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August 2024
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Advisor News Insight

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Industry News

Estate Planning

Fragmented Wills

A will typically is a single document that is prepared by a testator at one time. Not all wills are typical, though. A will can comprise multiple documents that are prepared at different times during the testator’s life. This scenario occurs when a testator executes an initial will and then later executes one or more codicils that amend rather than replace the initial will. In this scenario, multiple documents must be collected at the testator’s death and construed together to obtain a full understanding of the testator’s intended estate plan. This Article refers to these atypical wills, which express the testator’s intent across multiple documents, as fragmented wills. (Mark Glover, Professor of Law, University of South Carolina School of Law, 04/25/2024)

Life Insurance Planning

Limited-Pay Options for Lifetime Coverage

Limited-pay life insurance is an appealing proposition to many clients. With today’s flexible products, there are multiple ways to achieve a limited-pay solution. (Kathleen Johnson, CLU, FLMI, ACS, Regional Vice President, Mutual Trust Life Solutions (Northeast Region), 07/17/2024)

Retirement Planning

EBRI: Americans’ Retirement Confidence Shows Slight Improvements

While workers’ and retirees’ confidence in achieving a financially comfortable retirement has not fully recovered from a significant drop seen in 2023, the Employee Benefits Research Institute (EBRI) found positive signs that confidence is recovering. According to EBRI’s recent study, 2024 Retirement Confidence Survey, 68% of workers and 74% of retirees are confident they will have enough money to live comfortably throughout retirement. However, this is not a significant increase from last year, when the figures were 64% for workers and 73% for retirees. (EBRI, 04/25/2024)

Read more | Download 2024 RCS Results Report

How Long You May Live is One of Retirement Planning’s Biggest Unknowns. How Experts Say to Get the Best Estimate

To effectively plan for your retirement, experts say, you need to watch your savings rate and total nest egg. (Lorie Konish, Personal Finance Reporter, CNBC.com, 06/30/2024)

Longevity Calculator

The Society of Actuaries and American Academy of Actuaries recently relaunched a free online longevity illustrator.

Required Minimum Distributions

On July 18, 2024, the IRS issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries. At the same time, Treasury and IRS issued proposed regulations, addressing additional RMD issues under the SECURE 2.0 Act. (IRS, 07/19/2024)

Download the Final Regulations

Texas Court Stays DOL Fiduciary Rule

A Texas judge today issued a preliminary injunction to freeze the Department of Labor Retirement Security Rule, its latest attempt to expand fiduciary duty to insurance agents. The ruling reads as follows:

The Court grants Plaintiffs’ motion. As explained below, Plaintiffs are likely to succeed on the merits of their claim because the 2024 Fiduciary Rule conflicts with ERISA in several ways, including by treating as fiduciaries those who engage in one-time recommendations to roll over assets from an ERISA plan to an IRA. DOL’s related amendments to Prohibited Transaction Exemption 84-24 are also unreasonable and arbitrary and capricious. (John Forcucci, Editor-in-Chief, InsuranceNewsNet, 07/26/2024)

Read more | View Ruling

Tax Planning

Crypto Currency Tax Reporting

Treasury and the IRA have issues final regulations regarding information reporting and the determination of amount realized and basis for certain digital asset sales and exchanges. (Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA, Partner, Keebler & Associates, LLP, 06/28/2024)

Read more | Listen to podcast | View regulations

Wealth Planning

The Latest Personal Finance News for July 2024

Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. (Ben Luthi, Freelance Writer, 07/01/2024)

Practice Management

2024 RIA Survey & Ranking: RIAs Confront Their Own Success

Perhaps one should avoid the temptation to use house metaphors when describing something like an RIA business. And yet. (Eric Rasmussen, Financial Advisor, Journalist, 07/12/2024)

Wirehouse Veteran Sees Risk to Clients in RIA ‘Behemoths’

Few would argue that the RIA space doesn’t have a rosy future. But excessive inorganic growth through mergers and acquisitions might soon trigger problems for investors. (Jane Wollman Rusoff, Contributing Editor, ThinkAdvisor, 07/22/2024)

Assumed Federal Rates (AFRs)

§7520 Rate for August is: 5.20%

Assumed Federal Rates

Financial Facts of the Month

Cost of Living Facts and Statistics 2024

Cost of living statistics 2024

Inflation is slowing, but some key household essentials are still seeing elevated price increases. Multiple recent Bankrate surveys also confirm the sentiment that, despite what the overall numbers suggest, budgets remain strained:

