Financial Planning

The U.S. Department of Labor and the Securities and Exchange Commission have published tips to assist fiduciaries of employee benefit plans in reviewing conflicts of interest of pension consultants.

The American Institute of CPAs has expanded upon its 360 Degrees of Financial Literacy program with the launch of a financial literacy program targeted at women.

The president's panel studying tax overhaul options isn't expected to recommend major changes to the estate tax, according to published reports.

Legislators and the public should be aware that carry-over basis problems of estate tax repeal could be a nightmare, according to the American Association of Attorney-CPAs.

The College for Financial Planning, based here, is offering advisor training for a financial planning designation that focuses on issues related to working with seniors -- a fast-growing age group that it says will represent 20 percent of the population within the next 25 years.

FPA SEEKS BOARD NOMINATIONS: The Financial Planning Association is currently accepting nominations for its 2006 board of directors.Members of the FPA's 2005 board will elect the 2006 board from candidates nominated by June 30, 2005. The 2006 board of directors will consist of up to 18 members, including three officers. The new members elected in 2005 will each serve three-year terms beginning on Jan. 1, 2006.

With more than 76 million Baby Boomers moving toward retirement, the need to save more money for a secure financial future is clear.These individuals, who currently constitute 29 percent of the U.S. population, are putting away only one third of the estimated amount that they need to retire comfortably.

Generally, property inherited from a decedent gets a basis equal to the property's fair market value on the date the decedent died. This rule applies regardless of whether a federal estate tax return is filed.However, the fiduciary of the decedent's death can elect to value all the property includible in the decedent's estate on the alternate valuation date, but only if that will result in a decrease in both:

April's landmark bankruptcy legislation helped change the world for spendthrift Americans.By virtue of the Bankruptcy Abuse Prevention and Consumer Protection Act, Congress reformed bankruptcy laws by taking away some privileges, and then the U.S. Supreme Court gave some of them back with a ruling that IRAs would be safe from creditors. Both actions have prompted CPA advisors to rethink the strategies available to clients whose finances get out of control.

The NASD has censured and fined Raymond James & Associates Inc. and Raymond James Financial Services Inc. $750,000 for violations relating to the firms' fee-based brokerage business.