{"product_id":"essentials-of-personal-financial-planning-isbn-9781945498237","title":"Essentials of Personal Financial Planning","description":"\u003cp\u003e\u003cb\u003eESSENTIALS OF PERSONAL FINANCIAL PLANNING\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eEssentials of Personal Financial Planning \u003c\/i\u003ewas written to challenge the status quo by promoting personal financial planning (PFP) as a profession, not as a sales tool to gather assets under management or facilitate sales of insurance products. The book takes a comprehensive and integrated approach to PFP for accounting students, allowing them to view the profession through the lens of a CPA – with integrity and objectivity. This book systematically introduces the essentials of all the major PFP topics (estate, retirement, investments, insurance, and tax), as well as:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe PFP process, concepts and regulatory environment.\u003c\/li\u003e \u003cli\u003eProfessional responsibilities of a CPA personal financial planner and the requirements of the Statement on Standards in PFP Services.\u003c\/li\u003e \u003cli\u003eTime value of money concepts.\u003c\/li\u003e \u003c\/ul\u003e The book then builds on these foundational concepts, showing their interconnectivity and professional opportunities, to provide a deeper understanding of PFP and its application. After reading this book, students will be able to apply the knowledge and skills gained from this course to have an immediate and long-term positive impact for themselves and for the clients they serve. \u003cp\u003eIntroduction xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: Personal Financial Planning 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 2\u003c\/p\u003e \u003cp\u003ePhases of the Personal Financial Planning Engagement 2\u003c\/p\u003e \u003cp\u003eEngage 3\u003c\/p\u003e \u003cp\u003eDiscover 4\u003c\/p\u003e \u003cp\u003eAnalyze 5\u003c\/p\u003e \u003cp\u003eRecommend 5\u003c\/p\u003e \u003cp\u003eExpanded or Additional Engagements 6\u003c\/p\u003e \u003cp\u003eBehavioral and Psychological Methods of Building Client Rapport 8\u003c\/p\u003e \u003cp\u003eActive Listening 8\u003c\/p\u003e \u003cp\u003eBehavioral Biases and Heuristics 9\u003c\/p\u003e \u003cp\u003eSocratic Questioning 9\u003c\/p\u003e \u003cp\u003eApplication of Behavioral Techniques to Client Relationships 10\u003c\/p\u003e \u003cp\u003eGathering Data: Quantitative Versus Qualitative Data 12\u003c\/p\u003e \u003cp\u003eQuantitative Data 12\u003c\/p\u003e \u003cp\u003eQualitative Data 13\u003c\/p\u003e \u003cp\u003eRisk Tolerance 14\u003c\/p\u003e \u003cp\u003eLife Planning and the Personal Financial Planning Process 14\u003c\/p\u003e \u003cp\u003eChapter Review 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: The Statement on Standards in Personal Financial Planning Services No. 1 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 20\u003c\/p\u003e \u003cp\u003eThe Pathway to Standards in PFP 21\u003c\/p\u003e \u003cp\u003eA Timeline of Personal Financial Planning in the United States 21\u003c\/p\u003e \u003cp\u003eStatement on Standards in Personal Financial Planning Services 23\u003c\/p\u003e \u003cp\u003ePersonal Financial Planning Services 24\u003c\/p\u003e \u003cp\u003eApplicability 26\u003c\/p\u003e \u003cp\u003eRequirements of the Member 27\u003c\/p\u003e \u003cp\u003eSteps in a Personal Financial Planning Engagement 27\u003c\/p\u003e \u003cp\u003ePlanning the PFP Engagement 27\u003c\/p\u003e \u003cp\u003eSelecting Other Service Providers 28\u003c\/p\u003e \u003cp\u003eObtaining and Analyzing Information 28\u003c\/p\u003e \u003cp\u003eDeveloping and Communicating PFP Recommendations 29\u003c\/p\u003e \u003cp\u003eOther Types of Personal Financial Planning Engagements 29\u003c\/p\u003e \u003cp\u003eImplementation Engagement 29\u003c\/p\u003e \u003cp\u003eMonitoring Engagement 30\u003c\/p\u003e \u003cp\u003eUpdating Engagement 30\u003c\/p\u003e \u003cp\u003eChapter Review 30\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: Time Value of Money Concepts 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 36\u003c\/p\u003e \u003cp\u003eTools for Calculating Time Value of Money 36\u003c\/p\u003e \u003cp\u003eEfficiency 37\u003c\/p\u003e \u003cp\u003eEstablishing Realistic Expectations 37\u003c\/p\u003e \u003cp\u003eFundamental Time Value of Money