AEPG Wealth Strategies
Executive Vice President
Chris is a seasoned executive in the financial services industry with over 25 years of accounting, business and financial industry expertise.
Chris fosters a responsive, innovative and collaborative team environment that results in a culture of achievement and service excellence. “As our clients’ fiduciary, we sit on the same side of the table, finding the best solutions and helping them achieve their financial goals,” says Chris.
Chris received a BS in Accounting from Fordham University. He also received an MBA in Finance and International Business from New York University's Stern School of Business.
Chris is a Certified Financial PlannerTM, Certified Public Accountant licensed in New York, and holds New Jersey Life and Health Insurance licenses. Chris passed Level I of the CFA exam in December 2011.
MBA, Finance and International Business, New York University
BS, Accounting, Fordham University
Assets Under Management:
There are a number of strategies around chritable giving that can help reduce your tax bracket. Charitable donations can help, but only if charitable donations and other itemised deductions are greater than your standard deduction. One way increase charitable donations is to "bunch" your charitable donations from multiple years into one tax year. Although trusts can be used, a Donor Advised Fund (DAF) is a vehicle that can be used to receive the charitable donations in the current tax year that can be distributed to charities over time. Most Donor Advised Funds have a very comprehensive list of eligible charities that you can select from.
Another option is to make a donation to a charity using a qualified charitable distribution (QCD) from your IRA. QCDs made from your IRA are exempt from taxation up to $100,000 as long as the distribution comes from a qualified account and is donated directly to a charity that meets the IRS requriements. Qualified Charitable Distributions cannot be made to a Donor Advised Fund (DAF).
There number of factors to consider: What is your tax bracket, did you have a standard deduction or itemized deductions, will you have enough funds to last through retirement, do you want to leave a legacy to your hiers. Seeking the assistance of a tax of financial planning professional to run through the scenarios for your specific situation can help you optimize the outcome that is best for you.
Closing a checking accoutn will not impact your credit score. Opening an account or adding overdraft protection might impact your credit card. For more information on factors that impact your credit score: https://www.investopedia.com/ask/answers/040715/how-does-your-checking-account-affect-your-credit-score.asp
If you take social security before your full retirement age (FRA), you are penalized with a smaller benefit. If you stopped working at age 62, you do not need to concer yourself with the "Zeros" because your PIA (Primary Insurance Amount) is calculated based on your average indexed monthly earnings during the 35 years in which you earned the most. Also, if you wait past your full retirement age up unitl age 70, you will receive and additonal monthly benefit.
To calculate the optimal strategy for you depends on a number of factors including your health, whether there is longevity in your family, wether you are married. If is a trade off between receiveing a smaller benefit earlier or receiing a larger amount later. A financial planning professional can run scenarios with you using software in order to show you the pros and cons of waiting.
Sounds like you have it covered. Yes, with the home proceeds, the mortgage is paid off at closing along with the realtors commission, and other of other smaller fees, like transfer fees, attorneys fees, title insurance. Here is a link to a useful checklist of closing costs: https://thelendersnetwork.com/cost-of-selling-a-house/.
One other thing for you to consider however is taxes. In the above example, if the home is your primary residence and you have occupied the residence for two of the last five years and you are single you will pay no capital gains tax on the first $250,000 you make when you sell your home. Married couples have a $500,000 exemption. Here is an article with more infomation on home sales and capital gains tax: https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp
Generally you can take distributions from a 401k penalty free at age 59 1/2. If you take distributons prior to that you are subject to a 10% penalty (with some exeptions). Distributions are taxed at your oridinary income tax rate for the pre-tax contributions that you made. However, for company stock special rules apply. The difference in value between the average cost basis of shares and the current market value of the shares held in a tax-deferred account is called Net Unrealized Appreciation (NUA) is the.The NUA is only available when the stock is originally placed into a tax-deferred account, such as a 401K(k) or traditional IRA, and is only applicable to the stock of the company for which you are or were employed. When distributing stock out of a 401(k) to a taxable account, shares of the company stock will only be charged as income on the cost basis. You can find out the cost basis from your employer. Upon selling the company stock, the NUA will be subject to capital gains tax. NUA distributions depends on what the plan document says, generally: You must have either separated from the company, reached the minimum age for distribution, suffered an injury resulting in total disability, or you must have died.
Ask for a copy of the plan document to find out about the distribution requirements.