ENG2103. Essential Elements of a Special Needs Financial Plan

Jul 27, 2021 7:00am ‐ Jul 27, 2021 8:15am

Identification: ENG2103

Disabilities don't discriminate. Families of great means have children and other beneficiaries with disabilities at the same rate as families of modest means. Addressing the myriad needs of a person with a disability (PWD) requires a comprehensive Special Needs Financial Plan (SNFP). The SNFP is built upon a network of Special Needs Trusts (SNTs), each of which is designed to be funded with different types of assets, at different times, from different sources. Identifying and engaging a family's "team" of allied professionals is a critical first step in developing the funding formula for the network of SNTs. Although a SNFP will maximize the use of a family's private wealth and resources, it must also be compatible with maintaining the eligibility of the PWD for government benefits that are the sole gateway to accessing beneficial programs and services that are not available on a private pay basis.

Learning Objectives:
  • Define the Network of Special Needs Trusts: The Cornerstone of Securing the Financial Future of a Person With a Disability. Learn the differences between first-party and third-party SNTs, and how to fund them properly. Consider the options for addressing pre-existing family trusts that are incompatible with a Special Needs Financial Plan.
  • Identify the Funding Formula: How Much is Enough to Fund the Network of SNTs? Learn how to develop the formula for funding the SNFP with a family's private assets and resources and government benefits that are based on a worker's earnings and work record. Learn how each member of the team can access and maximize these funding elements.
  • Recognize when Private Pay is Not an Option: Accessing Means-Tested Government Programs. Many beneficial programs and services are not available on a private pay basis. Learn how to access such services by establishing eligibility for the "gateway" government programs that are means-tested.

EST2105. Taking the plunge into potential pitfalls in international estate tax planning

Jul 27, 2021 7:00am ‐ Jul 27, 2021 8:15am

Identification: EST2105

This session will cover residency for income and transfer tax purposes, and discuss six issues including: revocable trusts and companies tainted by U.S. situated assets under section 2104(b), section 684 planning, section 2801 gifts and bequests from covered expatriates, planning for non-U.S. parents with U.S. beneficiaries, UNI, and CFC and PFIC related issues.

Learning Objective:
  • Understand common pitfalls and learn how to mitigate exposure to U.S. income and estate tax in relation to estate plans involving foreign trusts and companies with U.S. situated assets, persons leaving the U.S., and U.S. beneficiaries.

EST2111. Modifying Irrevocable Trusts to Maximize Flexibility

Jul 27, 2021 7:00am ‐ Jul 27, 2021 8:15am

Identification: EST2111

We will discuss the issues that can arise with long term trusts, review the tools available to modify irrevocable trusts, and offer advise on advising clients on modifications. 

Learning Objectives:
  • Understand the mechanisms to modify trusts
  • Understand the issues that may drive the need for a modification

FIN2101. A Conversation: CFOs as Deputy CEO

Jul 27, 2021 7:00am ‐ Jul 27, 2021 8:15am

Identification: FIN2101

An imperative for CFOs in the post-pandemic landscape is that they position themselves and the finance function as co-creators of enterprise value. CFOs need to take an active role in transforming themselves and the Finance function from their traditional role of financial reporting, compliance, and decision support to actively driving strategy and execution. This requires skills and competencies that are beyond the traditional skill sets of the 20th Century CFO. 

Learning Objectives:
  • Recognize with clarity the key challenges of the 21st century enterprise
  • Determine the skills and competencies that CFO’s need to support their enterprise
  • Identify and implement a plan to address these gaps

FMA2101. CPAFMA Kickoff - Leadership and Succession for Firms in the Next New Normal

Jul 27, 2021 7:00am ‐ Jul 27, 2021 8:15am

Identification: FMA2101

In this session, we will talk about the necessity of upgrading leadership skills and more intentional development of future leaders to meet the demands of the Next New Normal. The new normal will be a hybrid of people working from home which will require enhanced leadership. 

Learning Objectives:
  • Identify what it means to set competency expectations for leaders and why we should give leaders an opportunity to fail.
  • Discover the importance of promoting people with values of our firm rather than on longevity.