Functions 38\u003c\/p\u003e \u003cp\u003ePresent Value 39\u003c\/p\u003e \u003cp\u003ePeriods (n) 39\u003c\/p\u003e \u003cp\u003eInterest (i) 40\u003c\/p\u003e \u003cp\u003ePayment (PMT) 41\u003c\/p\u003e \u003cp\u003eFuture Value (FV) 42\u003c\/p\u003e \u003cp\u003eMode 42\u003c\/p\u003e \u003cp\u003eExamples 43\u003c\/p\u003e \u003cp\u003eUnequal Cash Flows 46\u003c\/p\u003e \u003cp\u003ePresent Value 47\u003c\/p\u003e \u003cp\u003eNet Present Value 48\u003c\/p\u003e \u003cp\u003eInternal Rate of Return 48\u003c\/p\u003e \u003cp\u003eSerial Payments 48\u003c\/p\u003e \u003cp\u003eExamples 49\u003c\/p\u003e \u003cp\u003eChapter Review 52\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Fundamentals of Personal Financial Planning 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 58\u003c\/p\u003e \u003cp\u003ePersonal Financial Planning Assumptions 58\u003c\/p\u003e \u003cp\u003ePersonal Statement of Financial Position 60\u003c\/p\u003e \u003cp\u003eSpending Plan 62\u003c\/p\u003e \u003cp\u003eFinancial Ratios 65\u003c\/p\u003e \u003cp\u003eDebt-to-Income Ratio 65\u003c\/p\u003e \u003cp\u003ePITI Ratio 66\u003c\/p\u003e \u003cp\u003eSavings Ratio 66\u003c\/p\u003e \u003cp\u003eEmergency Fund 69\u003c\/p\u003e \u003cp\u003eFinancing Strategies 69\u003c\/p\u003e \u003cp\u003eAutomobile Purchase or Lease 70\u003c\/p\u003e \u003cp\u003eHome: Purchase or Rent 70\u003c\/p\u003e \u003cp\u003eBankruptcy 74\u003c\/p\u003e \u003cp\u003eConsumer Protection Issues 74\u003c\/p\u003e \u003cp\u003eThe Fair Credit Reporting Act and Identity Theft 74\u003c\/p\u003e \u003cp\u003eElectronic Fund Transfer Act 75\u003c\/p\u003e \u003cp\u003eFair Credit Reporting Laws 75\u003c\/p\u003e \u003cp\u003eChapter Review 76\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Estate Planning Basics 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 80\u003c\/p\u003e \u003cp\u003eFundamentals of Estate Planning 80\u003c\/p\u003e \u003cp\u003eThe Unified Tax System 81\u003c\/p\u003e \u003cp\u003eGeneration Skipping Transfer Tax 81\u003c\/p\u003e \u003cp\u003eCredits, Deductions, and Other Tax Reductions 81\u003c\/p\u003e \u003cp\u003eStep Up In Basis 83\u003c\/p\u003e \u003cp\u003eProbate and Intestacy 83\u003c\/p\u003e \u003cp\u003eExpatriate Issues 84\u003c\/p\u003e \u003cp\u003eImpact of Property Ownership and Beneficiary Designations 84\u003c\/p\u003e \u003cp\u003eCommunity Property and Common Law 84\u003c\/p\u003e \u003cp\u003eBasic Estate Planning 85\u003c\/p\u003e \u003cp\u003eData Gathering 86\u003c\/p\u003e \u003cp\u003eState Estate Tax 87\u003c\/p\u003e \u003cp\u003eEstate Tax Filing Requirements 87\u003c\/p\u003e \u003cp\u003eGross Estate 88\u003c\/p\u003e \u003cp\u003eAdjusted Gross Estate 88\u003c\/p\u003e \u003cp\u003ePrior Transfer Credit 88\u003c\/p\u003e \u003cp\u003eSources for Estate Liquidity 89\u003c\/p\u003e \u003cp\u003eEstate Planning Documents 89\u003c\/p\u003e \u003cp\u003eWills 89\u003c\/p\u003e \u003cp\u003ePowers of Attorney 90\u003c\/p\u003e \u003cp\u003eAdvance Medical Directives 90\u003c\/p\u003e \u003cp\u003eBeneficiary Forms 91\u003c\/p\u003e \u003cp\u003eTrusts 91\u003c\/p\u003e \u003cp\u003eCrummey Power 92\u003c\/p\u003e \u003cp\u003eTestamentary Trust 92\u003c\/p\u003e \u003cp\u003ePowers of Appointment 92\u003c\/p\u003e \u003cp\u003eChapter Review 93\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Charitable Gift Planning Basics 97\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 98\u003c\/p\u003e \u003cp\u003eWhat is a Charity? 98\u003c\/p\u003e \u003cp\u003eTypes of Gifts 99\u003c\/p\u003e \u003cp\u003eReal Estate 100\u003c\/p\u003e \u003cp\u003ePersonal Property 100\u003c\/p\u003e \u003cp\u003eCharitable Trusts and Planning Tools 101\u003c\/p\u003e \u003cp\u003eCharitable Lead Trust 101\u003c\/p\u003e \u003cp\u003eCharitable Remainder Trust 102\u003c\/p\u003e \u003cp\u003eWealth Replacement Trust 104\u003c\/p\u003e \u003cp\u003ePooled Income Fund 104\u003c\/p\u003e \u003cp\u003eOther Charitable Vehicles 104\u003c\/p\u003e \u003cp\u003eTaxation and Income Tax Planning 105\u003c\/p\u003e \u003cp\u003eApplication of Limitations 105\u003c\/p\u003e \u003cp\u003eCarryovers of Excess Charitable Contributions 106\u003c\/p\u003e \u003cp\u003eTax Impacts of Transfers 107\u003c\/p\u003e \u003cp\u003eQualified Charitable Distributions 108\u003c\/p\u003e \u003cp\u003eChapter Review 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Principles