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
No, actually not. If you make any form of distribution it would first of all have to be to yourself as the owner of the IRA. Secondly, now that you have moved the funds into your IRA, it cannot be separated without taxation to the owner, and thats you. I see what you're trying to do in an attempt to treat the distribution equally between yourself and your sibling but it simply doesn't work without taxation. My suggestion would be to determine how much tax would be applicable if in fact you made the withdrawal and if under the age of 59 1/2, add to that a 10% tax penalty that would be applicable. Then calculate the net after-tax effect and consider the possibility of making a gift to your sibling of other funds other than the IRA. I hope this helps and good luck.
Let's begin with congratulations on the level of income you're making. It speaks well of where you come from. Having said that, it's difficult to recommend anything in a simplistic way that could be of assistance but let me throw a couple of things on the table that may be possible. First, let's assume you both are maxing out any 401(k) advantages through payroll deductions. Having said that, the next step would be to determine whether either of your employers would allow you to be treated as self-employed versus a salaried employee. If in fact this is the case, it's possible you could create a 401(k) solo plan for the self-employed individual and contribute well in excess of $50,000 year versus the maximum of 18,000+ for 401(k) plans. And depending on your ages, a "Defined Benefit Pension Plan"may offer substancially higher contributions and deductions if self-emloyeed. The next step would be determine whether either of your employers will allow you to defer some compensation. There's a very, very big caveat here. Even if the employer would allow for some deferred compensation which you would take in later years, you must understand that you become a "general" creditor of the business/Corporation. To put this in better perspective, if you work for General Motors, Apple or Google and had the option to use deferred compensation I probably wouldn't hesitate. However if you work for a closely held business that doesn't generate substantial profits, you have to think this out carefully because if the company were to file bankruptcy, you'd be at the very bottom of the creditor protection list. You raised the question of real estate and under normal circumstances, real estate may generate losses can be used to offset compensation. However, the level of your income would not allow you to take losses even if you had any losses as they would have to be carried forward until the property were sold at which time they can all be brought forward to reduce the capital gain. I hope this helps a little and good luck.
Well, this is an interesting question and certainly made me think. Before I begin, I recommend the regardless of what I tell you, you get an opinion before the tax returns are filed and I would suggest a competent CPA. More directly to your question, capital gains, dividend & interest are tax-free if your taxable income falls within the 10% or 15% bracket. The massive size of your capital gain when brought to the front page of the 1040 will put you into a fairly high bracket subject to the maximum tax on capital gains which at the moment should be about 20% for federal purposes. To calculate the gain, you begin with your purchase price and add to that your improvements which appear to come to about $120,000. At that point, the IRS gives you a $250,000 capital gain exclusion which will bring your cost basis up to approximately $370,000. If we assume for the moment you do sell for $2 million and have normal expenses, you're adjust a selling price will come in around $1,870,000 lees yur basis & capital gain exclusion of $370,000 leave a gain of about $1.5 million. It is my opinion that would be taxed at the 20% rate. I don't know enough about California taxation to know whether they also apply any exclusion but there will definatley be a capital gains tax in California. Again, I'm not a CPA but I do a lot of tax work and I strongly recommend that if you do sell during calendar year 2018, you meet with a CPA PRIOR to the sale to get a more definitive and concise answer. Hope this helps and good luck.
1st of all, congratulations as it appears someone loved you enough to leave you $100,000 of tax-free money. You question is interesting but there's are a lot of facts that are missing. On the assumption you have any outstanding debts at your ages of 67 I would immediately pay those down especially if they're in the form of credit card debt. If however you debt free which I'm hoping may be the case, then my suggestion is to put the $100,000 into some very conservative investments like US treasury notes. This is not a time in life to be taking risk with available cash and recognizing that the markets have had a 10 year run on the upside, at some point in the not-too-distant future, I expect the markets to tank and it may be significant. If you stay in virtually risk-free investments such as US treasuries, and the market does tank, you might want to get some professional help as to how to invest 50% to 75% of the money but never under any circumstances have no cash as a backup for your family. Finally, be very careful to avoid most if not all annuities without professional guidance as to what being presented to you. I hope this helps and good luck
If the disability lump sum payment is being given to you in exchange for "pain and suffering" caused by the disability, none of the payment will be taxable at any time. If it wasn't for pain and suffering, you do need to get some professional advice from either aCPA or a "competent" attorney. I hope this helps and good luck