Society of Financial Service Professionals
Professional Day
ALL FALL CLASSES are now available on FSPgo and will be offered for CE credit. Click here to register.
Below is a quick agenda for our upcoming Pro Day. The chapter has decided to hold a virtual, two-day conference this fall through Zoom and a half-day traditional live event on May 18, 2021 at Starmount. This allows us to offer all 10 hours without breakouts.
All courses have been filed for NC CIE, CPE, CLE, and CFP
All six courses will be rebroadcast for credit before the end of the year, dates TBD. So even if you can't make it tomorrow, you can still get the CE and the great content.
October 20, 2020 – Day 1 - Zoom Webinar
8:30am-10:05am
Aftermath of the Paycheck Protection Program – How Does it Affect
Business Owners in 2020
Milton Howell, CPA, CSEP, DMJ & Co., PLLC
In this course, we will discuss the various impacts to 2020 for business owners on the fallout from the Paycheck Protection Program under the CARES Act (“PPP”). While at this time the audience should be familiar with the application process and the funding is complete, the preparation for the forgiveness application will be in process. Also, the entire PPP process will impact the 2020 tax return filed by the business. Finally, the session will end with a Q & A discussion to answer all related questions.
10:10am-11:10am
Women Taking the Reins: Financial Influence on the Move
Paula McMillan, CPA/PFS, CFP, CGMA, Stearns Financial Group
There is a shift in influence underway. Maybe you have seen it, heard it, or felt it. You are more likely to see more and more women at the table with you, seeking planning opportunities.
Did you know?
- Women are already the breadwinners or co-breadwinners in 2/3 of the American households
- In 40% of couples, she earns more, in another third, she earns the same amount
- Of the tremendous intergenerational wealth transfer, 70% will pass to daughters, likely creating more breadwinner decision-makers
- 95% of women will be responsible for family finances at some point
Is she, the breadwinner woman, ready? After this session, you will better understand:
- Unique Concerns, Behaviors and Goals Women Have Around Money
- The Role of Education in Advising Women
- How Specific Life Transitions Often Impact Women
- How These Differences Can Be Advantages in Achieving Successful Financial and Life Outcomes
- The Opportunity that Exists in Building Deeper, More Fulfilling Relationships with Women
11:15am-12:15pm
Who Owns the Farm? A Discussion of the various ways people do not own the property they think they do.
Sharon Schlachter, JD, Fidelity National Title
This course will be a discussion of the various ways people do not own the property they think they do. We will discuss who/what can own real property, how real property can be titled, and what actions can affect the title to real property. Attendees will learn real-life situations where a lack of proper planning led to some heartbreaking and unwelcome financial results.
Click here to download Day 1 Speaker Bios.
October 21, 2020 – Day 2 - Zoom Webinar
1:30pm-3:00pm
Options for Changing Irrevocable Trusts
Michael Godwin, JD, Schell Bray PLLC
Attendees will learn about the numerous ways that terms of otherwise irrevocable or non-amendable trusts can be changed under provisions of the North Carolina Uniform Trust Code, including discussion of (1) non-judicial modification of non-substantive provisions, (2) modifications while trust grantor is living, (3) court approved and independent modifications after trust grantor is deceased, (4) decanting (transferring trust assets to new trust with different terms), (5) modification by trust protectors, (6) modification of charitable trusts, (7) virtual representation-when persons can “consent” for minors and unborn beneficiaries, (8) tax risks associated with trust modifications and (8) real life examples of modification and decanting.
3:05pm-4:05pm
Estate and Financial Planning for Blended Families
Sue Hunt, JD, Susan L. Hunt, PC
Estate planning for blended families is complex and it requires a watchful eye and a delicate touch. Clients in blended families should understand that there are important additional issues unique to them that must be addressed, like how to properly provide for their spouse without accidentally disinheriting their own kids. Planners need to look at the clients’ differences in goals and help them navigate the often-challenging discussions.
These issues raise a number of questions around estate and financial planning. Do your clients need a living will, a revocable living trust, an irrevocable trust, retirement trusts? How do they need to address beneficiary designations on financial accounts?
We’ll address ethics rules that have special applications to blended families, as well as looking at statutory preferences, powers and rules that may conflict with a client’s goals.
4:10pm-5:10pm
Long-Term Care Planning – A Critical Component of a Complete Plan
Marshall Clement, CLTC, LTCP, GP Agency
In this session, we will discuss reasons why addressing extended care is advantageous to your practice. You will gain insights why traditional long-term care insurance will make a comeback (hint: why the rate increase drama is over!). You will get a good overview of the many new solutions and which solutions are most suitable for specific clients and why. We’ll go over how HIPAA, the DRA, the PPA, and Secure Act affect your clients long-term care contracts. We will close with a period of Q&A.
Click here to download Day 2 Speaker Bios.
5:10pm-6:00pm
Zoom Virtual Happy Hour - with a surprise guest
May 18, 2021 – Day 3 - Live at SFCC; times TBA
How to Avoid Rookie Errors; An Estate Planner Reflects on Troubling Issues That Can Trip Up Even the Most Experienced of Practitioners.
Terence B. Stanaland, JD, CPA, ChFC
Some of the issues that will be addressed are:
- Life insurance problems with incorrect beneficiaries, incorrect ownership, corporate owned policies, transfer for value and the valuation of life insurance policies.
- IRA issues (1) as a result of the SECURE Act, (2) with minor children as beneficiaries, (RMD in year of death, and (4) proceeds payable to the estate.
- Issues with “Pay on Death” and “Transfer on Death”
- Other issues such as competency and the aging client, integrating S-corps in tax planning, powers of attorney and gifting, and by-pass trust planning for Medicaid.
Income Taxation of Trusts and Estates
William W. Stanaland, III, CPA, William W. Stanaland, III, PLLC
This presentation will allow the attendees to have an understanding of income taxation of the most commonly used trusts as well as the income taxation of estates.
Retirement Income Backstop
Bruce McGuirk, CFP, CLU, ChFC, Regional Director, John Hancock Life Insurance Company
This presentation is intended to provide participants with a planning solution to client’s fear of outliving their income. It reviews retirement income planning and how the way a client’s accumulation (working) years projections cannot be the same as the client’s distribution (income) years projections. It reviews the various income risks a client faces during their distribution years and uses a case study to illustrate how the solution works.
Use of Retirement Assets to Start a Business: A Good Idea?
Scott Dillon, JD, Carruthers & Roth, PA
This topic will explore the use of IRA and 401(k) assets to fund a business start-up, through the use of self-directed IRAs, “checkbook control” IRA-owned LLCs, and “ROBS” transactions (Rollovers as Business Start-ups) under which IRA assets are rolled over to a participant-directed 401(k) plan and then used to capitalize the business sponsoring the plan, all within the limitations of the prohibited transaction rules, plan discrimination rules, and IRS guidance.