of Risk and Insurance 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 114\u003c\/p\u003e \u003cp\u003eRisk Management Concepts 114\u003c\/p\u003e \u003cp\u003eRisk 114\u003c\/p\u003e \u003cp\u003ePeril and Hazard 115\u003c\/p\u003e \u003cp\u003eThe Law of Large Numbers and Adverse Selection 115\u003c\/p\u003e \u003cp\u003eSelf-Insurance 116\u003c\/p\u003e \u003cp\u003eManaging Risk 116\u003c\/p\u003e \u003cp\u003eControlling Risk 116\u003c\/p\u003e \u003cp\u003eFinancing Risk 117\u003c\/p\u003e \u003cp\u003eThe Risk Management Process 117\u003c\/p\u003e \u003cp\u003eRisk Management Matrix 118\u003c\/p\u003e \u003cp\u003eInsurance Policy and Company Selection 119\u003c\/p\u003e \u003cp\u003eTypes of Insurance 120\u003c\/p\u003e \u003cp\u003eLife\/Health\/Disability 121\u003c\/p\u003e \u003cp\u003eProperty Risk and Insurance 121\u003c\/p\u003e \u003cp\u003eLegal Aspects of Insurance 123\u003c\/p\u003e \u003cp\u003eOffer and Acceptance 123\u003c\/p\u003e \u003cp\u003eAdequate Considerations 124\u003c\/p\u003e \u003cp\u003eCompetent Parties 124\u003c\/p\u003e \u003cp\u003eLegal Purpose 124\u003c\/p\u003e \u003cp\u003eLegal Form 124\u003c\/p\u003e \u003cp\u003eChapter Review 125\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: Insurance Planning Basics, Part I 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 130\u003c\/p\u003e \u003cp\u003eLife Insurance 130\u003c\/p\u003e \u003cp\u003eLife Insurance Types 131\u003c\/p\u003e \u003cp\u003eTerm Life Insurance 132\u003c\/p\u003e \u003cp\u003ePermanent Life Insurance 132\u003c\/p\u003e \u003cp\u003eAdditional Life Insurance Policy Considerations 134\u003c\/p\u003e \u003cp\u003eContractual Provisions of Life Insurance 134\u003c\/p\u003e \u003cp\u003eRiders 135\u003c\/p\u003e \u003cp\u003eNonforfeiture Options 136\u003c\/p\u003e \u003cp\u003eSettlement Options 137\u003c\/p\u003e \u003cp\u003eAdvanced Death Benefits 138\u003c\/p\u003e \u003cp\u003eHealth Insurance 139\u003c\/p\u003e \u003cp\u003eHospital, Surgical, and Physician’s Expense Insurance Plans 139\u003c\/p\u003e \u003cp\u003eManaged Care Plans 140\u003c\/p\u003e \u003cp\u003eMedicare (Parts A, B and D) 141\u003c\/p\u003e \u003cp\u003eMedicare Supplement Insurance (MEDIGAP) 142\u003c\/p\u003e \u003cp\u003eMedicare Advantage Plan (Part C) 142\u003c\/p\u003e \u003cp\u003eMedicaid 142\u003c\/p\u003e \u003cp\u003eTricare 143\u003c\/p\u003e \u003cp\u003eHealth Savings Accounts and Other Tax-Favored Health Plans 143\u003c\/p\u003e \u003cp\u003eHealth Savings Accounts (HSA) 143\u003c\/p\u003e \u003cp\u003eHealth Flexible Spending Arrangements (FSA) 144\u003c\/p\u003e \u003cp\u003eHealth Reimbursement Arrangements (HRA) 144\u003c\/p\u003e \u003cp\u003eChapter Review 144\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: Insurance Planning Basics, Part II 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 150\u003c\/p\u003e \u003cp\u003eAnnuities 150\u003c\/p\u003e \u003cp\u003eDeferred Fixed, Variable, or Equity-Indexed Annuity 150\u003c\/p\u003e \u003cp\u003eTaxation 151\u003c\/p\u003e \u003cp\u003ePayment Options 151\u003c\/p\u003e \u003cp\u003eDisability Insurance 152\u003c\/p\u003e \u003cp\u003eOwn Occupation Versus any Occupation 152\u003c\/p\u003e \u003cp\u003eContinuance Provisions 153\u003c\/p\u003e \u003cp\u003eAdditional Provisions 154\u003c\/p\u003e \u003cp\u003eLong-term Care Insurance 155\u003c\/p\u003e \u003cp\u003eQualified Care 155\u003c\/p\u003e \u003cp\u003eTaxation and Income Tax Planning 156\u003c\/p\u003e \u003cp\u003eMedicare Limitations 156\u003c\/p\u003e \u003cp\u003eProperty and Casualty Insurance 157\u003c\/p\u003e \u003cp\u003eHomeowners Insurance 157\u003c\/p\u003e \u003cp\u003ePersonal Auto Insurance 161\u003c\/p\u003e \u003cp\u003eUmbrella Liability Insurance 164\u003c\/p\u003e \u003cp\u003eChapter Review 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: Investment Basics 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 170\u003c\/p\u003e \u003cp\u003eSecurities Defined 170\u003c\/p\u003e \u003cp\u003eThe Role of the Personal Financial Planner and Compensation 170\u003c\/p\u003e \u003cp\u003eBusiness Models 172\u003c\/p\u003e \u003cp\u003eBroker-Dealer Model 172\u003c\/p\u003e \u003cp\u003eRegistered Investment Adviser (RIA) Model 172\u003c\/p\u003e \u003cp\u003eDual-License Model 173\u003c\/p\u003e \u003cp\u003eCPA Disclosure Requirements 