Intrepid Wealth Partners, LLC
Founder & CEO
Hello, my friends call me Derek or DJ. Thank you for taking the time to learn more about our team and what we do. I am the Founder and CEO of Intrepid Wealth Partners, one of four companies I have been involved with.
I am married to my lovely wife Amanda. We have a 6 year old son (going on 15!) Neary, and an old rescue dog, Murphy, who is a mix between a German Sheppard, Husky, and something else! We love to travel, meet new people, and try new and different types of food.
I am an American and Irish dual national, having been born in Dublin, Ireland. My son also enjoys the benefits of dual citizenship, however my wife was born and raised in Minnesota. Our travels throughout the world have taught us that most people are genuinely good and want what is best for themselves, their families, and others. We have had the privilege of meeting some great people along the way, who have helped expand our horizons, both professionally and personally.
As a Certified Financial Planner® Professional, I specialize working with Entrepreneurs, Founders, Business Owners, Startup Companies and their Families to realize their hopes, dreams & goals through the leverage of financial education and our financial planning process.
Please think of me and my team as your resource. Feel free to contact us with any questions you may have.
BA, Anthropology & Archaeology, University of Minnesota
Assets Under Management:
Fee based, Financial Planning Fee, Commission
*Derek Notman is registered as an Investment Adviser Representative, under Eagle Strategies LLC, a Registered Investment Adviser, offering advisory services in the states of WI, MN, OH, IA, MA, NY, NJ, NH, VT. As such, these services are strictly intended for individuals residing in WI, MN, OH, IA, MA, NY, NJ, NH, VT. **Derek Notman is also a Registered Representatives of and offers securities products & services collectively through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. In this regard, this communication is strictly intended for individuals residing in the states of WI, MN OH, IA, IL, MA, NY, NJ, NH, VT. No offers may be made or accepted from any resident outside the specific states referenced. Derek Notman is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the states of WI, MN, FL, IL, IN, MO, NV, OH, NY, NJ, MA, NH, VT, CA ( Derek's - CA Insurance Lic. 0K35010). No insurance business may be conducted outside the specific states referenced. Intrepid Wealth Partners, LLC is not owned or operated by NYLIFE Securities LLC or its affiliates. Neither Eagle Strategies, LLC, its affiliates nor Intrepid Wealth Partners or its employees provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional regarding your particular situation.
Intrepid Insights: Matt Howard, CEO & Co-Founder of EatStreet
Thank you for your question.
Generally speaking, the death benefit proceeds of a life insurance policy are received income tax free. However, there are circumstances, depending on the ownership of the policy and if the premiums were deducted, that could change the tax situation. Also, any interest earned on the proceeds from the time of death till the time you receive typically is taxable income to the beneficiaries.
I would encourage you to speak with a life insurance agent as well as a tax professional to discuss your particular situation.
Working with a CFO/bookkeeping or CPA service can certainly help you put together a financial plan for your business. For smaller or younger companies, consider using an outsourced CFO service which can be less expensive to you and still give you what you want and need.
Second, it depends! I would suggest you take a step back and consider your financial situation in light of this windfall, here are some things you should think about before making any decisions.
I am here as a resource should you have any questions.
Thank you for the question!
You certainly should consider speaking with a tax professional about ways to keep your tax rate down. The IRS has a RMD calculation for each year you take a withdrawal, so there is nothing you can do to change that. However, one neat possibility the IRA allows you to do is to take part or all of your RMD and have it sent directly to a qualified charity. In doing so, it is not taxable to you, and you get to support a charity of your choice.
I encourage you to speak with a qualified tax and retirement professional to make sure you do what is right for your situation.
Thank you for your question. Essentially you have two types of IRA's to choose from. A Traditional IRA and a Roth IRA. They both allow you to save for retirement, the difference being that the Traditional is funded with pre-tax dollars, the Roth is funded with after-tax dollars. Which one is right for you? It depends on your financial situation and what you are looking to accomplish for the future.
Something to consider is that, historically speaking, income tax rates are about the lowest they have ever been. Given this tax environment, one could make the argument that taxes will most likely be higher in the future, thus funding a Roth IRA for a younger person in their 20's would seem to make sense. Keep in mind you can actually have both IRA's, as long as your total funding between both does not go over the annual IRA limit.
It really all comes down to your unique situation, I would encourage you to meet with a CFP and Tax professional to make sure you set up what is best for your situation.