Paying the Gift Tax

Course:  Estate PlanningLesson 4: Transfer Taxation I – Common Elements of Estate and Gift Taxes Student Question: Hello, Can I get some clarification on the Gift and Estate tax? As I understand it, individuals can gift up to $15,000 per year without “triggering” a gift tax; however, they still have the lifetime exemption of $11.58 million. Gifts over $15,000 per…

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Good to Know: The CARES Act for the November CFP Exam

Good to Know The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided vitally needed relief for individuals and businesses. However, not all of the Act’s provisions relate directly to CFP Board’s testing priorities. The purpose of this blog is to emphasize those portions of the Act highlighted as “key” by CFP Board in its…

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CFP Board Takes Issue with Proposed DOL Investment Advice Rule

CFP Board Updates CFP Board, along with other members of the Financial Planning Coalition, penned a comment letter to the Department of Labor strongly objecting to a proposed retirement investment advice rule. The basis for the objections is that the proposal conflicts with: Employee Retirement Income Security Act (ERISA) requirements, and CFP Board Code of…

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Good to Know: Reducing Financial Exploitation of Seniors

The financial exploitation of seniors, especially those with diminished financial capacity, is an urgent issue. How prevalent is this shameful practice? The National Council on Aging estimates that seniors lose an estimated $37 billion annually or more in the U.S.A. The AARP makes this huge number a bit more personal when it estimates the average…

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Requirements to Take CFP® Exam from Home or Work

CFP® Board Updates CFP Board continues to offer COVID19 risk mitigation for qualified candidates. Key excerpts from recent CFP Board FAQs follow: What is Remote Proctoring? “…an exam delivery method that allows candidates to take the CFP® Exam from home or a location of their choice, rather than at a Prometric test center. CFP Board’s…

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Personal versus Bodily Injury

Course:  Insurance PlanningLesson 4: Homeowners Insurance Student Question: Is there a definition for personal injury as noted under the personal injury endorsement? FROM LESSON: The personal injury endorsement expands the Section II liability coverage to include “personal injury” and “bodily harm, sickness or disease.” How does this vary from bodily injury that is covered without an endorsement? Thanks. Matthew Instructor…

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Step Aside Tax Cuts and Jobs Act, There’s a New Sheriff in Town

Good to Know Before the Tax Cuts and Jobs Act (TCJA), a business with an available net operating loss (NOL)1 could offset as much as 100% of taxable income for two previous years (“NOL carryback”) or up to 20 years in the future (“NOL carryforward”). Carrying the loss back to previous years often generated an…

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Save Hundreds on CFP® Exam Registration and Resource Costs

CFP® Board Updates Here’s your chance to save hundreds of dollars in CFP® Exam fees and receive free resources for the next two CFP® Exams. Here’s an excerpt from a recent CFP Board email: “Your next chance to take the CFP® Exam is during the 8-day testing window from September 22-29, 2020. When you sign up by August 25 , you’ll…

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IRA Distribution Rules

Course:  Retirement PlanningLesson 1: Using IRAs to Build and Distribute More Retirement Income Student Question: Hi I was doing a little further reading on the new IRA distribution rules and wanted to see if “conduit” or “accumulation” trust rules will be necessary information for the exam? As I understand it, trusts as beneficiaries are held to the “five-year rule” or the “payout rule” depending on…

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