173\u003c\/p\u003e \u003cp\u003eThe Investment Planning Process 174\u003c\/p\u003e \u003cp\u003eThe Planning Phase 174\u003c\/p\u003e \u003cp\u003eDetermine and Prioritize Client’s Specific Financial Goals 175\u003c\/p\u003e \u003cp\u003eClient’s Financial Condition 175\u003c\/p\u003e \u003cp\u003eAssessing Risk Tolerance 175\u003c\/p\u003e \u003cp\u003eIdentify Unique Needs 176\u003c\/p\u003e \u003cp\u003eIdentify Potential Client Investment Constraints 177\u003c\/p\u003e \u003cp\u003eChapter Review 178\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11: Investment Planning 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 182\u003c\/p\u003e \u003cp\u003eCapital Markets 182\u003c\/p\u003e \u003cp\u003eTypes of Investment Vehicles 183\u003c\/p\u003e \u003cp\u003eCash and Cash Equivalents 183\u003c\/p\u003e \u003cp\u003eGuaranteed Investment Contract 185\u003c\/p\u003e \u003cp\u003eBond 185\u003c\/p\u003e \u003cp\u003eStock 190\u003c\/p\u003e \u003cp\u003eMutual Fund 190\u003c\/p\u003e \u003cp\u003eExchange Traded Fund 191\u003c\/p\u003e \u003cp\u003eReal Estate 192\u003c\/p\u003e \u003cp\u003eAlternative Investments 192\u003c\/p\u003e \u003cp\u003eInvestment Valuation 193\u003c\/p\u003e \u003cp\u003eInvestment Strategies 194\u003c\/p\u003e \u003cp\u003eMarket Timing 194\u003c\/p\u003e \u003cp\u003eDollar-Cost Averaging 194\u003c\/p\u003e \u003cp\u003eSystematic Withdrawal Plan 195\u003c\/p\u003e \u003cp\u003eBond Ladder 195\u003c\/p\u003e \u003cp\u003eOption Strategies 195\u003c\/p\u003e \u003cp\u003eShort Selling 195\u003c\/p\u003e \u003cp\u003eMargin Account 196\u003c\/p\u003e \u003cp\u003eChapter Review 197\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12: Planning for Retirement and Financial Independence 199\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 200\u003c\/p\u003e \u003cp\u003ePFP Assumptions for Financial Independence 201\u003c\/p\u003e \u003cp\u003eInflation 201\u003c\/p\u003e \u003cp\u003eLife Expectancy 202\u003c\/p\u003e \u003cp\u003eFinancial Independence Spending Plan 203\u003c\/p\u003e \u003cp\u003eModeling Techniques 204\u003c\/p\u003e \u003cp\u003eInvestment Returns 204\u003c\/p\u003e \u003cp\u003eIncome Sources 205\u003c\/p\u003e \u003cp\u003eTime Value of Money and Inflation-Adjusted Return 208\u003c\/p\u003e \u003cp\u003eMini Case Study 208\u003c\/p\u003e \u003cp\u003eChapter Review 210\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13: Planning Vehicles for Retirement 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 216\u003c\/p\u003e \u003cp\u003eSocial Security Benefits 216\u003c\/p\u003e \u003cp\u003eEligibility and Benefits 217\u003c\/p\u003e \u003cp\u003eSpousal Benefits 218\u003c\/p\u003e \u003cp\u003eWorking After Retirement 218\u003c\/p\u003e \u003cp\u003eTaxation of Benefits 219\u003c\/p\u003e \u003cp\u003eGovernment Pension Offset 219\u003c\/p\u003e \u003cp\u003eRailroad Employees 219\u003c\/p\u003e \u003cp\u003eEmployer-Sponsored Retirement Plans 219\u003c\/p\u003e \u003cp\u003eERISA: Overview of Qualified Plan Rules 221\u003c\/p\u003e \u003cp\u003eVesting 223\u003c\/p\u003e \u003cp\u003eDefined Benefit Plans 224\u003c\/p\u003e \u003cp\u003eDefined Contribution Plans 226\u003c\/p\u003e \u003cp\u003eOther Retirement Plans 232\u003c\/p\u003e \u003cp\u003eAdditional Employer-Sponsored Retirement Plans 234\u003c\/p\u003e \u003cp\u003eIndividual Retirement Accounts 234\u003c\/p\u003e \u003cp\u003eSpousal IRA 235\u003c\/p\u003e \u003cp\u003eNondeductible IRA 235\u003c\/p\u003e \u003cp\u003eRoth IRA 235\u003c\/p\u003e \u003cp\u003eRoth IRA Conversions 236\u003c\/p\u003e \u003cp\u003eChapter Review 236\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14: Elder Planning Basics 239\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 240\u003c\/p\u003e \u003cp\u003eNonfinancial Factors 240\u003c\/p\u003e \u003cp\u003eTypes of Care 241\u003c\/p\u003e \u003cp\u003eCommunicating with Cognitively Impaired Clients 242\u003c\/p\u003e \u003cp\u003eIncapacity and Incompetency 242\u003c\/p\u003e \u003cp\u003eFinancial Decisions 243\u003c\/p\u003e \u003cp\u003eFinancial Fraud 243\u003c\/p\u003e \u003cp\u003eHousing Decisions 244\u003c\/p\u003e \u003cp\u003eHealth Care Options 245\u003c\/p\u003e \u003cp\u003eGovernment Programs 245\u003c\/p\u003e \u003cp\u003eVeterans Benefits 247\u003c\/p\u003e \u003cp\u003eFunding Sources for Elder Care 248\u003c\/p\u003e \u003cp\u003eTaxation