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
With very rare exceptions, life insurance proceeds are never taxed as ordinary income. However, they will be taxable as part of an estate. However, with the current estate tax exemption at $5.43 million, most estates will never owe an estate tax at the federal level. You may have to check in whether in fact the state in which the decedent died has an estate or inheritance tax independent of the federal tax. I hope this helps and good luck.
If in fact you are the named beneficiary of your mother's IRA, then the executor is wrong. Under no circumstances would you be required to provide the executor with the proceeds from the IRA. The beneficiary designation, assuming it names you directly, supersedes any provision in the will. Even if the will said I leave my IRA rollover or my IRA to my estate, the beneficiary designation takes precedence. I hope this helps and good luck.
The law basically says that life insurance proceeds are received income tax-free by the beneficiary. However, there are a couple possibilities were a beneficiary of life insurance proceeds may be responsible for a portion of the estate tax, if in fact there is one due. As an example, a will can provide for what's called an "apportionment clause" and a good example of this might be a statement in the will that says that if there's any estate taxes due, they will be paid proportionally by the beneficiaries who receive the assets from the estate. Under this set of circumstances, there would be an estate tax due but not an income tax. It is possible that some income tax may be due when the life insurance company takes its time in delivering the proceeds of the policy to the beneficiary. The face amount of the policy, let's say it's $25,000, is received income tax-free. However, the law requires the insurance company to pay interest to the beneficiary from the date of death until they pay out the proceeds. Let's assume that the beneficiaries you $25,030. The $30 would represent interest income and that's $30 would be reportable in the year the proceeds are received as taxable income to the beneficiary. I hope this helps and good luck
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.
I think you may be confusing tax brackets and effective tax rates. The lowest federal tax bracket is 10% . I believe that the 1.28% you’re referring to is your effective tax rate, dividing your tax by your taxable income. That being the case, you may well be in the 10% bracket and certainly no higher than 15%. If this is the level of taxable income you’ll have prior to making a withdrawal from your IRA, the real question is whether you need additional funds prior to age 70 ½. The minimum withdrawal at age 70 ½ is a little bit less than 4% and if you took the minimum at that time, it probably will not change your tax bracket by much unless you combined IRA accounts are substantial. If in fact that is the case, then taking some funds early and taking advantage of your much lower tax bracket now, then the answer would be yes but this has nothing to do with reducing the total value of the portfolio, but rather to allow you to take advantage of the lower bracket you have now if in fact the minimum withdrawal will force you into higher brackets later. I hope this helps and good luck.