Personal financial planning news and resources

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December 4, 2023

Happy days: Americans recognize the value of financial planning

More adults would derive happiness from having a solid financial plan in place than they would from pocketing more money, a survey finds, but many of those surveyed also find it difficult to access sound financial advice.

December 1, 2023

End-of-year financial and tax considerations

With 2023 coming to a close, the time is now for clients to take stock of opportunities to reduce their taxable income and plan for their financial future.

November 13, 2023

Helping close the gender gap in retirement

Women currently in the workforce are well behind male counterparts when it comes to saving for retirement, a survey finds.

November 2, 2023

Inflation adjustments to retirement account limits issued for 2024

The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.

October 19, 2023

No Plan B: A personal lesson about retirement readiness

A firm leader with a focus on financial planning shares a family story that shaped her thinking on the importance of retirement readiness, especially, but not exclusively, for women.

October 9, 2023

Long-term-care planning using trusts

Even some clients who have substantial assets plan for the possibility of relying on Medicaid for long-term care by creating irrevocable trusts to preserve assets.

October 3, 2023

Some common uses for trusts

Common types of trusts that CPAs should be familiar with include grantor trusts, special-needs trusts, domestic asset protection trusts, and trusts for solo 401(k)s.

October 1, 2023

The SECURE 2.0 Act and its impact on the retirement plan landscape

Ronald Ulrich, QKA, QPA, CPC, VP of Product Consulting and Compliance, ADP Retirement Services, discusses why it’s crucial for financial professionals, plan sponsors, and employees alike to understand the law’s impact on retirement plans.

September 21, 2023

Summing up Sid: The ultimate CPA and friend to all

Hear the voices of four CPAs sharing memories of their interactions with Sid Kess, a pioneer who loved to share knowledge and grow the profession, one conversation at a time.

August 22, 2023

Saving for college with multiple children: New considerations

Parents have new choices because of a recently enacted rule that will soon allow limited rollovers of leftover funds from 529 plans to a beneficiary’s Roth IRA.

August 9, 2023

Being philanthropic with a noncharitable trust

Getting funds out of an irrevocable family trust for charity is often difficult, and new trusts should be designed with greater flexibility, according to two experts.

August 1, 2023

Helping clients after an Alzheimer’s diagnosis

CPA financial planners can offer valuable services to those facing this difficult health challenge by learning about the disease.

July 26, 2023

The new 529 rollover to Roth IRA

A new rule will allow rollovers from a 529 educational savings plan to a beneficiary’s Roth IRA up to a certain dollar limit. This article explains what advisers need to know.

July 17, 2023

5 years before and 5 years after retirement: 5 steps to take

Three accomplished personal financial planners explain how to enrich clients’ lives in the final years of employment and the first years of retirement and beyond.

July 12, 2023

Financial planning aspects of 401(k) rollovers

A variety of planning considerations affect the decision whether to leave funds in an old employer retirement plan, roll them to a new employer plan, or roll them to an IRA.

June 1, 2023

Qualified appraisal required for charitable contributions of cryptoassets

The exchange-reported value of digital assets does not substitute for the qualified appraisal required for a charitable contribution deduction; a reasonable-cause exception will not apply, the IRS Office of Chief Counsel advises.

May 30, 2023

Longevity annuities: Why clients should consider them

While many clients are reluctant to buy an annuity that won’t start making payments for 15 or 20 years, retirement researchers tout this as an effective strategy to prevent outliving one’s retirement savings.

May 16, 2023

Medicare’s tricky rules on HSAs after age 65

Individuals working past age 65 who want to continue contributing to a health savings account need to carefully follow Medicare’s enrollment rules to avoid significant penalties.

May 9, 2023

How the mega-backdoor Roth works

A strategy for effectively super-funding a Roth is available to some individuals who have a 401(k) or 403(b) account through work. This article explains the basics.

April 10, 2023

Safe-harbor language issued for amending conservation easement deeds

In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.

FROM THIS MONTH'S ISSUE

Tax-efficient drawdown strategies in retirement

Want to stretch retirement funds and avoid tax pitfalls? This article shares tips and models for smarter drawdown strategies that maximize after-tax wealth, manage Social Security and Medicare impacts, and minimize surprises. Also see: Tax season preview and quick guide.