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.
I am sorry for your loss.
Under insurance law there has to be a corridor between the cash value and the face value of the policy. This means the death benefit must be higher than the cash balance inside the policy (under normal circumstances). When the cash balance in the policy is above the face value, the death benefit the to you will be the cash value plus the corridor. If you check your last insurance statement or call the company, they will tell you the cash balance and what the death benefit is currently.
I am not sure what a boost in death benefit is referring to, unless you are referring to the approximately $20,000 over the face value of the policy. This will be included in the death benefit you get along with the extra amount for the corridor, when you file your claim for death benefits.
Filing the claim normally requires a certified death certificate and maybe an insurance form. I would suggest contacting the insurance company quickly and get the claim process underway. From what you described you will not be leaving any money on the table. It is yours, so go claim it.
There is a difference between chapter 11 and chapter 7. Chapter 11 provides a company time to reorganize under protection, while 7 is bankruptcy liquidation.
You are pretty close to the correct answer you are asking. The real answer lies in the details of the deal the two companies work out and the bankruptcy court hearing the case, accepts. There are many different ways to cut a deal. If the purchasing company buys the assets, the funds go to the creditors as listed in law or regulation. First in line usually gets the most and usually the common share holders get what is left after all other creditors including bondholders debt is satisfied. Another way if the buying company wants to buy the whole company, they will do a stock exchange, but that could be any number worked out, probably not a one for one exchange. Either way the outcome probably will not be very favorable to the common stockholders.
Check the filings with the court, SEC or what they send you for details of the deal.You may get a inkling of the situation by looking at the company financials and see the debt to equity amounts. Either way the odds are and probably will not be very beneficial to you, depending on your cost basis.
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
There are normally two possible contribution sources to your 401(k), you and the employer. Your contributions/ deposits should be reflected on your statements as well as any employer contributions. If your contributions are through payroll deduction, then the employer should be forwarding the funds to the custodian within a reasonable period of time, but the latest is within 15 days of the month when the deduction was made.
When an employer match is made depends on what they indicate in the company plan documents. The employer selects when they are make matching contributions and must stick to the schedule they elect, which can vary company to company. Their choice can be, paycheck, monthly, quarterly, yearly, etc.. Some smaller businesses may choose annual match contributions.
If you have questions,including when the employer match is made, I suggest you start by discussing your concerns with the person in your company responsible for overseeing the plan (Personnel, CFO, Owner). I am hoping your questions are more lack of communication of the details than anything else. If you are not satisfied with their answers you can ask the representative/ custodian of the plan, listed on your statement. If still not satisfied, you can contact the Department of Labor (DOL) (www.dol.gov/). The DOL is the governmental agency responsible for for oversight and enforcement of retirement/ ERISA plans.
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.