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
It appears that nobody else wants to answer this question so I'll take a shot. The IRS and Congress have laid out special circumstances where distributions before age 59 1/2 are completed with out any penalties or what I think you're calling distribution fees. Some of these have to do with hardship and others have to do with the first home purchase, but the most important ones are the ones related to section 72-T of the IRS code that provides three different methods were early distributions can avoid penalties. However, in each of these three cases it requires a monthly distribution of typically no less than five years and once started cannot stop until after age 59 1/2 or five years whichever comes last. Back to your basic question- then it appears that any withdrawal from qualified retirement plan prior to age 50 1/2 will be subject to early distribution fees or penalties of 10% of the amount withdrawn and the entire amount will be taxed as ordinary income in the year the withdraw. I also have no rulings or decisions to fall back on, but I believe my answer is somewhat logical and with a little bit of research, you can look at each of these areas of the law. If your own tax preparer is unable to provide you with an answer, I think I changed tax preparers. I hope this helps a little bit and good luck
NOTE: The 72(t) Early Distribution Illustration helps you explore your options for taking IRA distributions before you reach 59½ without incurring the IRS 10% early distribution penalty. Internal Revenue Code (IRC) Section 72(t)(2)(A)(iv) defines these distributions as “Substantially Equal Periodic Payments”.
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.
Paying off the loan will not necessarily increase your's credit score, but will definitely increase your options of obtaining a mortgage. Even though your credit score was reduced down to 768, this is on the edge of excellent with regard to the credit bureaus and should be of no concern at the present time. It sounds like you're in awfully good shape to get the mortgage so long as you can put forth a reasonable down payment like 20% plus. I hope this helps and good luck.
Great question, from an 18-year-old. So lets see what I can do to help. The key to a successful financial future lies in your ability to live at a level below your income. If this can be accomplished, you will be able to save money beginning on the day you take your first job. This is not necessarily easy when you begin because their are expenses that have to be dealt with such as rent, utilities etc. If you have the opportunity, accept a position of employment where the employer offers a 401(k) plan or a 403-B Plan. These plans allow you to make contributions from salary and will simultaneously reduce your taxable income by the amount of the contribution. In many cases, most employers will provide some form of a match if you voluntarily make your own contribution to the plan. As an example, an employer might be willing to pay into your plan 50% of the first 6% of salary you assigned to the plan. While this plan is in effect, the goal is to try to get to the maximum contribution level over a period of time without affecting your lifestyle. Each and every time you get a raise, consider the possibility of putting half of the raise into the plan thereby increasing your percentage to what, over time, may be the maximum allowed by law. This is an extremely tax efficient way to save money using not only your funds, but your employers and also the taxes you would've paid to Uncle Sam. Keep in mind that savings will always conflict with lifestyle. At some point you may get married, buy a home and have children and every dollar you set aside for education is one less dollar you have for retirement and for financial security. If you and your spouse are capable of controlling your expenses during your lifetime, the goal would be to attempt to financially retire at age 55 rather than 65 or 66. Whether you actually retire at 55 is irrelevant. What is relevant is that you might have the ability to retire at 55 and that is the definition of financial independence. Income is only one source of retirement savings and/or any kind of savings but more importantly is controlling your everyday expenses. Start out with a budget with as much detail as you possibly can and try to work within the budget. No questions exceptions will arise and they will be dealt with as you will have the necessary excess cash to deal with them on a current basis. I sincerely hope this helps and I wish you much success.
Let’s start at the beginning. My condolences for the death of your dad. Now that he has died, you will inherit outright his residence. With this as a starting point, I’m hoping you have the assistance of a competent financial advisor or probate attorney. At the time of your dad’s death the Internal Revenue Code allows you to re-value your father’s residence and any other assets he owns as of the value on the date of his death. In other words, if he paid $40,000 for his house and it is now worth $250,000, the value for estate tax purposes is $250,000. You as the beneficiary will inherit the property using the $250,000 as your cost basis if you decide to sell. Therefore, assuming you have a date of death appraisal from a legitimate appraiser, this will be your basis for selling the property. There is absolutely no reason or logic for creating an LLC to increase your profit. The profit itself should be pretty minimal knowing that all the capital gains to the date of your dad’s death are forgiven under what is called the “step-up in basis,” rules. Please take the time to review these rules so you don’t waste a lot of money on unnecessary business setups that will never assist you. I hope this helps and good luck.