Bruce Starks, CPA, CFP® – Page 37

Retirement Plan Required Minimum Distributions

Course: Retirement PlanningLesson 5: Leveraging Nonqualified Plans for Small Business and Not-For-Profit Employees and Owners Student Question: Hi- I’m trying to distinguish when the required minimum distribution amounts are at 72 years old versus when they are 70½. IRAs are now 72, correct? Is a 401k Plan and a 403b Plan at 70½? Thanks Tiffany Instructor…

Closing the Gender Gap in Financial Planning

CFP® Certificants in the News Laura J. LaTourette, CFP® recently posted “How Women Can Help Close the Finance Gender Gap” on CFP Board’s Let’s Make A Plan website. According to Laura, “The disparity between the number of women and the number of men in the financial services industry has been a point of discussion for…

Buy-Sell Agreement Premium Payments

Course: Insurance PlanningLesson 17: Business Uses of Life and Disability Insurance Student Question: Hope you’re well and keeping safe. I do have a quick question regarding buy/sell agreement; not clear who would pay the premiums on disability and/or life insurance on the principals and the key employees? Thanks Emerito Instructor Response: Hi Emerito, Great question. A buy-sell…

Good to Know: Choosing the Right Social Security Retirement Age

In an AARP survey taken of individuals aged 44 through 75, more than three of every five surveyed would choose death over running out of money in retirement. Helping a client maximize their Social Security Retirement benefit can begin addressing this deep-seated fear. Coaching Opportunity What if you, the Financial Adviser, could make your clients…

Plan Monitoring and Updating Responsibility

Course: Fundamentals of Financial PlanningLesson 9: CFP Board Regulatory Requirements Student Question: In Lesson 1, for Step 7, I have that a certificant is responsible for monitoring and updating only if explicitly called for in the scope of the engagement. In Lesson 9, I’m reading that the certificant is responsible unless explicitly excluded. Which is…

Avoid 5 Score-Killing Mistakes on the CFP® Exam

CFP® Certificants in the News Those taking the CFP® Exam consistently lose vital points in 5 key areas: Failure to enroll in a review course, Lack of a disciplined study plan, Failure to answer enough practice questions, Failure to know the Code of Ethics and Standards of Conduct, and Lack of an exam-taking strategy We…

Good to Know: What Does Panic Selling and a Lion Have in Common?

Panic selling is painfully real. As but one example, S&P 500 investors lost almost 60% from 2007 to 2009 in the wake of the sub-prime mortgage default crisis. The chart to the right illustrates the breath-taking plunge of the S&P 500 from almost 1600 to 650 in less than 18 months. Here’s a sobering observation…

Defining Basis Points

Course: Investment PlanningLesson 15: Fundamentals of Derivatives – Futures and Options Student Question: Can you please explain what Basis points are and how/why they are generally used? Thanks Lana Instructor Response: Hi Lana, There are 100 basis points in 1%. Basis points are merely a common method of measuring investment fees or returns. An exchanged-traded fund may charge…

Donating Short-Term Appreciated Securities

Course: Income Tax PlanningLesson 15: Property Transactions Student Question: Dear Greene Consulting Team – In the lesson, deducting donations of “cash” versus “long term appreciated securities” are differentiated. I’m curious about “short-term appreciated securities”. In other words, if I own a stock – bought at $10,000 and it’s worth $50,000 when I donate, but I’ve only owned it 6 months…

What to Know About the CARES Act on the November 2020 CFP® Exam

CFP® Certificants in the News The COVID-19-related CARES Act of 2020 was not tested on the September 2020 CFP® Exam. Only key portions of the Act will be tested on the November 2020 CFP® Exam according to CFP Board. An excerpt from the CFP BOARD KEY ELEMENTS CARES ACT 2020 follows: “The Coronavirus Aid, Relief, and Economic Security (CARES) Act was…