and Income Tax Planning 250\u003c\/p\u003e \u003cp\u003eFiling a Tax Return 250\u003c\/p\u003e \u003cp\u003eMedical Expenses 250\u003c\/p\u003e \u003cp\u003eHome Care 251\u003c\/p\u003e \u003cp\u003eLong-Term Care 251\u003c\/p\u003e \u003cp\u003eIntegration and Application of Elder Planning with Personal Financial Planning 251\u003c\/p\u003e \u003cp\u003eEstate Planning 251\u003c\/p\u003e \u003cp\u003eAdvance Directives 252\u003c\/p\u003e \u003cp\u003eHealth Care Proxy 252\u003c\/p\u003e \u003cp\u003ePower of Attorney and Durable Power of Attorney 252\u003c\/p\u003e \u003cp\u003eChapter Review 254\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15: Education Planning Basics 257\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 258\u003c\/p\u003e \u003cp\u003eFunding Methods 258\u003c\/p\u003e \u003cp\u003eQualified Tuition Programs (529 Plans) 258\u003c\/p\u003e \u003cp\u003eCoverdell Education Savings Accounts 260\u003c\/p\u003e \u003cp\u003eUniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) 261\u003c\/p\u003e \u003cp\u003eEducation Savings Bond Program 261\u003c\/p\u003e \u003cp\u003eFinancial Aid 262\u003c\/p\u003e \u003cp\u003eFederal Student Aid 262\u003c\/p\u003e \u003cp\u003eScholarships 264\u003c\/p\u003e \u003cp\u003eLoans 264\u003c\/p\u003e \u003cp\u003eTaxation and Income Tax Planning 265\u003c\/p\u003e \u003cp\u003eTaxation of Scholarships and Grants 265\u003c\/p\u003e \u003cp\u003eCredits 265\u003c\/p\u003e \u003cp\u003eDeductions 266\u003c\/p\u003e \u003cp\u003eEducational Assistance Program 267\u003c\/p\u003e \u003cp\u003eIntegratuion and Application of Education Planning with PFP 267\u003c\/p\u003e \u003cp\u003eRisk Management and Insurance Planning 267\u003c\/p\u003e \u003cp\u003eRetirement Planning 267\u003c\/p\u003e \u003cp\u003eEstate Planning 268\u003c\/p\u003e \u003cp\u003eInvestment Planning 268\u003c\/p\u003e \u003cp\u003eEducation Needs Analysis Case Study 268\u003c\/p\u003e \u003cp\u003eStep One—Calculate the Future Value of One-Third of the Cost of College 269\u003c\/p\u003e \u003cp\u003eStep Two—Calculate the Present Value of the Serial Payments Need to Fund College 269\u003c\/p\u003e \u003cp\u003eStep Three—Calculate the Total Amount Needed 270\u003c\/p\u003e \u003cp\u003eChapter Review 270\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16: Applications in Estate Planning 273\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 274\u003c\/p\u003e \u003cp\u003eTrusts Revisited 274\u003c\/p\u003e \u003cp\u003eCredit Shelter Trust 274\u003c\/p\u003e \u003cp\u003eMarital Trust 275\u003c\/p\u003e \u003cp\u003eQualified Terminable Interest Property Trust 275\u003c\/p\u003e \u003cp\u003eDisclaimer Trust 275\u003c\/p\u003e \u003cp\u003eAdditional Trust Types 276\u003c\/p\u003e \u003cp\u003eGifting Strategies 277\u003c\/p\u003e \u003cp\u003eInterest-Free Loans 277\u003c\/p\u003e \u003cp\u003eInstallment Sales to Family Members 277\u003c\/p\u003e \u003cp\u003eSelf-Cancelling Installment Note 278\u003c\/p\u003e \u003cp\u003eAdditional Tax Issues 278\u003c\/p\u003e \u003cp\u003eGeneration-Skipping Transfer (GST) Tax 278\u003c\/p\u003e \u003cp\u003eIncome in Respect of the Decedent 279\u003c\/p\u003e \u003cp\u003eClosely Held Business Issues 280\u003c\/p\u003e \u003cp\u003eSpecial Valuation Under Section 2032(A) Farm and Real Estate 280\u003c\/p\u003e \u003cp\u003eSection 6166 Deferrals of Estate Tax 280\u003c\/p\u003e \u003cp\u003eBuy-Sell Agreement 281\u003c\/p\u003e \u003cp\u003eSection 303 Redemption 282\u003c\/p\u003e \u003cp\u003eOther Estate Planning Considerations 283\u003c\/p\u003e \u003cp\u003eQualified Domestic Trust 283\u003c\/p\u003e \u003cp\u003ePlanning for Blended Family Relationships 283\u003c\/p\u003e \u003cp\u003eCohabitation 284\u003c\/p\u003e \u003cp\u003eIntegration and Application of Estate Planning with PFP 284\u003c\/p\u003e \u003cp\u003eLife Insurance 284\u003c\/p\u003e \u003cp\u003eRetirement Planning 285\u003c\/p\u003e \u003cp\u003ePrivate Foundation 285\u003c\/p\u003e \u003cp\u003eChapter Review 285\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17: Applications in Risk Management 289\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 290\u003c\/p\u003e \u003cp\u003eLife Insurance Applications 290\u003c\/p\u003e \u003cp\u003eLife Insurance Illustrations 290\u003c\/p\u003e \u003cp\u003eSettlements 291\u003c\/p\u003e \u003cp\u003eModified Endowment