Key Takeaways

3 in 5 workers (60%) said their incomes hadn’t kept up with inflation throughout 2023, according to Bankrate’s pay raise survey.
Bankrate’s pay raise survey also found that 64% of workers received a pay increase at some point in the 12 months since October 2022. Of that group, 53% said their incomes haven’t kept pace with inflation.
Shelter is a significant spending category for most Americans. In 2022, Americans spent 33.3% of their income on housing, per the Bureau of Labor Statistics.
The cost of shelter rose by 5.7% from February 2023 to February 2024, according to the Consumer Price Index.
51% of would-be homeowners who responded to Bankrate’s down payment survey said that the high cost of living has held them back from affording a down payment and closing costs for a home.

Source: bankrate.com

bankrate.com/insurance/homeowners-insurance/cost-of-living-statistics

Useful Financial Website

Actuaries Longevity Illustrator

Welcome to the Actuaries Longevity Illustrator

There is a significant chance that you will live for many years beyond the average, and you should consider this possibility when thinking about your retirement. The Actuaries Longevity Illustrator (“ALI”) has been developed as an educational tool by the American Academy of Actuaries and the Society of Actuaries to help you gauge what those chances are.

longevityillustrator.org

Recommended Reading

Required Minimum Distributions

A Rule by the Internal Revenue Service on 07/19/2024 – On July 18, 2024, the IRS issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries. At the same time, Treasury and IRS issued proposed regulations, addressing additional RMD issues under the SECURE 2.0 Act.

Download the Final Regulations here

Recommended Podcast

Retirement Income Strategy Smackdown

Host Michael Finke, PhD, CFP®

In this episode recorded on the floor of AICPA Engage 2024, host Michael Finke, PhD, CFP® welcomes fellow College professor and former podcast co-host David Blanchett, PhD, MSFS, CFA, CLU®, ChFC®, CFP® to the hot seat for a discussion on one of their favorite topics: comparing what's good and bad about various retirement income planning strategies. Listen as they explore the differences between fixed and flexible approaches, and the best ways to address risks.

Find all episodes at TheAmericanCollege.edu/Shares.

Listen to podcast episode here

Advisor Tools

Free 2024 Federal Income Tax and
Social Security & Medicare Reference Guides

Our free Federal Income Tax and Social Security & Medicare Reference guides are indispensable resources. The Federal Income Tax Guide keeps you updated on tax rates and regulations, ensuring you provide your clients with the latest insights. Meanwhile, the Social Security & Medicare Reference Guide equips you with comprehensive information to navigate these critical topics, enhancing your advisory services and benefiting your clients’ financial well-being. (No business or personal information required for download.)

Download tax guide

Download reference guide

Financial / Insurance Calculators & Websites

Discover a wealth of online calculators and informational websites tailored to your needs. Our extensive resources cover essential areas such as financial planning, retirement calculations, investment analysis, and insurance needs assessment, empowering you to provide comprehensive guidance and services to your clients.

State Requirement Updates

Stay Up-to-Date on Your
State Insurance CE Requirements

Easily access vital information about state insurance license renewal dates, continuing education (CE) requirements, and more by visiting our State Requirements page. Stay informed and streamline your compliance process with this valuable resource.

View updates here

Featured Course

IAR CE Credits

Meet Your 12-hour IAR CE Requirements

“Guide to Social Security Benefits and Ethical Practices”

This course is an educational tool to help advisors through the maze of programs, rules and regulations that affect many if not all their aging Baby Boomer clients, their spouses, and dependents.

Includes 12 credit hours of IAR (6 credit hours of Products and Practices AND 6 credit hours of Ethics and Professional Responsibility)

Also available: up to 14 credit hours of State Insurance with up to 6 credit hours of Ethics. 10 credit hours of CFP® and 10 credit hours of IWI (CIMA® / CPWA® / RMA®).

