Squam Lakes Financial Advisors, LLC
Bob has long been a proponent of fee-only financial planning and was a founding member of the National Association of Personal Financial Advisors (NAPFA), the leading professional association of fee-only financial advisors. He served three years as president and director of the Northeast Mid-Atlantic Region of NAPFA and led a committee to develop NAPFA University for the continuing education of fee-only financial advisors and planners. In 2011, he received NAPFA’s Robert J. Underwood Distinguished Service Award and in 2013 he was honored and recognized as one of the 30 Most Influential for meritorious service to NAPFA and the Fee-Only financial planning community.
Bob’s client base included women, retiring and retired couples, owners of closely held businesses professors at Plymouth State University. They look to Bob and his team to help articulate personal goals and develop comprehensive planning strategies for achieving those goals.
In the 14 years prior to founding his own business, Bob administered estates, trusts, and developed new business for bank trust departments. He was awarded the Master of Science Degree in Financial Services (MSFS) from the American College in Bryn Mawr, Pennsylvania, and had his undergraduate studies at Siena College in Loudonville, NY. Bob holds the Accredited Estate Planner certification from the National Association of Estate Planing Councils, a leading organization of professional estate planners and affiliated estate planning councils focused on establishing and monitoring the highest professional and educational standards for the practice.
Bob has been recognized as one of the best financial advisors in the country by both Moneymagazine and Worth magazine. Medical Economics also recognized Bob as one of the best financial planners in the country for doctors.
Financial writers have often sought Bob’s expertise in areas of personal finance. He has been quoted in the Wall Street Journal, Investment Advisor, Medical Economics, Physicians Personal Advisory and Money Magazine. Bob was also featured in Financial Planner magazine for his work as a financial advisor to women.
Bob is immediate past president and a board member of the Squam Lakes Chamber of Commerce and president of the White Pond Watershed Association. He is an active member of the Town of Holderness, NH as a member of the Zoning Board of Adjustments and the Budget Committee and a long-time participant in the “Who Can Make the Best Apple Pie Contest” in Holderness, NH.
In 2012 Bob was named as a director of Speare Memorial Hospital in Plymouth, NH and serves on its Budget Committee and its Long Range Planning Committee.
He is a member of the New Hampshire Estate Planning Council; past Chairman, President, and Director of the Connecticut Estate and Tax Planning Council; and a former President and Director of the Southern Connecticut Chapter of the International Association of Financial Planners (IAFP).
Bob is an avid hiker and fresh-water fisherman, and lives with his wife Bonnie in Holderness, NH.
BS, Finance, Siena College
MSFS, Financial Services, Bryn Mawr College
Advisor Insights Maloney HD
I’m going to have to be extremely specific here and answer your question for a “Revocable” Trust. A revocable trust is typically created for the purpose of avoiding probate and for confidentiality. It has a number of other positive aspects. When we use a revocable trust in estate planning, the goal is to then transfer all of your assets to the trust while you are alive so that so that at the time of death, there are no assets subject to your will or the probate process. Any income earned in a revocable trust does not require the use of a separate tax return at the end of each tax year. Instead, all the dividends and interest earned and capital gains earned in the trust during the calendar year are simply reported on your federal form 1040 as if they were not in the trust. I hope this helps and good luck.
The answer to your question lies in the fact that your father “quitclaimed” the deed to your brother. My interpretation of this is that he intended for your brother to own the house outright and not have to share the proceeds or any discussion about its sale with any other member of the family. Had the house been transferred to the trust or remained in the trust prior to his death, then the trustee has the option and also the obligation to deal with the house on behalf of all of the beneficiaries. Normally, the house would’ve been quitclaim to the trust if it was your father’s intent to have it shared by all of the beneficiaries. I hope this helps and good luck.
An annuity, whether it was created with after-tax dollars or pretax dollars in the form of a qualified retirement plan or an IRA, is an unusual asset. At the time of death, there is untaxed money within the account. This is referred to as “Income in Respect of a Decedent” (IRD). Being an estate planner, and assuming all the beneficiaries are adults, I would recommend not naming your trust unless there’s a special reason to do so such as a disabled child. Otherwise, my opinion is you would be better served naming the beneficiaries directly and keep this relatively simple. I hope this helps and good luck.
I’m a fee-only financial advisor and have been practicing like this for 32 years. In English, this means that I simply sell no products, received no commissions and do not share in any referral fees. One of the best recommendations I could make to you in getting started, is to be sure that either you and/or a partner has the capability to manage money. Financial planning with or without money management is extremely labor intensive and is not scalable. On the other hand, managing money is extremely scalable as it does not take a tremendous amount of additional effort to run a $5 million portfolio than a $1 million portfolio. Having said this, I would ask you to consider obtaining not only a CFP designation, but also the CFA designation (Chartered Financial Analyst) and this should set you up for a career in financial planning. Hope this helps and good luck.
Let's begin by trying to determine your actual question. Any information shown in box 9B or employee contributions typically reflects a contribution to the 401(k) plan or 403(B) plan and under normal circumstances, is a pretax deduction to the employee effectively reducing his taxable income. And now you brought up the question of an executor which would seem to indicate that something might be payable to the executor in an open estate. If a tax-deferred account is payable to an estate and the estate is unable to create an IRA rollover than the income is going to be taxable either to the estate or to the beneficiary whose named in the dispositive documents (a will or a trust). When you asked whether the amount could be put into a "state" account, I have no idea what this question means. Depending on the beneficiary, the estate may allow for a pass-through to a named beneficiary that may allow for deferral through the use of an IRA rollover. The ambiguity of the question does not allow me to answer anything else with any certainty. If in fact there is an executor named in the estate and if some of these funds are payable to the executor, I would recommend posing this question to the executor especially if you, your spouse or child is a beneficiary, they may be required to provide you with an answer sooner rather than later. I hope this helps a little bit and good luck.