Contracts 293\u003c\/p\u003e \u003cp\u003eTransfer for Value Rules, Section 101(A)(2) 293\u003c\/p\u003e \u003cp\u003eSection 1035 Exchanges 294\u003c\/p\u003e \u003cp\u003eImpact on Other Aspects of Personal Financial Planning 294\u003c\/p\u003e \u003cp\u003eAnnuities 296\u003c\/p\u003e \u003cp\u003eMedical Insurance 296\u003c\/p\u003e \u003cp\u003eTaxation and Income Tax Planning 296\u003c\/p\u003e \u003cp\u003eAffordable Care Act 297\u003c\/p\u003e \u003cp\u003eHealthcare Marketplace—Individual and Small Employer 298\u003c\/p\u003e \u003cp\u003ePremium Tax Credits 298\u003c\/p\u003e \u003cp\u003eIndividual Shared Responsibility Provision 298\u003c\/p\u003e \u003cp\u003eEmployer Shared Responsibility Provision 298\u003c\/p\u003e \u003cp\u003eDisability Insurance 299\u003c\/p\u003e \u003cp\u003eLong-term Care Insurance 299\u003c\/p\u003e \u003cp\u003eTaxation and Income Tax Planning 299\u003c\/p\u003e \u003cp\u003eRetaining the Risk—The Self-Insurance Option 300\u003c\/p\u003e \u003cp\u003eIntegration and Application of Long-Term Care Insurance with Personal Financial Planning 301\u003c\/p\u003e \u003cp\u003eProperty and Casualty Insurance 301\u003c\/p\u003e \u003cp\u003eAdditional Insured Endorsement 301\u003c\/p\u003e \u003cp\u003eTaxation and Income Tax Planning 302\u003c\/p\u003e \u003cp\u003eBusiness Owners Insurance 302\u003c\/p\u003e \u003cp\u003eChapter Review 303\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18: Applications in Investment Planning 307\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 308\u003c\/p\u003e \u003cp\u003ePerform Financial Analysis 308\u003c\/p\u003e \u003cp\u003eInvestment Risk 308\u003c\/p\u003e \u003cp\u003eTaxation and Income Tax Planning 309\u003c\/p\u003e \u003cp\u003eAssess Impact of Constraints 309\u003c\/p\u003e \u003cp\u003eAsset Class Allocation Strategy 310\u003c\/p\u003e \u003cp\u003eThe Investment Policy Statement 310\u003c\/p\u003e \u003cp\u003eThe Monitoring and Updating Phase 315\u003c\/p\u003e \u003cp\u003eMeasuring Performance and Goal Achievement 316\u003c\/p\u003e \u003cp\u003eReevaluation of the IPS 317\u003c\/p\u003e \u003cp\u003eIntegration and Application of Investment Planning with PFP 317\u003c\/p\u003e \u003cp\u003eRisk Management and Insurance Planning 317\u003c\/p\u003e \u003cp\u003ePlanning for Financial Independence 318\u003c\/p\u003e \u003cp\u003eEstate Planning 318\u003c\/p\u003e \u003cp\u003eCharitable Planning 318\u003c\/p\u003e \u003cp\u003eChapter Review 319\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19: Applications in Planning for Retirement 323\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 324\u003c\/p\u003e \u003cp\u003eEmployer Considerations 324\u003c\/p\u003e \u003cp\u003eContribution Limits 325\u003c\/p\u003e \u003cp\u003eDefined Benefit Plans 325\u003c\/p\u003e \u003cp\u003eDefined Contribution Plans 327\u003c\/p\u003e \u003cp\u003eRetirement Distribution Optimization Planning (Income Management) 328\u003c\/p\u003e \u003cp\u003eAvoiding Early Withdrawal Penalties 329\u003c\/p\u003e \u003cp\u003eEmployer Stock and Net Unrealized Appreciation (NUA) 330\u003c\/p\u003e \u003cp\u003eRequired Beginning Dates and Minimum Distributions 332\u003c\/p\u003e \u003cp\u003eAnnuity Options 333\u003c\/p\u003e \u003cp\u003eLump-Sum Distributions 334\u003c\/p\u003e \u003cp\u003eQualified Domestic Relations Order 335\u003c\/p\u003e \u003cp\u003eIncome Tax Issues 336\u003c\/p\u003e \u003cp\u003eIncorporating Tax Rate Diversification in the Choice of Retirement Savings Vehicles 336\u003c\/p\u003e \u003cp\u003eImpact of Tax-Loss Harvesting in the Retirement Planning Process 336\u003c\/p\u003e \u003cp\u003eInvestment Management During Retirement 338\u003c\/p\u003e \u003cp\u003eWithdrawal Rates 339\u003c\/p\u003e \u003cp\u003eAsset Allocation 339\u003c\/p\u003e \u003cp\u003eIntegration and Application of Retirement Planning in the PFP Process 340\u003c\/p\u003e \u003cp\u003eLife Expectancy 340\u003c\/p\u003e \u003cp\u003eAsset Protection 340\u003c\/p\u003e \u003cp\u003eChapter Review 341\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20: Applications in Employee Benefits Planning 345\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 346\u003c\/p\u003e \u003cp\u003eGroup Insurance Benefits 346\u003c\/p\u003e \u003cp\u003eGroup Disability Insurance 346\u003c\/p\u003e \u003cp\u003eGroup Life Insurance 347\u003c\/p\u003e \u003cp\u003eGroup