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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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Navigating financial plans during the pandemic

Shutterstock_184777091As news of the COVID-19 pandemic’s spread intensified early this year, the effect on the U.S. economy and American’s financial situations was unknown. We conducted the AICPA PFP Trends Survey in May to explore how CPA financial planners worked with clients during these uncertain times. The U.S. had experienced tens of millions of job losses, extreme stock market volatility and trillions of dollars in emergency federal programs to mitigate the economic fallout for businesses and individuals. The survey results provide an informative snapshot of how AICPA members on the financial frontlines helped their clients calmly navigate this extraordinary situation.

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3 estate planning conversations to have now

GettyImages-681886373The coronavirus pandemic has encouraged people with existing estate plans to consider reviewing and modifying them, and people without plans to develop them. Regardless of your client’s situation, there are worthwhile conversations about estate planning to be had.

As a CPA, you have a strong relationship with your clients and a comprehensive understanding of their finances. Because of this, you provide great value, and when partnered with an attorney, you form a solid team. You bring your expertise on the financial structure and they bring their knowledge of the legal system.

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3 retirement questions your clients are asking amid COVID-19

Shutterstock_1694685292There are a lot of unknowns related to the COVID-19 crisis. Your clients may be feeling stressed and even uncertain about their financial future, and are likely asking questions:

  • When will things stabilize?
  • When will the market volatility be behind us?
  • How will my retirement goals be impacted by everything going on?

Although no one has all the answers, as a CPA financial planner, you have a strong relationship with your clients, vast knowledge of tax and planning strategies and you offer objective advice that is in your clients’ best interest.

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Fraud is harder on emotions than finances for aging clients

Shutterstock_397734877Financial abuse and fraud that targets elderly clients can do more than devastate their savings and ruin their credit. The AICPA’s recent Personal Financial Planning (PFP) Trends Survey found that falling victim to fraud is much more likely to have an emotional impact on the elderly than a financial one.

Of the many types of fraud or elder abuse CPA financial planners have seen perpetrated on their older clients over the past five years, phone and internet scams top the list. The next most common issue is the inability to say “no” to relatives and identity theft.

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What the emergency Fed rate cut means for your finances

GettyImages-171573445As a result of increasing fears about the impact the coronavirus may have on the U.S. economy, the Federal Reserve announced an emergency cut to the target range for the federal funds rate of 0.5%. The new target rate is now 1% to 1.25%. This reflects the largest rate decrease in more than a decade and the first emergency cut since 2008.

Most Americans are primarily focused on the health and wellbeing of themselves and their loved ones during this time of uncertainty, and rightfully so. But it’s important not to overlook how the Federal Reserve announcement may impact their financial wellbeing.

Neal Stern, CPA, member of the AICPA’s National CPA Financial Literacy Commission, spoke with AICPA Insights about what the rate cut means for Americans’ finances.

Continue reading "What the emergency Fed rate cut means for your finances" »

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