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
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.
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.
The strategy is relatively simple in theory and somewhat complex in its execution. The key is to understand that you have very few years left to make up for a mistake. The question as you enter retirement is how much risk can you afford to take. If you lose $50,000 or $100,0000 in the stock market, do you have the earnings and/or wherewithal to replace it as you might've if you made a mistake at age 45 or 50? The key is to lessen your exposure to the equity markets prior to your formal retirement date. In today's economic environment and I'm assuming you've been extremely fortunate as we've had a positive equity market for the past eight and half years and just about everybody who's been in the market has done reasonably well, some more so than others. Take some of these gains off the table and move them into fixed-income. Unfortunately, fixed-income is not very attractive today as bank savings account are paying about 1% and even quality stocks are paying 2 1/2 to 3%. However, keep in mind how high the stock prices are and how quickly they could fall as even the best of the equity investments will fall when the general market is tanking. In other words consider at a bare minimum, a 60%/40% allocation to equity and fixed income and as you age, you may want to begin moving to 50-50 and then 40% 60%. Be very careful that you're not caught up in the crowd that says "this time is different ". It's never different in the market will fall and at some point it will recover. 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
This is truly a great question, especially at your age. In an attempt to answer your question, and I've been doing planning on a fee-only basis for 35+ years, the key is not living to the level of your income. Always avoid having to compare what you have versus your friends and neighbors. It's irrelevant and you can help yourself and your family directly if you begin to save early and often. As an example, see if you can set aside 15% or 20% of your income now and use this as a guideline for the future. Take advantage of any 401(k) plan, 403(b) plan, or any other form of retirement planning, including Roth IRAs, and begin saving today, not tomorrow. Obviously your level of income is critical in making these decisions. As an example, if your income is not sufficient to cover your basic needs, then saving is extremely difficult. However, it can still be done if you can be frugal enough to deal with yourself honestly and make a distinction between what you need and what you want. Never, and I repeat, never miss an opportunity to save and don't assume you'll ever have an inheritance or any form of windfall because it may never happen. If it does, all the better, but depending on one of these forms is simply dangerous. If you can get into a 401(k) or similar plan with a company match, do so as quickly as possible at least to the level of the match. If cash flow is short, make it a point to put one half of every year's raise into the 401(k) plan until you can get to the maximum over a period of years. Make savings a fixed expense, not a discretionary expense and you will never regret it. Your long-term goal should be to plan to retire (financially) at age 55 and not at the normal 65 or 66. Whether you actually retire at 55 is irrelevant, but if you can afford to do so, you can write your own ticket to the future. Again, my thanks for such a great question and I wish you much success.