Online IAR only courses

Self-Study IAR and/or State Insurance courses

B.E.S.T. CE Programs

Take Our Online or Self-Study Courses at
Your Own Pace and Take Advantage of Affordable Prices

As a nationally approved provider by the State Insurance, CFP®, IWI, and IAR Boards, we offer courses that cover a wide range of topics relevant to your practice. Enroll in our online or self-study CE courses and reap the benefits of:

Convenience: You can take our courses from anywhere, at any time.
Affordable pricing: Prices start at $13.95.
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Up-to-Date course content: We regularly update our courses to ensure that you’re learning from the most current information.

Start learning today! Click on the button below to learn more about our online or self-study CE courses.

Note: California, Florida and Texas are the only states available for online CE courses.

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Meet Your 2-hour CFP® Ethics Requirement

Also approved for 2 CE credit hours of IWI (CIMA®/CPWA®/RMA®) and IAR Ethics.

Date: Thursday, August 22, 2024 | Time: 2:00PM - 4:00PM ET | Cost: See below*

2-hour live webinar presentation: Ethic CE CFP Boards Revised Code and Standards Ethics for CFP Professionals (Course#: 277681) - No exam required.

This webinar is approved by the Certified Financial Planner Board of Standards, Inc. and fulfills the requirement for CFP Board approved Ethics CE. It is designed to educate CFP® professionals on CFP Board’s new Code of Ethics and Standards of Conduct. This webinar presentation does NOT include state insurance CE credit.

*Cost per license type:

CFP® credit ONLY: $61.50
IWI credit ONLY: $59.00
IAR credit ONLY: $65.00
CFP® credit PLUS IWI credit: $86.50

CFP® credit PLUS IAR credit: $92.50
IWI credit PLUS IAR credit: $90.00
CFP® credit PLUS IWI credit PLUS IAR credit: $117.50

Registering involves three individual web pages and you will either be automatically directed
to each of the following pages or a separate window will open for each page. See below.

Registering includes the following three web pages:

Payment page: Enter your payment information. A detailed breakdown of costs and fees will appear before you confirm your payment.
Attendee Registration form page: Fill out the Attendee Registration form to provide your contact details and any other information necessary to receive your CE credit.
GoToWebinar Registration page: Enter your First Name, Last Name and Email Address, then click the ‘Register’ button to complete registration for the live webinar.

NOTE: Do not close any of your web pages / browsers
until you are completely done registering. (SEE ABOVE.)

Register for webinar today!

Start Fulfilling Your 12-hour IAR
CE Requirements Online Today!

Meet NASAA’s latest Investment Adviser Representative (IAR) CE model rule requirements effortlessly by enrolling in our premium IAR CE courses at B.E.S.T. Our extensive online CE course catalog offers a diverse range of topics tailored to help you meet your IAR CE credit requirements. Plus, with our commitment to efficiency, we guarantee to report your credit hour(s) to FINRA within just two (2) business days. Elevate your career prospects today. Discover our courses and make a wise investment in your future with B.E.S.T. All CE courses currently available are listed below.

All 12-Hours in ONE Course
6 credit hours of Products and Practices AND 6 credit hours of Ethics and Professional Responsibility

Products and Practices CE Credit Courses

Estate Planning: 6 CE credit hours
The Advisors Guide to IRAs: 6 CE credit hours
The Advisors Guide to Social Insurance Programs: 6 CE credit hours

Ethics 2 CE Credit Hour Courses

NOTE: Additional fee includes IAR’s governing board filing fee of $3.00 per credit hour/per student. If you add CFP CE credits, there is also an additional CFP Board fee of $1.25 per credit hour/per student. (IAR CE credits are only available for states that have adopted the NASAA Model Regulations.)

Order online courses here

Order self-study courses here

CFP®: This webinar is approved by the Certified Financial Planner Board of Standards, Inc. and fulfills the requirement for CFP Board approved Ethics CE. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP®, and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

IWI: Investments & Wealth Institute® (IWI) has accepted this CFP® Ethics webinar for 2 hours of CE credit towards the IWI certifications. (CIMA®, CPWA® and RMA®)

NASAA (IAR) Disclaimer: “NASAA does not endorse any particular provider of CE courses. The content of the course and any views expressed are my/our own and do not necessarily reflect the views of NASAA or any of its member jurisdictions.”

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It is important to understand that B.E.S.T. neither endorses nor assumes any responsibility or liability for the accuracy, content, completeness, legality, or reliability of the material linked to in this newsletter. The opinions expressed within this newsletter belong solely to the author and do not necessarily represent the viewpoints of B.E.S.T.

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