Crystal Brook Advisors
Peter is the founder of Crystal Brook Advisors. With over 18 years of professional experience in the financial planning and investing industry, Peter has successfully educated young professionals, entrepreneurs and advanced investors reach their financial planning and investing goals. As an educator, Peter encourages clients to ask questions. He will provide an understandable answer for each client's specific financial planning and investing needs.
Crystal Brook Advisors are committed to designing, developing, and implementing a broad range of investment advisory solutions which include comprehensive financial plans and investing programs with an established practice of high ethical and fiduciary standard, transparency, and expertise. Whether you’re a short or long-term horizon investor, we can help you or your business with the products and services that meet your specific financial planning and investing need.
Peter’s team provides expert advice by combining research with effective technology tools, bridging tradition and contemporary financial planning and investment management solutions.
Peter is a licensed Certified Financial Planner™ (CFP), Chartered Financial Consultant (ChFC), and Chartered Life Underwriter (CLU).
Peter holds two Bachelors of Science and a Master’s Degree. Prior to Crystal Brook Advisors, Peter was a Branch Manager and Financial Advisor at American Express Advisors.
Peter teaches Financial Planning and Business planning at the American College.
Peter has been published in various media channels: CNBC, Fortune Magazine, Investopedia, to name a few.
BS, Business Administration, Alfred University
BS, Health Care Administration, Alfred University
MPS, Health Care Administration, Long Island University
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
If you are using a S&P 500 index fund in the form of a mutual fund, ETF or index fund or even stocks, a standard choice/option you can select (turn on or off) at any time is dividend reinvest. Your choices are usually but not limited to; pay as cash to an account or pay interest/ dividends to you when issued or reinvest. If you have a direct to fund account, such as Vanguard, Fidelity etc., you can call their 800 number or log on to your account and change the option at any time. If you use a broker, contact them, explain what you are trying to achieve and have them change the reinvest to pay you. As an additional choice/ benefit, you can have the dividends paid directly to you in many forms including direct deposit to a saving or checking account, to your brokerage account or other account.
It is not your gross income, but your modified adjusted gross income that is important to know. Though I am not allowed to give tax advice, I refer you to your tax advisor or IRS to work out the specifics.
As outlined in the IRS- website, IRS.gov, Traditional (2015) IRA Deductibility Table is below. If your spouse is covered by a qualified plan (a 401(k) is usually a qualified plan) and you do not have a qualified plan at work the phase out of contribution deductibility for 2016 is $194,000 modified Adjusted Gross Income (AGI), ($1,000 more than 2015 phase out limit). I suggest you consult your tax advisor or the IRS directly to review specifics. If you have 1099, or self employed income you have a number of options, but by your description your income is all W2.
|married filing jointly or separately with a spouse who is not covered by a plan at work||
a full deduction up to the amount of your contribution limit.
|married filing jointly with a spouse who is covered by a plan at work||
$183,000 or less
a full deduction up to the amount of your contribution limit.
more than $183,000 but less than $193,000
a partial deduction.
$193,000 or more
A collateral assignment is using a life insurance policy to pay off a debt/ loan. The life insurance policy names the lender as a primary beneficiary for the amount of the debt, so if you die before paying the debt, the lender gets paid the balance of the money owed. It is common for a lender, bank or other entity to ask a business owner to take out and maintain a life insurance policy and name the lender as a primary beneficiary for the debt (payoff schedule is usually attached to the assignment), as a condition of the loan until the loan is repaid. Once repaid, the lender should write a letter and release the condition on the policy. An assignment is a formal written document and is filed with the insurance company and parties involved.
If you have a QDRO, Qualified Domestic Relations Order, you submit it to the custodian of any IRA's or 401(k)'s that are to be divided. The custodians that oversee the accounts will make the transfers and divide the accounts as outlined in the court order. The QDRO should not cause any tax or early withdrawal penalties, if division of the IRA's actions are strictly followed.
If you require a withdrawal of funds from your IRA, you should talk to your tax advisor before taking any money, so you know exactly what the tax implications will be in the year you take the funds. There are normally very few exceptions to the 10% early withdrawal penalty. Some of the reasons outlined in the IRS regulations 72(t)(2) to waive the early withdrawal penalty are death, disability, first time home buys (limited amount), medical or a few other specific reasons. The exceptions are very specific and strictly enforced. The penalty is not on sliding scale, it is either applied in full (10% of withdrawn amount) or not.
A rollover IRA means the funds are coming from some type of retirement plan such as a 401(k) or 403(b). There are some subtle differences to each way an IRA is titled, so I suggest you discuss with your advisor or call the custodian company's you are considering 800 help line to determine which is best and most appropriate to you.
If both CD's are in the same IRA investment account, you should be able to let them mature and reinvest the lump sum to another investment or CD in the same IRA account. If you are going to buy a new CD in the same account, you are not doing a rollover, rather just repurchasing an investment within the same account.
If there is some confusion on the term rollover with in a 12 month period. The IRS rule, as excerpted from the IRS web site follows,
"IRA One-Rollover-Per-Year Rule:
Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own (Announcement 2014-15 and Announcement 2014-32). The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.
- Trustee-to-trustee transfers between IRAs are not limited
- Rollovers from traditional to Roth IRAs ("conversions") are not limited"
"Direct transfers of IRA money are not limited. This change won’t affect your ability to transfer funds from one IRA trustee directly to another, because this type of transfer isn’t a rollover (Revenue Ruling 78-406, 1978-2 C.B. 157). The one-rollover-per-year rule of Internal Revenue Code Section 408(d)(3)(B) applies only to rollovers."
If you wish to move forward consider a Trustee to Trustee transfer .
I strongly suggest, since this is mostly a tax question and I do not have all the relevant facts and space to fully explain the details, to consult your tax advisor before making any moves/ decisions.