Financial Planning Solutions, LLC
Rick Fingerman is managing partner and co-founder of Financial Planning Solutions, LLC, an independent fee-based 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 Arlington, 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 fee-based 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®
To simplify things, it would be best if this CD listed you as a beneficiary in the form of a TOD (trasfer on death) or POD (payable on death) or is titled in the name of a trust. This will avoid probate and the CD will transfer to you much quicker with little or no expense.
As far as the Roth contribution question, if you lived with your husband at all during 2018 and go the married filing separately route, you cannot make a Roth contribution if you earned more that $10,000 during the year.
That being said, if your marriage is amicable as you say, I would check with a CPA to see if filing married makes more sense tax wise. Once you are divorced and filing single or head of household, you can contribute fully to your Roth again as long as your Adjusted Gross Income is below 122k.
I would definitley suggest contributing to your 401k to an amount to at least get the companyt match.
As far as the house purchase, I strongly suggest sitting down with a Certified Financial Planner practitioner to walk through it all as there seems to be some complexities given your situation.
This is definitely one of those "It depends" type of questions.
Ideally, in my opinion, one should pay more than just interest if possible so they pay down principal on a HELOC. Also, since we don't know if you owe 20k or 200k on the HELOC, it is hard to say. Lastly, we don't know what you have in retirement, if you are collecting SS, if you have a spouse that has or will have any retirement income, what you actually need in retirement, and whether you plan on selling your house in the near future. See what I mean by "It depends".
I strongly recommend sitting down with a fee-based Certified Financial Planner practitioner to look at your overall financial picture. Good luck! Rick
If done properly, this trust will receive a step up in basis for capital gains purposes if one were to sell an asset after the grantor passed away. Let's say for example the grantor had stock in this trust they purchased for $100,000 in 1970 and they passed away in 2018 with the stock having a value of $1,000,000. If the beneficiary sold the stock the next day, they would receive a step up in basis and pay zero capital gains tax. Bear in mind, the estate could still have an estate tax issue. Proper counsel from a CPA and CFP make sense.
Well, there are are a couple of things to consider here.
1. If you are under age 50 and have earned income the most you can contribute is up to $6,000 for 2018 tax year or $6,500 for 2019. (assuming you have as at least this amount in earned income) If over 50, $6500 for 2018 and $7,000 for 2019
2. If you sell these mutual funds in your trust, there could bve tax consequenses so bear that in mind. One cannot transfer assets from a non retirement account (your trust) to a retirement accpount such as an IRA directly.
Whether or not these IRA contributions are tax deductible is determined on a couple of things so it is best to speak with a Certified Financial Planner practitioner or CPA before making any moves.
Rick Fingerman, CFP