Medical Insurance 348\u003c\/p\u003e \u003cp\u003eSection 125 Cafeteria Plans 350\u003c\/p\u003e \u003cp\u003eGroup Long-Term Care Insurance 351\u003c\/p\u003e \u003cp\u003eGroup Dental Insurance 351\u003c\/p\u003e \u003cp\u003eGroup Vision Insurance 351\u003c\/p\u003e \u003cp\u003eOther Employee Benefits 352\u003c\/p\u003e \u003cp\u003eFringe Benefits 352\u003c\/p\u003e \u003cp\u003eAdoption Assistance Program 353\u003c\/p\u003e \u003cp\u003eDe Minimis Benefits 353\u003c\/p\u003e \u003cp\u003eEmployee Achievement Awards 353\u003c\/p\u003e \u003cp\u003eEducational Assistance Program 354\u003c\/p\u003e \u003cp\u003ePrepaid Legal Services 354\u003c\/p\u003e \u003cp\u003eRetirement Planning Services 354\u003c\/p\u003e \u003cp\u003eJob Placement or Outplacement Services 354\u003c\/p\u003e \u003cp\u003eMeals 354\u003c\/p\u003e \u003cp\u003eOn-Premise Athletic Facilities 355\u003c\/p\u003e \u003cp\u003eQualified Moving Expenses 355\u003c\/p\u003e \u003cp\u003eChapter Review 355\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21: Applications in Executive Compensation Planning 359\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 360\u003c\/p\u003e \u003cp\u003eExecutive Compensation Agreements 360\u003c\/p\u003e \u003cp\u003eEmployment Agreement 360\u003c\/p\u003e \u003cp\u003eSeverance Agreement 360\u003c\/p\u003e \u003cp\u003eNoncompete Agreement 360\u003c\/p\u003e \u003cp\u003eOther Arrangements 361\u003c\/p\u003e \u003cp\u003eNonqualified Deferred Compensation 363\u003c\/p\u003e \u003cp\u003eFunded and Unfunded Plans 364\u003c\/p\u003e \u003cp\u003eTypes of Nonqualified Deferred Compensation Plans 364\u003c\/p\u003e \u003cp\u003eEquity Compensation Plans 365\u003c\/p\u003e \u003cp\u003eRestricted Stock Plan 366\u003c\/p\u003e \u003cp\u003ePhantom Stock Plan 366\u003c\/p\u003e \u003cp\u003eQualified Employee Stock Purchase Plan 367\u003c\/p\u003e \u003cp\u003eIncentive Stock Option and Nonqualified Stock Option 367\u003c\/p\u003e \u003cp\u003eStock Appreciation Right 368\u003c\/p\u003e \u003cp\u003eSection 83(B) Election 368\u003c\/p\u003e \u003cp\u003eTop-Hat Plan 369\u003c\/p\u003e \u003cp\u003eChapter Review 369\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22: Applications in Personal Financial Planning in Special Circumstances 373\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 374\u003c\/p\u003e \u003cp\u003eHousing 374\u003c\/p\u003e \u003cp\u003eSale of Principal Residence 374\u003c\/p\u003e \u003cp\u003eVacation Home 376\u003c\/p\u003e \u003cp\u003eHousehold Employees 376\u003c\/p\u003e \u003cp\u003eClosely Held Business Basics 378\u003c\/p\u003e \u003cp\u003eEntity Selection Process 378\u003c\/p\u003e \u003cp\u003eApplication of Trusts 382\u003c\/p\u003e \u003cp\u003eEmploying Spouse or Children and FICA Taxes 382\u003c\/p\u003e \u003cp\u003eBusiness Applications of Insurance 382\u003c\/p\u003e \u003cp\u003eDivorce 383\u003c\/p\u003e \u003cp\u003eIncome Tax Considerations 384\u003c\/p\u003e \u003cp\u003eStatement on Standards in Personal Financial Planning and Conflicts of Interest 385\u003c\/p\u003e \u003cp\u003eChapter Review 385\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 23: Delivery Models and Regulatory Issues 389\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 390\u003c\/p\u003e \u003cp\u003eRegulatory Landscape 390\u003c\/p\u003e \u003cp\u003eRegulatory Bodies 390\u003c\/p\u003e \u003cp\u003eSignificant Federal Legislation 391\u003c\/p\u003e \u003cp\u003eSignificant State Legislation 392\u003c\/p\u003e \u003cp\u003eFinancial Services Industry Regulations and Requirements 393\u003c\/p\u003e \u003cp\u003eSecurities Licensing 393\u003c\/p\u003e \u003cp\u003eInsurance Licensing 394\u003c\/p\u003e \u003cp\u003eRegulatory Investment Reporting 395\u003c\/p\u003e \u003cp\u003eDelivery Platforms (Business Models) 395\u003c\/p\u003e \u003cp\u003eInvestment Advisers 395\u003c\/p\u003e \u003cp\u003eRegistered Investment Adviser 397\u003c\/p\u003e \u003cp\u003eBroker-Dealer 398\u003c\/p\u003e \u003cp\u003eInsurance Company 398\u003c\/p\u003e \u003cp\u003eTrust Company 398\u003c\/p\u003e \u003cp\u003eChapter Review 399\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSusan M. Tillery\u003c\/b\u003e, CPA\/PFS, is President and CEO of Paraklete Financial Inc. Paraklete provides integrated fee-for-service financial planning without asset management or product sales. The firm acts as an Advocate in Financial Services for its clients with a disciplined focus on independence and objectivity. Susan is also a co-founder and president of Financial Planning Advocate LLC, a provider of continuing education for CPAs, financial advisers, universities and colleges.