Our Blog
Personal Financial Planning at AICPA’s 2024 Engage Conference
The AICPA’s 2024 Engage Conference is right around the corner and is one of the premier personal financial planning events each year. Scheduled to take place from June 2- 6 in Las Vegas, this conference is the premier gathering for CPAs, financial planners, and business advisors. With a focus on personal financial planning, attendees can expect a wealth of knowledge and networking opportunities to help them stay ahead in an ever-evolving industry. Key Themes in Personal Financial Planning Track 1. Holistic Financial Wellness: One of the standout themes this year is the emphasis on holistic financial wellness. As financial planners, understanding the interconnectedness of various financial aspects—such as investments, retirement planning, estate planning, and tax strategies—is crucial. Sessions will explore how to create comprehensive financial plans that cater to the unique needs of clients. 2. Technology and Innovation: The role of technology in personal financial planning cannot be overstated. From
Managing Uncertainty: The Personal Financial Planning Process
Currently, tax planning, including estate planning, as part of the personal financial planning process is uncertain given the Biden administration’s tax proposals, the 2024 elections, and record deficit spending on the part of government. The primary reason for this uncertainty relates back to the Tax Cuts and Jobs Act (TCJA) of 2017, which made sweeping changes to the tax provisions applicable to both individuals and businesses. While thankfully, most of the TCJA business tax provisions were made permanent, many of the changes affecting individuals are set to expire in 2026 and revert back to the law as it existed prior to 2018. To review, the TCJA was signed into law on December 22, 2017 and implemented significant changes to estate and gift tax law. However, it’s essential to note that many of the provisions of the TCJA were not made permanent and included sunset provisions, meaning they were set to
Retirement and Snake Oil
Snake oil is an idiom used to describe deceptive marketing, or some type of scam. As authors and public speakers, we are often asked to opine on “saving for retirement.” To which we reply, retirement is just ‘snake oil.’ We have gone round-and-round with our publishers on our crusade to pull back the curtain on the retirement industry. One might say that it is as nefarious as the military industrial complex of the the 1950’s. How did the idea of retirement enter the modern era? In 1881 Otto von Bismarck, under pressure, from socialist opponents, wanted to stay in power, and he did what every leader in recorded history has done to maintain that power, he gave out money. It was the Roman poet Juvenal who coined the phrase ‘bread and circuses’ to describe the practice in which rulers used money (food and entertainment) to manipulate the populace. A practice
Unbundled Virtual Family Office: Redefining Wealth Management
Unbundled Virtual Family Office: Redefining Wealth Management In an era marked by rapid technological advancement and changing client needs, the traditional model of wealth management is undergoing a profound transformation. Enter the concept of the unbundled virtual family office (UVFO), a dynamic approach to wealth management that offers tailored solutions to affluent individuals and families. With the creation of the first UVFO in 2006, Susan and Tom Tillery have been at the forefront of this innovative paradigm shift. Susan and Tom Tillery are distinguished figures in wealth management whose expertise in personal financial planning and technology integration is reshaping the landscape of wealth advisory services. Susan Tillery, MAcc, CPA/PFS (Personal Financial Specialist), AEP (Distinguished) a thought leader in the CPA personal financial planning community and Tom Tillery, MA Ed, MSFS, AEP (Distinguished), CFP ®, an acclaimed financial educator, bring a wealth of experience and insight to the realm of the
Lottery Winners Next Steps
Lottery Winners Next Steps For many winning the lottery is a dream come true. The sudden influx of wealth can be life-changing, offering opportunities for financial independence and security. However, without careful planning, statistically speaking, it’s easy for lottery winners to squander their newfound wealth and end up worse off than before. This blog aims to provide a guide to personal financial planning tailored specifically for lottery winners. Take a Breath and Assess: Like our advice to all individuals coming into a sudden financial windfall, our counsel is that before making any hasty decisions, take a moment to breathe and let the reality sink in. Winning the lottery is exhilarating, but it comes with immense responsibility. Assess your current financial situation, evaluate your goals, and consider how this windfall can help you achieve them. Seek Professional Guidance: Consider consulting with personal financial planners, CPAs, and attorneys experienced in large liquidity
Personal Financial Planning & Health Reimbursement Arrangements
Personal Financial Planning & Health Reimbursement Arrangements Health care costs pose a significant burden for individuals and families in the personal financial planning process. One solution for managing health care costs in a personal financial plan is the Health Reimbursement Arrangement (HRA). An HRA offers a strategic approach to managing healthcare expenses for an employee on a tax-free basis, while simultaneously providing the employer with a business deduction. This blog delves into the integration of an HRA into a personal financial plan. Understanding Health Reimbursement Arrangements (HRAs): HRAs are employer-funded accounts designed to assist employees with eligible medical expenses. Unlike Health Savings Accounts (HSAs), HRAs are solely funded by employer reimbursements for eligible medical expenses. As an employer reimbursement plan there is not a ‘bucket of money’ like an HSA. However, HRAs offer flexibility in terms of the expenses they cover and can be a valuable component of an employee
NOTE: The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. The information contained in our presentations have been compiled from third party sources and is believed to be reliable; however, accuracy is not guaranteed.
