Personal Financial Planning Feed

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

New AICPA survey reveals clients’ top retirement fears

Shutterstock_583696213A variety of factors and special situations make each individual’s retirement preparations unique. And because of that, there is no one-size-fits-all retirement plan to maximize enjoyment during your golden years. However, when it comes to retirement planning fears, people have more in common than they might think. The AICPA’s recent Personal Financial Planning Trends Survey explored what factors are impacting clients’ retirement planning peace of mind. When compared to benchmark responses from 2016, we’re able to see how some things have changed while others have held steady.

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Busy season grind got you down? 3 ways to reenergize.

Shutterstock_376060666Late nights. Working weekends. Scads of electronic files. If you’re REALLY unlucky, stacks of paperwork. No one ever said busy season was a walk in the park, but you don’t have to let it sap your energy. And since the season doesn’t get easier as it goes, you need all the energy you can get. What’s a busy CPA to do to? We have three suggestions to help you beat back the busy season blues.

  1. Get organized

This might sound pretty basic, but the realities of good organization are more complex than you might think. You likely already have a system set up for getting your work done, whether prioritized by clients or groups of clients, promised engagement due dates, etc. But are you thinking about that system on a daily basis?

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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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