\u003cbr\u003eMs. Tillery’s experience at Harris myCFO, a multi-family office where she was responsible for the development and delivery of comprehensive family office solutions to affluent families, together with her work at Arthur Andersen, Ronald Blue \u0026amp; Co and other financial firms, provides the framework for Paraklete.\u003cbr\u003eSusan earned both her bachelor’s and master’s degrees in accounting from the University of Georgia. Susan is a member of the American Institute of CPAs (AICPA) and the Georgia Society of CPAs (GSCPA). In addition, she is chair of the AICPA Personal Financial Planning Credential Committee. Susan also serves on the Board for The National Center for Stewardship and Generosity.\u003cbr\u003eSusan has over 30 years of experience in tax, philanthropy and financial planning, as well as in the administrative and compliance areas encountered by affluent individuals and families. Ms. Tillery speaks on the topics of: Financial Planning, CPAs and Financial Planning, Financial Issues Facing Women, Responsibilities of Wealth, Charitable Giving and Stewardship.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eThomas Neal Tillery\u003c\/b\u003e, CFP, AEP, CLU, ChFC, CRPC, LUTCF is Vice President and Chief Compliance Officer of Paraklete Financial Inc. Tom also is a co-founder and Vice President of Financial Planning Advocate LLC, a provider of continuing education for CPAs, financial advisers, universities and colleges.\u003cbr\u003eTom earned a M.S. in financial services from The American College and an M.A. in education from The Southern Baptist Theological Seminary. He is an active member of AICPA (Non-CPA Associate), the Atlanta Estate Planning Council and the Society of Financial Service Professionals. He also serves on the Board for The National Center for Stewardship and Generosity.\u003cbr\u003eWith more than 30 years of experience in personal financial planning, Tom is a frequent speaker and writer on all topics relating to personal financial planning. He has written personal financial planning curriculum for several universities and online providers. Tom has been a provider of continuing education for attorneys, CPAs and investment and insurance professionals for over 30 years.\u003cbr\u003eSusan, Tom and their family reside in Kennesaw, GA.\u003c\/p\u003e \u003cp\u003e\u003cb\u003eESSENTIALS OF PERSONAL FINANCIAL PLANNING\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eEssentials of Personal Financial Planning \u003c\/i\u003ewas written to challenge the status quo by promoting personal financial planning (PFP) as a profession, not as a sales tool to gather assets under management or facilitate sales of insurance products. The book takes a comprehensive and integrated approach to PFP for accounting students, allowing them to view the profession through the lens of a CPA – with integrity and objectivity. This book systematically introduces the essentials of all the major PFP topics (estate, retirement, investments, insurance, and tax), as well as:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe PFP process, concepts and regulatory environment.\u003c\/li\u003e \u003cli\u003eProfessional responsibilities of a CPA personal financial planner and the requirements of the Statement on Standards in PFP Services.\u003c\/li\u003e \u003cli\u003eTime value of money concepts.\u003c\/li\u003e \u003c\/ul\u003e The book then builds on these foundational concepts, showing their interconnectivity and professional opportunities, to provide a deeper understanding of PFP and its application. After reading this book, students will be able to apply the knowledge and skills gained from this course to have an immediate and long-term positive impact for themselves and for the clients they serve.","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989162180837,"sku":"NP9781945498237","price":149.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781945498237.jpg?v=1761783046","url":"https:\/\/k12savings.com\/es\/products\/essentials-of-personal-financial-planning-isbn-9781945498237","provider":"K12savings","version":"1.0","type":"link"}