NAA2108. ASB Update

Jul 27, 2021 7:00am ‐ Jul 27, 2021 8:15am

Identification: NAA2108

The Auditing Standards Board (ASB) Chair and AICPA Chief Auditor will discuss recently issued standards for audits and attestation engagements. The discussion will also include the ASB's active agendas including ongoing efforts to modernize auditing and attestation standards, enhance ASB outreach to stakeholders regarding proposed standards and post-implementation reviews of issued standards. This session will feature a discussion of the current status of the ASB's projects to: Revise the quality control standards, revise the risk assessment standard, make narrow revisions to auditor communications regarding NOCLAR, and converge efforts on group audits.

Learning Objectives:
  • Apply new auditing, attestation and quality management standards in their engagements.
  • Identify current ASB projects to keep attendees apprised of their status and facilitate their participation in the stakeholder feedback process.

PFP2114. Tax Efficient Withdrawal Strategies in Retirement

Jul 27, 2021 7:00am ‐ Jul 27, 2021 8:15am

Identification: PFP2114

The traditional approach to liquidations in retirement is very straightforward: spend taxable dollars first, and let tax-deferred retirement accounts keep growing, because "no one" wants to pay taxes any sooner than they have to! Except the reality is that there really is such thing as "too much" tax-deferred compounding growth, which makes future retirement distributions so large it drives the retiree into higher tax brackets and results in less wealth! In this session, we explore a more effective tax-efficient withdrawal approach of equalizing tax brackets throughout life, by mixing together taxable, tax-deferred, and tax-free accounts over time, and leveraging strategies like systematic partial Roth conversions and even capital gains harvesting to smooth out tax brackets from year to year and reduce cumulative taxation throughout retirement!

Learning Objectives:
  • Identify the four pillars of retirement income.
  • Identify the differences between options for how to generate retirement paychecks.
  • Identify the strategies for retirement account sequencing.
  • Identify the impact of utilizing a Partial Roth Conversion strategy.
  • Identify what a Withdrawal Policy Statement is and how it can be used with clients.

PFP2115. Insurance Best Practice RAPID FIRE: If Only I Knew!

Jul 27, 2021 7:00am ‐ Jul 27, 2021 8:15am

Identification: PFP2115

How many times have we said, “If only I knew, I would have planned better?” Insurance is often thought of as an “expensive” way to transfer risk…until a disaster event occurs! Wouldn’t it be great to share a “best practice checklist” with your clients to identify the risks they should consider transferring at each major stage in life? For example, shouldn’t every 30-something first parent buy some term insurance? And how about an umbrella policy to protect the family fortune from the teen driver? What about the client who is facing staggering bills to keep mom who has dementia in quality care? Our expert panel will share in rapid-fire their best tips in the area of life, long-term care, property, and casualty that are immediately actionable for your clients. Remember, financial planning includes risk management so even if you are not an insurance expert you need to point out the “holes” in the plan and guide your client to take action!

Learning Objectives:
  • Identify ways to help your clients transfer risk at each stage of their lives.
  • Assemble a risk management/ insurance checklist in your planning package.
  • Recognize how to most cost effectively transfer risks.

DEI2103. How Small Firms can Improve Diversity

Jul 27, 2021 8:30am ‐ Jul 27, 2021 9:45am

Identification: DEI2103

Progress toward racial diversity has been slow in the past, but at a time when many organizations are embracing change and looking for ways to bring it about, several leaders of ethnic minority-owned firms will offer tips for what small CPA firms can do to promote greater diversity.

Learning Objectives:
  • Identify action steps towards advancing diversity in a small firm environment
  • Formulate a plan for your firm leveraging the tips shared
  • Recognize the importance and impact of a diverse workforce no matter what size firm

EDG2102. Change Your Mindset, Change Your Life

Jul 27, 2021 8:30am ‐ Jul 27, 2021 9:45am

Identification: EDG2102

A mindset is how you see the world - and it's the birthplace of action. By understanding and practicing the growth mindset, you can become more resilient and positive and achieve better results in all aspects of your life.

We will explore what the growth mindset is, the scientific evidence behind how it benefits us, and specific ways you can cultivate it - within yourself and your teams. 

Learning Objectives:
  • Define the growth mindset.
  • List three ways the growth mindset affects your performance and long-term potential.
  • Practice three techniques to cultivate a growth mindset within yourself and your teams.