Patrick Traverse

Personal Finance, Investing, Lifestage Based Planning
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“Patrick Traverse is a financial planner and investment manager. He founded MoneyCoach to be the firm he wished he hired as an investor when he played professional hockey. Patrick was awarded one of the Top 100 Most Influential Advisor by Investopedia.”
Firm:

MoneyCoach

Job Title:

Owner

Biography:

Patrick Traverse, founder of MoneyCoach, decided to get into financial services after an 18-year professional hockey career. His journey to his new career started as a young investor during his early twenties as he became frustrated with the type of help he was getting from his advisors. He felt compelled to learn on his own about everything he needed to know to make proper financial decisions. His new passion for the intricacies of the markets and personal finance pushed him to choose financial planning as a second career.

Patrick and his team know that clients are busy with their life and sometimes feel they don’t have the time to get to learn everything they need to know. Patrick thinks it is important that he advises his clients on every facet of their financial life. He feels that every piece plays hand in hand with each other and if an area of their finances is neglected, it could mean that their whole life plan could come down crashing.

After more than 4 years in the business, Patrick founded MoneyCoach in 2016. He uses his experience as a top-level athlete to help his clients become financially successful. He feels that the most important missing component that most investors do not have is accountability. By being their financial coach, Patrick guides his clients to control their money. Not that money is everything, but so much of our lives depends on how we manage money!

Education:

Organizational Leadership, Quinnipiac University

Assets Under Management:

$10 million

Fee Structure:

Fee-Only

CRD Number:

6089405

Disclaimer:

MoneyCoach LLC and/or Patrick Traverse offer Investment advisory and financial planning services through Belpointe Asset Management, LLC, 125 Greenwich Avenue, Greenwich, CT 06830 (“Belpointe), an investment adviser registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services Belpointe Asset Management offers, or that or its personnel possess a particular level of skill, expertise or training. Insurance products are offered through Belpointe Insurance, LLC and Belpointe Specialty Insurance, LLC. MoneyCoach LLC is not affiliated with Belpointe Asset Management, LLC. Additional information about Belpointe Asset Management is available on the SEC’s website at www.adviserinfo.sec.gov.

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    Estate Planning, IRAs, Taxes
If an IRA beneficiary is a minor at the time of my death, what is the most tax efficient way for them to receive the funds?
100% of people found this answer helpful

A minor cannot be the beneficiary of an IRA unless you appoint a guardian to the account. If properly done, the minor (under the custodian's guidance) would have 3 choices for distributions:

  1. Lump sum
  2. 5-Year Distribution
  3. Lifetime distribution

If the distribution is larger than a few thousand dollars, it might be subject to the parent's tax rate. So take advice from a tax professional before taking this decision.

You can also create a revocable trust to be the beneficiary of the IRA while the minor can be stated as beneficiary of the trust itself with an adult trustee. The advantage of this method would be the ability to customize the way the minor uses the funds. If you feel strongly that you would like him/her to have access to the money only under specific circumstances, the trust can accomplish that for you. Doing this properly would help defer tax until later but would be subject to trust tax rates going forward, which are higher than income taxes.

I hope this helps. Contact me for more information.

Patrick Traverse

www.moneycoachfg.com

  

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