Squam Lakes Financial Advisors, LLC
Bob has long been a proponent of fee-only financial planning and was a founding member of the National Association of Personal Financial Advisors (NAPFA), the leading professional association of fee-only financial advisors. He served three years as president and director of the Northeast Mid-Atlantic Region of NAPFA and led a committee to develop NAPFA University for the continuing education of fee-only financial advisors and planners. In 2011, he received NAPFA’s Robert J. Underwood Distinguished Service Award and in 2013 he was honored and recognized as one of the 30 Most Influential for meritorious service to NAPFA and the Fee-Only financial planning community.
Bob’s client base included women, retiring and retired couples, owners of closely held businesses professors at Plymouth State University. They look to Bob and his team to help articulate personal goals and develop comprehensive planning strategies for achieving those goals.
In the 14 years prior to founding his own business, Bob administered estates, trusts, and developed new business for bank trust departments. He was awarded the Master of Science Degree in Financial Services (MSFS) from the American College in Bryn Mawr, Pennsylvania, and had his undergraduate studies at Siena College in Loudonville, NY. Bob holds the Accredited Estate Planner certification from the National Association of Estate Planing Councils, a leading organization of professional estate planners and affiliated estate planning councils focused on establishing and monitoring the highest professional and educational standards for the practice.
Bob has been recognized as one of the best financial advisors in the country by both Moneymagazine and Worth magazine. Medical Economics also recognized Bob as one of the best financial planners in the country for doctors.
Financial writers have often sought Bob’s expertise in areas of personal finance. He has been quoted in the Wall Street Journal, Investment Advisor, Medical Economics, Physicians Personal Advisory and Money Magazine. Bob was also featured in Financial Planner magazine for his work as a financial advisor to women.
Bob is immediate past president and a board member of the Squam Lakes Chamber of Commerce and president of the White Pond Watershed Association. He is an active member of the Town of Holderness, NH as a member of the Zoning Board of Adjustments and the Budget Committee and a long-time participant in the “Who Can Make the Best Apple Pie Contest” in Holderness, NH.
In 2012 Bob was named as a director of Speare Memorial Hospital in Plymouth, NH and serves on its Budget Committee and its Long Range Planning Committee.
He is a member of the New Hampshire Estate Planning Council; past Chairman, President, and Director of the Connecticut Estate and Tax Planning Council; and a former President and Director of the Southern Connecticut Chapter of the International Association of Financial Planners (IAFP).
Bob is an avid hiker and fresh-water fisherman, and lives with his wife Bonnie in Holderness, NH.
BS, Finance, Siena College
MSFS, Financial Services, Bryn Mawr College
Fee-Only--Retainer Fee and Fixed Plan Fee
For those of us who are self-employed, Social Security taxes are only due on a positive net self-employed income. In other words, the bottom line on schedule C. If you can deduct the $6,000 in startup expenses against the $1,500 of revenue, then you're going to have a negative number for your schedule C. In this case, you will owe no Social Security or Medicare taxes on the losses for your small business for the calendar year 2015. I hope this helps and good luck.
Although there are no guarantees, it is actually possible that the loan will be viewed in a much better light then a significant number of outstanding credit cards with balances unpaid. However if you going to do a refinancing and cleanup all your credit cards, you should seriously consider either putting them away or tearing most of them up. I will warn you, it's much too easy to use them all over again and this will in fact make it much more difficult to obtain a mortgage. Although interest rates remain incredibly low, banks are beginning to tighten up the requirements for lending and it would be in your best interest to inquire now as to how much of your gross and/or net income between you and your spouse is available as net cash flow. Each lending institution will have a certain percentage that they will allow for homeownership and its related cost and it might be anywhere from 20% to 30%. If you get this information ahead of time you will be much more ahead of the game in understanding what the requirements will be and in the meantime, you should have made some serious pay downs on the refinance loan. I sincerely hope this helps and good luck.
Assuming you're being treated as self-employed, the owner of an LLC or an S corporation, you will in fact wind up paying one half of Social Security and unemployment taxes for each of your employees. In addition, and let's assume for the moment your filing a schedule C on your personal tax return as self-employed and or as an owner of a one person LLC, (the one person being an owner), then you will be using the normal tax tables for those that are there single or married. Also don't overlook the fact that you will be paying both. Have the Social Security for yourself, one where the other. If on the other hand, you're working under an S corporation, there may be two forms of distributions. The first is in the form of salary that you pay yourself and the second is in the form of net income distribution to stockholders at the end of each year. Salary portion is reported as any other type of income on your federal form 1040 and the distribution of all net income is shown via a federal form K-1. In each case, all of this income is reported on your schedule 1040 and be subject to normal income tax rates depending on your status as mentioned above, of single or married. I hope this helps and good luck.
Based upon the information you provided, I would suggest that you not borrow from the 401(k), knowing full well you not be able to pay it back prior to retirement. This would create a taxable event that could otherwise be avoided. Let me suggest that you seriously consider a home equity loan that like your mortgage, is attached to your residence. The primary reason for doing this is that the interest will be fully deductible on your tax return each year until the loan is repaid. If the loan is not repaid by the time you retire, you could tap the retirement funds for the amount necessary to continue to make the payments if that was necessary at all. The home equity loan or a simple refinancing is about the only way you can borrow the funds and get a tax deduction for the interest on the loan. Interest on personal loans that are not secured by a residence are simply not deductible. I hope this helps and good luck.
Without getting too blunt and I'm assuming we don't have all the facts, I think this plan is utterly ridiculous and you should jump all over your attorney. There should be a way to negate any out-of-pocket coming from you. In other words, if you're getting $90,000 for one half of his 401(k) plan and then you have to pay him $60,000, you might be better off taking a much smaller amount for the 401(k) plan and not owing him a dime. This creates a balancing act between after-tax dollars and taxable dollars. I would immediately contact your attorney and/or speak with a fee-only financial advisor to see if you can eliminate the need to pay the $60,000 which you obviously don't have. Why would she/he recommend an agreement when you know you can't make the payments? Is it possible you're trying to work this out without competent legal advice? Something's wrong here and obviously there may be more facts that I'm aware of. In either case, you need some competent advice and I think you could find this either in the form of a fee-only planner (www.napfa.org) or a competent CPA . I am rather distraught that your attorney would even consider making such a recommendation, assuming you're working with an attorney. I hope this helps and I wish you much success.