3 Reasons Every Client Should Complete a FAFSA

Shutterstock_538627324Are you wondering if all of your clients should complete the Free Application for Federal Student Aid (FAFSA) for their college-aged children even if they don’t anticipate qualifying for any federal aid?

Consider the following scenario: A successful couple own and operate a business and have two children in college. At 58 years old, the husband suddenly and unexpectedly passes away from a heart attack, rocking the family and ending the business.

The family, however, had faithfully completed the FAFSA annually for their children, although they had never previously qualified for financial aid. Within one week of the death of the father, both universities contacted the children with financial aid packages that allowed them to stay in school.

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5 Ways to Develop Your Professional Skills Through Digital Learning

Shutterstock_264713135Disruption in the marketplace, changes to regulations, tax reform, technology advances and globalization make developing professional competencies more important than ever for CPAs. According to a recent Harvard Business Review article, “continuous and persistent learning isn’t merely a decision. It must become a habit. And as such, it requires careful cultivation.”

Ongoing skill development is critical for maintaining your professional relevance. You need to dedicate time to continue your competency development. But where do you start, and how do you fit it in to your schedule? Digital learning activities provide opportunities to incorporate learning into your daily life and offer flexibility that a traditional classroom can’t. Here are five digital learning activities to try:

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Want Brady’s Mental Toughness? 10 Inspirational Movies to Watch

Shutterstock_151134017If you’re one of the 111 million people who watched the New England Patriots power their way out of defeat at the Super Bowl, did you think it was just about over in the third quarter when the Atlanta Falcons were leading 28-3? I admit, I did. Even paid my tab and headed home. We were in for a surprise as the Patriots (led by quarterback Tom Brady) charged ahead and turned the game around to win 34-28.

As a perennial backer of the underdog, I was rooting hard for the Falcons but that doesn’t lessen my respect for a team that resisted falling into a “it’s a lost cause, let’s just get this over with” mentality. Let’s face it, we’ve all been at that point: whether it’s a career challenge, relationship or financial difficulty, or perhaps a health problem, some hurdles seem impossible.

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Continuing Care Retirement Communities: Helping Clients Choose

Shutterstock_242465323With a rapidly aging population, more people will turn to their CPA in the coming years as a trusted source of guidance, especially when making senior living decisions. A popular, but also rather complex choice is the continuing care retirement community (CCRC or “life plan community”). 

By combining independent living with a continuum of care, CCRCs offer a viable solution for older adults who are healthy today but seek the peace of mind of having care services readily available in the future. Your client’s specific needs will likely determine which CCRC is best for them. There is no “one size fits all” approach here. Yet, due to the financially significant nature of the CCRC decision, it is important to make sure their first choice is the right choice, so you owe it to them to be well-educated and informed on this topic.

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4 Ways to Move Toward Practice Transformation

Shutterstock_538091704“Practice gratitude.”

“Be authentic.”

“Consider your story as you craft your goals.”

Not your typical soundbites from a gathering of CPAs.

When I leave an AICPA conference, I always bring home the best technical thinking in the profession and new and deepened relationships with peers across the country. This content and camaraderie is what brings me back year after year to these events.

As I gathered my thoughts after the recent AICPA Personal Financial Planning Summit, I noticed a shift in the tone of the key takeaways that I was anxious to implement in my firm. This innovative and intimate event sparked new thinking about how I – and other CPAs and planners who serve individual clients with their tax, estate, retirement, risk management and investment needs – can shape our practices for the future. Here are four challenges and some questions to consider from this year’s summit:

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