Financial Planning Solutions, LLC
Rick Fingerman is managing partner and co-founder of Financial Planning Solutions, LLC, an independent financial planning and Registered Investment Advisor located in Newton, MA. He has over 25 years’ experience helping people make intelligent decisions with their money.
Rick specializes in helping clients plan for retirement, create a proper investment plan, save for college, and protect their assets from a catastrophe. He also has expertise in financial issues specific to women and women in transition. He believes having a good financial plan that addresses one's goals and concerns, can make all the difference in the world.
Rick currently holds the CERTIFIED FINANCIAL PLANNER™ designation as well as the Certified Divorce Financial Analyst™ professional designation from IDFA™. For those in the unfortunate position of going through a divorce, Rick can be instrumental in helping them determine a fair division of marital assets.
Rick is an active member of the Financial Planning Association of MA where he is a past President and Chairman. Currently, he holds the position of Liaison to the Financial Coaching Program with Dana Farber Cancer Institute in Boston. This program provides pro bono financial planning to cancer patients and their families. You can watch a short video on this program under the Client Center tab on the home page.
Rick has been quoted in several national publications such as the Wall Street Journal, The Boston Globe, The Chicago Tribune, and CNBC MarketWatch. Furthermore, Rick has been granted several awards throughout his career such as the Boston Five Star Professional Wealth Manager Award in 2013, 2015, and 2016 as well as other prominent awards for financial planning and work with Pro Bono and charitable organizations.
Rick lives in Lynnfield, MA with his wife and stepdaughter. He is also the proud father of a grown daughter and son from a previous marriage. His interests include spending time with his family, performing stand-up comedy, woodworking, hiking, exercise, and nutrition.
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Financial Planning Solutions, LLC (FPS) is a Registered Investment Advisor. Financial Planning Solutions, LLC (FPS) is providing general information for educational purposes only. This should not be considered specific investment, tax, or legal advice. FPS only renders personalized advice to each client. Information herein includes opinions and source information that is believed to be reliable. However, such information may not be independently verified by FPS.
Meet Rick Fingerman, CFP®
If you are unable to contribute to a deductible IRA I suggest first looking into a Roth IRA. Neither non-deductible IRA's or Roth IRA's are deductible BUT the Roth allows some advantages such as tax FREE growth (assuming certain rules are met).
Making non-deductible IRA contributions do not allow for a deduction but should be reported on IRS form 8606 and contributions should not be commingled with any deductible IRA accounts. Keeping this separate helps ensure you will only pay taxes on the gains in the account vs. the whole amount when you take distributions.
I think what you are asking is if buying a $190K house for your son while you are alive will cause any estate tax issues.
Assuming the $190K is the only gift you make during your life, (in 2016 you can gift up to $14K a year to as many people you like without any tax consequence to either party) you would need to file a form 709 with the IRS listing this gift. You would not pay any tax today on this gift, but this form is more of a record keeping item to keep track of taxable gifts during your life.
One easy way to reduce these reportable amounts is to utilize the $14,000 tax free annual gift. Lets say your son is married. You could gift him $14K and give his spouse $14K as well. Let's say you are married. Your spouse could also gift your son and his spouse $14K each for a total of $56,000. You can subtract that from the original $190K gift and now your reportable gift is only $134,000.
Bear in mind, even though your estate is below the $5.4 million, you still may have state estate taxes to pay someday.
This info in very general in nature and I suggest sitting down with a qualified CPA before making and reporting any gifts.
This simple answer is most likely your husband will need to refinance the property using his information only. His credit score, his income, and his assets.
Before "walking away" I strongly suggest having a conversation with a financial or legal professional as decisions can be permanent. If you put the money down and have been carrying the lion share of the payments, you could be giving up as lot.
This is definitely a situation that warrants professional guidance before doing anything.
I generally don't recommend one invests a large percentage in the company stock. Even big companies can go out of business. Remember Enron?
You should be able to do this online or calling the representative that handles your plan. I think diversifying into a broader basket of stocks can make sense.
Good luck and keep saving!
Over the years, I've seen a few of these messes. I've noticed some statements (especially from an insurance company) that don't accurately label an IRA as an IRA.
Non Qualified means non retirement money meaning this shouldn't have gone into an IRA.
I suggest starting with the agent that sold this as it appears a mistake was made. IRA's cannot be held in a joint account as well.