focus on communication and family meetings Focus on family values and priorities 13

14 American Institute of CPAs ® Personal Financial Planning Section A shift back to "true" estate planning For couples who are or could be subject to the estate tax, if assets are… < individual exclusion amount: Evaluate the need to make the portability election to shelter additional asset growth. < combined exclusion amount: Consider funding a bypass trust to shelter additional asset growth. > combined exclusion amount: Funding a trust will likely be prudent. Consider: -Annual Exclusion & Lifetime Gifting -Family Limited Partnerships -Grantor Retained Annuity Trusts -Intentionally Defective Grantor Trusts -Installment Sales to Grantor Trusts -Dynasty Trusts -Generation Skipping Transfer Tax Planning -Qualified Personal Residence Trusts -Split Interest Trusts 14

15 American Institute of CPAs ® Personal Financial Planning Section Insurance planning considerations 15

16 American Institute of CPAs ® Personal Financial Planning Section Insurance planning considerations Fiduciary responsibility for life insurance trusts Term insurance: Pros and cons Long term care (LTC) insurance: Dramatic market changes especially important to the female client Life settlements: All bad? The inheritance “max” and “floor”: An easy conversation to have with clients Life insurance: High tax rates make life insurance popular Avoid net investment income tax (NIIT): Indexed universal life Advantages of private placement life insurance (PPLI)  PPLI = Private placement variable universal life (PPVUL) 16

17 American Institute of CPAs ® Personal Financial Planning Section Encouraging clients to take action 17

18 American Institute of CPAs ® Personal Financial Planning Section Encouraging clients to take action Face-to-face planning meetings Target meeting with top 50% of clients before August 15th Standard agenda of topics/goals Keep at least half of the time for topics on the client’s mind but not your agenda Create matrix of top topics vs. top 50% client list Develop deliverables Determine clients’ “needs and wants” and balance against financial resources Develop action list from the meeting 18

19 American Institute of CPAs ® Personal Financial Planning Section Questions 19

20 American Institute of CPAs ® Personal Financial Planning Section Resources for PFP/PFS Members Planning After ATRA and the Net Investment Income Tax Toolkit aicpa.org/pfp/proactiveplanning Complimentary PFP Section member/PFS credential holder benefit Includes Bronze Edition of Tax Evaluator, infographic on tax brackets, planning ideas to use in client meetings, client communication templates, webcast/podcast archives, and more! More resources on estate, tax, retirement, insurance, and investments (aicpa.org/pfp/resources)aicpa.org/pfp/resources Forefield Advisor (aicpa.org/pfp/forefield)aicpa.org/pfp/forefield Client education and communication tool Written by CPAs, attorneys and other subject matter experts. More than 3,000 resources covering personal financial planning, including estate, tax, retirement, investment and risk management planning. 20

21 American Institute of CPAs ® Personal Financial Planning Section Upcoming PFP Section Events Webcasts: free for PFP/PFS members without optional discounted CPE AICPA Advanced Personal Financial Planning Conference (cpa2biz.com/PFP) – January 19-21, 2015 in Las Vegascpa2biz.com/PFP For the full calendar of upcoming PFP Section events, visit aicpa.org/PFP and click on CPE & Events.aicpa.org/PFP To access the archives, visit aicpa.org/pfp/webseminars.aicpa.org/pfp/webseminars *Advanced content available for fee only; discount for PFP/PFS members 21 May 20, 2014, 1-2:45p.m. ET Prudent Diversification Practices for Investment Fiduciaries May 28, p.m. ET Advanced PFP Series: Venn Diagrams: Meet Me at the Intersection of Estate and Income Tax* June 9, :45p.m. ET CPA/PFS Perspectives: The Seamless Integration of CPA and RIA Firms June 10, :45p.m. ET Retirement Planning and Issues Related to Aging June 11, :45p.m. ET The Mathematics of Portability

22 American Institute of CPAs ® Personal Financial Planning Section Statement on Standards in PFP Services SSPFPS has been issued and becomes effective on July 1, Learn more about the new standard and the resources available to assist you with compliance at the sessions described below. Save the dates for in-depth webcasts* on SSPFPS: Do the New PFP Standards Apply to You? (archived) Understanding the Requirements of SSPFPS (archived) Practical Applications: Using the Compliance Toolkit (archived) Leveraging SSPFPS to Elevate Your Practice (Rebroadcast May 21, 1-2p.m. ET) Upcoming conferences where SSPFPS is on the agenda AICPA Practitioners Symposium and Tech+ Conference June 9-11, 2014 at the Aria, Las VegasAICPA Practitioners Symposium and Tech+ Conference AICPA Advanced Estate Planning Conference** July 21-23, 2014 at Swisshotel, ChicagoAICPA Advanced Estate Planning Conference AICPA Sophisticated Tax Planning for Your Wealthy Clients** November 2014 (Date/Location TBD)AICPA Sophisticated Tax Planning for Your Wealthy Clients Various CPA associations and state societies *Archives for PFP/PFS members will be available at aicpa.org/pfp/webseminars.aicpa.org/pfp/webseminars **PFP/PFS and Tax Section members receive additional discounts on the early-bird & AICPA member price. 22

23 American Institute of CPAs ® Personal Financial Planning Section CPA/PFS News and Events PFS Referral Program Receive 100% credit to apply toward future CPA/PFS dues by referring a CPA to become a PFS or sit for the PFS exam PFS Exam Register now for Summer window Discounts, sponsorships and volume pricing available Education Opportunities Live 2 ½ day review class In-depth courses in estate, retirement, tax, investments, insurance, and PFP process Self-study PFS exam review course Learn more at aicpa.org/pfp/pfsaicpa.org/pfp/pfs 23


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