David Flores Wilson

CFP®, CFA, CDFA®, CCFC
Personal Finance, Small Business, Lifestage Based Planning
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“David Flores Wilson advises entrepreneurs and business owners on personal finance strategies so they can achieve their financial goals and dreams.”
Firm:

Watts Capital

Job Title:

Senior Wealth Manager

Biography:

A Senior Wealth Manager at Watts Capital in New York City, David advises and coaches business owners and professionals on personal financial planning matters as they make progress towards their goals and dreams. Prior to joining Watts Capital Partners, David was a Vice President in the Fixed Income Division at Barclays Capital.

David received a BS from the University of California, Berkeley and holds the Certified College Financial Consultant (CCFC), Certified Divorce Financial Analyst (CDFA®), Chartered Financial Analyst (CFA), Behavioral Financial Advisor™ and Certified Financial Planner (CFP®) designations.  David received the IMCA Alternative Investments Certificate and completed the Certified Investment Management Analyst (CIMA) certificate program from The Wharton School at the University of Pennsylvania.  He also is the Editor and Writer at Planning to Wealth, which provides financial planning tips, wealth management guidance, and sometimes travel hacks for your next vacation.

David enjoys traveling, reading, Brazilian Jiu-jitsu, yoga and snowboarding.

Education:

BS, Business Administration, University of California, Berkeley

Assets Under Management:

$50 million

CRD Number:

4253003

All Articles
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November 2018
    Personal Finance, Financial Planning
last month
    Personal Finance, Income Tax, Taxes
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    Small Business Financing, Small Business
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    Personal Finance, Insurance, Retirement, Tax Deductions / Credits
November 2018
    Career / Compensation, Financial Planning, Personal Finance, Retirement Savings

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    401(k), IRAs, Taxes
What are the tax implications of moving my 401(k) into an IRA?
100% of people found this answer helpful

Rolling your 401K into an IRA won’t be taxable.  Once you’ve done the IRA rollover, distributions are taxable at ordinary income rates.  If you’re under 59.5, there will be a 10% penalty on most distributions.  The 10% penalty won’t apply if you meet an IRA distribution exception like distributions for qualified education costs, a first-time home purchase, or for health care premiums made during a period of unemployment.

There are a few other rollover issues to consider as well:

Asset protection.  Depending on the state you live in, once your funds are in an IRA, there is might be less asset protection from a judgment resulting from a lawsuit.  

Required Minimum Distributions (RMDs).  If you are above 70.5 and still working, you might be giving up the ability to rollover your existing 401K into your new 401K (if the plan allows it) and delay paying the taxable RMDs until you are not working.

Invest choice and fees.  While rolling the 401K to the IRA will increase the number of investment choices available to you, before you do the rollover you might want to compare the administrative costs and investment fees of your current 401K to the all-in costs of what you’ll be paying once the funds are in an IRA.

Roth IRAs.  Once you have rollover IRA money, you’ll lose the ability to do a “backdoor Roth,” wherein you would make a non-deductible contribution to an IRA and then convert the funds to a Roth IRA, pay the tax on the conversion, and then get the benefit of not paying tax on any of the gains going forward.  On the other hand, you can do a Roth conversion on some or part of the IRA, where you would convert money from the rollover IRA to a Roth IRA, pay the taxes, and then get the benefit of not paying tax on any of those gains going forward.  The Roth conversion is something you may consider if you expect your tax rate to go up in the future, or you could do the conversion in years you’re in a lower tax bracket if you have year-to-year swings in income.

May 2018
    Financial Planning, Asset Allocation
What is a recommended amount to keep in our emergency fund?
94% of people found this answer helpful
April 2018