Peter J. Creedon

CFP®, ChFC®, CLU®
Personal Finance, Investing, Insurance
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“With over 18 years of experience in the financial industry, Peter J. Creedon incorporates today’s advanced technology tools with industry experience to give his clients the best opportunity of reaching their financial goals.”
Firm:

Crystal Brook Advisors

Job Title:

CEO

Biography:

Peter is the founder of Crystal Brook Advisors. With over 18 years of professional experience in the financial planning and investing industry, Peter has successfully educated young professionals, entrepreneurs and advanced investors reach their financial planning and investing goals. As an educator, Peter encourages clients to ask questions. He will provide an understandable answer for each client's specific financial planning and investing needs.

Crystal Brook Advisors are committed to designing, developing, and implementing a broad range of investment advisory solutions which include comprehensive financial plans and investing programs with an established practice of high ethical and fiduciary standard, transparency, and expertise. Whether you’re a short or long-term horizon investor, we can help you or your business with the products and services that meet your specific financial planning and investing need.

Peter’s team provides expert advice by combining research with effective technology tools, bridging tradition and contemporary financial planning and investment management solutions.

Peter is a licensed Certified Financial Planner™ (CFP), Chartered Financial Consultant (ChFC), and Chartered Life Underwriter (CLU).

Peter holds two Bachelors of Science and a Master’s Degree. Prior to Crystal Brook Advisors, Peter was a Branch Manager and Financial Advisor at American Express Advisors.

Peter teaches Financial Planning and Business planning at the American College.

Peter has been published in various media channels: CNBC, Fortune Magazine, Investopedia, to name a few.

Education:

BS, Business Administration, Alfred University
BS, Health Care Administration, Alfred University
MPS, Health Care Administration, Long Island University

Fee Structure:

Fee-Based
Asset-Based
Commission

CRD Number:

2951761

Insurance License:

#LA-865096

Disclaimer:

Crystal Brook Advisors is a Registered Investment Advisor in the State of New York. Security Investments are not FDIC insured. Security Investments are not Bank guaranteed. Investing in securities involves risks, a potential of losing money when investing in securities. Before investing, review your investment objectives and Crystal Brook Advisors charges and expenses. Investments past performance does not guarantee future results. Visitors using CrystalBrookAdvisors.com website agree to accept our Terms + Conditions and Privacy Policy.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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    Debt, Estate Planning, 401(k)
Are mandatory payouts enforced for an inherited 401(k)?
100% of people found this answer helpful

I am sorry for your loss.

You will be required to take required minimum distributions if you choose to not take the money as a lump sum. The treatment of Inherited retirement accounts, 401(k) or IRA's, is outlined in the IRS guidelines and publications 559, 575, and 590(b) depending on the type of retirement plan.

Generally, inherited (non- spouse) retirement (401(k), IRA) money can be rolled over into the beneficiaries name or you can take a lump sum or some type of distribution. Usually, people will roll the 401(k) and/or traditional IRAs into an account that must be labeled as an inherited IRA that will include the name of the deceased. The inherited IRA funds must be kept separate from other retirement accounts and monies, since your wife must take annual required minimum distributions (RMD) based on her age, for as long as there is money in the account. There are pretty severe penalties for not taking the RMDs, so make sure your tax advisor knows the details of the Inherited account  You can take more money out (pay off that loan), but any money taken as a distribution will be added to your income and taxed accordingly in the year of the distribution. If your father in Law had an annuity, retirement or non retirement, or a Roth IRA, they are treated a little differently and due to space and you not mentioning them will not go into them. Also, remember to make sure whoever does the tax returns (final individual and estate) for your father-in-law, make sure he took his RMD in the year of his death. If he was working, generally his work 401(k) is not included in his RMD calculation.  I strongly suggest you get some guidance from your tax advisor before making any transfers or filing any tax returns. Inherited Retirement money is not difficult to understand but the rules are very inflexible so get the right help to set up and understand what you can or should not do and the taxable nature of the decisions.

Below is an excerpted paragraph about a non-spouse beneficiary from the IRS website.

This is regarding an inherited retirement plan, inherited from someone other than a spouse."If the inherited traditional IRA is from anyone other than a deceased spouse, the beneficiary cannot treat it as his or her own. This means that the beneficiary cannot make any contributions to the IRA or roll over any amounts into or out of the inherited IRA. However, the beneficiary can make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of the beneficiary."

Like the original owner, the beneficiary generally will not owe tax on the assets in the IRA until he or she receives distributions from it.

Beneficiaries of Qualified Plans

Generally, a beneficiary reports pension or annuity income in the same way the plan participant would have reported it. However, some special rules apply.

A beneficiary of an employee who was covered by a retirement plan can exclude from income a portion of non-periodic distributions received that totally relieve the payer from the obligation to pay an annuity. The amount that the beneficiary can exclude is equal to the deceased employee's investment in the contract (cost).

If the beneficiary is entitled to receive a survivor annuity on the death of an employee, the beneficiary can exclude part of each annuity payment as a tax-free recovery of the employee's investment in the contract. The beneficiary must figure the tax-free part of each payment using the method that applies as if he or she were the employee.

Benefits paid to a survivor under a joint and survivor annuity must be included in the surviving spouse’s gross income in the same way the retiree would have included them in gross income.

March 2017
    Life Insurance, Long-Term Care Insurance
How do I determine if long-term care insurance or life insurance is better for my family?
100% of people found this answer helpful
March 2017
    Financial Planning, Investing, IRAs
Do I need to open a Roth IRA or can I just use a taxable account?
100% of people found this answer helpful
March 2017
    Insurance, End of Life
Should I boost a death benefit to convert the cash value of a life insurance policy?
97% of people found this answer helpful
September 2016
    ETFs
How do I determine the expense ratio of an ETF?
94% of people found this answer helpful
September 2016