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Vol. 80, No. 1, January 2026

FEATURED ARTICLES

The Potential Impact of Recent Legislative Changes to the Federal Student Loan Program
Cassandra R. Cole, PhD
The One Big Beautiful Bill Act became Public Law No. 119-21 on July 4, 2025. The Act contains a variety of provisions including several major provisions that will impact federal student loans such as new loan limits, the elimination of the Grad PLUS Loan, and revamping loan repayment options. This paper reviews the changes to the federal student loan program included in the Act and considers how the new provisions differ from existing program provisions. In addition, it discusses the potential impact of these changes on individuals’ education-related decisions. This information should be of interest to financial planners as it can provide some insight into an issue currently facing clients and may be valuable as planners assist clients in planning and exploring alternative options for funding educational expenses for their children and/or themselves.

Selective New Tax Features of Interest to Financial Service Professionals
Bill Harden, CPA, ChFC, PhD
This article focuses on some new features of the One Big Beautiful Bill Act (a.k.a. OBBBA or H.R. 1) of interest to financial service professionals as well as a couple of provisions that were modified. New features discussed are those related to no tax on tips, no tax on overtime, no tax on car loan interest, Trump accounts, and the tax credit for contributions to scholarship granting organizations. Modified provisions that are discussed are the extension and enhancement of the deduction for qualified business income, and the extension and modification of limitation on wagering losses. It is critical that professionals be knowledgeable about these topics to properly assist clients.

Retained Asset Accounts: A Critical Component in Financial Planning
Jill Bisco, PhD
Suzanne M. Gradisher, JD, MTax, MBA, CPA (inactive)
Retained asset accounts (RAAs) enable insurers to hold life insurance proceeds and use these funds in their operations while paying interest to beneficiaries. These accounts lack Federal Deposit Insurance Corporation (FDIC) protection, offer limited protection from state insurance guaranty funds, and are subject to creditor claims, which exposes beneficiaries to financial risks. It is crucial for financial advisors to understand the role of RAAs in their clients' financial portfolios and to ensure that clients receive thorough disclosures and guidance on managing these accounts effectively.

DEPARTMENTS

Accounting and Taxation
Proposed Regulations for Qualified Tips
Bill Harden, CPA, ChFC, PhD
The IRS has issued proposed guidance regarding the new tip deduction. Of note in this guidance are the coding system, the clarification of tips being voluntary, and the clarifications related to employees and specified service trades or businesses (SSTBs). Professionals should relate these distinctions to affected clients in advance to avoid confusion and disappointment in filing season.

Executive Compensation
Court Overturns a Plan Administrator’s Interpretation in a Recent Top-Hat Plan Decision
Paul J. Schneider, JD, LLM
A recent decision by the Eleventh Circuit Court of Appeals highlights several issues that employers may face when choosing to terminate a top-hat plan and how the employer’s actions can influence the judicial outcome of those issues. This column discusses how a top-hat plan is governed under the Employee Retirement Income Security Act of 1974 (ERISA) from both substantive and enforcement perspectives, analyzes the Court of Appeals’ decision and identifies lessons that can be learned from it.

Entrepreneurship
Uses of AI in Small Business
Kevin Tacchino, MSTFP
AI can be a great tool to improve—not replace—business owners as they struggle for success. A planner should consider sharing practical use cases with these owners to help make sense of what’s really possible today for them. Additionally, planners must educate their clients about some of the potential dangers of AI. By positioning themselves in this way, planners can help create value add for their clients who maintain and run their own business.

Financial Gerontology
The Family Challenge of Homeownership: Home? Asset? Legacy? Anxiety? Money-Pit? All?
John Migliaccio, PhD, RFG, FGSA, MEd
Financial advisors and clients have an opportunity to rethink their perception of their home simply as a financial asset which will likely be bequeathed to their children. Many of the recipients of this generous bequest have little interest in maintaining or living in that home. The challenge is how to create, maintain, and pay for a home which will allow the older adult to age-in-place as long as possible in safety and comfort as the majority of them desire. This restructuring is a necessity for longevity planning for the future.

Long-Term Care Insurance
Nor’easter: Preparing for the Impending LTCI Storm Ahead
Ronald Hagelman, Jr., CLTC, CSA, LTCP
A warning about the impending LTC crisis is given. Proper planning can help your clients avoid the dire consequences that are on the horizon.

Practice Management
Roth Conversions (or IRA Distributions) and Tax Torpedoes for the Mass Affluent
Douglas B. Richards, JD, MBA, CLU, CFP
This column is not meant to be an exhaustive look at all the possible ways one can minimize their Social Security provisional income and Adjusted Gross Income by adjusting Roth conversion amounts or IRA distributions. However, because of the nature of Social Security provisional income and its peculiar operation as a "tax torpedo," it is believed that the suggestions made may lead to more optimal strategies for couples and individuals in similar circumstances, especially for those who are age 65 and over.