Fewer retirees will dedicate 35% to 50% of their Social Security benefits to health care spending in 2019, a recent survey indicates. However, the reduction is expected to be temporary. In addition, Medigap Plans C and F will not be available for new enrollees starting in 2020. Dive deep into planning for clients' health care expenses with the Retiree's Cost of Care Barometer, available to PFP/PFS Section members.
The new postcard tax return, which has only 23 lines, could be simpler for a small group of filers with relatively straightforward financial holdings. However, Americans with more complex financial situations may have to fill out several schedules.
Clients often forget to update their beneficiary forms after divorce, leading to situations in which ex-spouses may receive assets contrary to the wishes of the deceased. However, some states have laws that automatically revoke beneficiary designations for nonprobate assets. PFP/PFS Section members: Access the Divorce Planning Center in Broadridge Advisor, included with your membership, to help clients think through beneficiary designations and other planning issues related to divorce.
Advisers planning to sell their firms may benefit by segmenting their clients into groups based on total assets and occupation, writes Angie Herbers. This strategy allows firm owners to find multiple buyers, each of whom values a particular client segment. Hear Herbers speak at the upcoming 2019 PFP Summit in January. Find out more and register here!
The valuation arena looks different these days. As organizations' needs for valuation in financial and nonfinancial reporting grow, so do individuals' needs in entrepreneurship, litigation and a host of other applications. Protecting the quality and reliability of valuation while addressing the increase in demand is a challenge the profession must rise to address.
Rules the Financial Accounting Standards Board has issued could address a problem that caused General Electric to take a hefty loss related to insurance contracts this year. Under the rules, insurers and their auditors have to review assumptions underpinning long-term insurance contracts yearly.
Auditory learning is a great way to develop listening skills. While in your car, on the train or on a flight to visit a client, practice active-listening skills with podcasts or audiobooks.