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financial planning estate

The AICPA provides information, tools, advocacy and guidance for CPAs who specialize in providing estate, tax, retirement, risk management and investment planning advice.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Don’t overlook this crucial part of estate planning

Shutterstock_590650799We live in a time when numbers are getting so large that they begin to lose meaning. Understanding just how large one million is, is hard enough; when it’s a billion? A trillion? How about 30 trillion?

We’re seeing the largest transfer of wealth in history, as $30 trillion passes to the next generations from the baby boomers over the next two decades. Those estates come in sizes big and small, but they all have one thing in common: taxes. 

In the Tax Cuts and Jobs Act (TCJA) that took effect last year, the individual exclusion from gift/estate and generation-skipping tax was temporarily doubled, and in 2019 now stands at $11.4 million. That means a married couple has an exclusion of $22.8 million to use during their lifetime or at death. Before you go thinking that means estate taxes won’t affect the vast majority of clients, think again: the state your clients live in might not conform to the federal exclusion. It’s important to understand the major tax considerations in estate planning.

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Americans’ financial satisfaction reaches new high—can you feel it?

Shutterstock_1071491411For the fifth quarter in a row, the typical American’s personal financial satisfaction reached an all-time high, according to the AICPA’s Personal Financial Satisfaction Index (PFSi). A record number of job openings, along with the stock market’s bullish performance though Q3 (Oct 1) - despite volatility - boosted Americans’ financial positions. With all these positive records, you may be wondering what it means for you.

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Technically, your planning practice could be better

Shutterstock_304478969Is there even a day that passes anymore in which you don’t read, hear or watch a story about the wonders of technology? New apps, new computer systems and entirely new technologies are emerging and being put into practice at dizzying speeds. Cutting through the noise and knowing which technologies are best for your planning practice can be complicated, but ignoring the value technology can add to your practice carries a heavy price in lost efficiency and opportunity.

Are you still driving a manual?

Spreadsheets used to be the go-to tech for organizing and assessing a client’s finances and your resulting financial plan. Handy but labor-intensive, spreadsheets were and are prone to errors and omissions. Other old-school trappings like physical copies of client’s financial data, wills or healthcare directives presented other problems related to security, inaccessibility or loss of the paperwork due to disaster or misplacement.

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Do you know these three tax client types?

ThreeYour tax practice sees a lot of traffic, no doubt. Clients of every stripe pass through your doors seeking your guidance on all kinds of things. While every CPA tax practitioner is at the ready with good advice and service on all things tax, many go above and beyond with additional planning services. There’s even the occasional left-field question about the best restaurant in town or which university seems best suited to their kids. Over time, you’ve come to identify the personalities of your clients, and you might have noticed that many fit into some broad client types. Do you recognize any of these?

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Ones and zeros aren’t always heroes

Shutterstock_161746904In 1984, an entire profession that had survived more or less intact for 600 years found itself facing a monumental, earth-shattering change. It was that year Apple Computer released the Macintosh. Laughably underpowered by today’s standards, it nonetheless represented the literal future of computing with its graphical user interface (something the consumer market had never seen before) and suite of creative software.

Quickly following its release, industrious programmers took advantage of the available printing abilities of the machine—robust for its time—and created the first desktop publishing software. Just like that, businesses, government agencies, churches and even families who once turned to professional print houses to design, typeset and print everything from flyers and post cards to catalogs, were able to bring at least the design portion of the equation in-house. Suddenly, everyone was a “designer.” It was a game-changer for markets, but it also led to a lot of truly awful design and typesetting, perpetrated by amateurs with little to no training in visual arts.

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