DRM Wealth Management, LLC
President Founder - Financial Planner
David Rae is the independent LA CFP®, AIF® to Lead Your Financial Team. We believe everyone can retire earlier and with more money than they ever thought possible.
David Rae, Certified Financial Planner®, Accredited Investment Fiduciary® and Wealth Manager positions his clients for prosperity.
Name one of the "100 Most Influential Financial Advisors" by Investopedia.
“Once you get your financial house in order,” he says, “It’s a lot easier for everything else–personal life, professional life, family life and recreational life–to fall into place too.”
Working with a wide diversity of clients for well over a decade, he has built a successful career developing comprehensive financial plans to meet life goals, retirement, tax planning, estate issues, portfolio revision, life insurance, portfolio management, business exit strategies and more. While based in Los Angeles, he serves clients across the country. At the same time, he enjoys a solid reputation as a smart, go-to financial guy for both mainstream and LGBT print, broadcast and online media.
David grew up Irvine, California. His father Mike Rae retired from a career as an NFL quarterback (USC, Raiders, Redskins, Buccaneers) while he was still in elementary school. This gave him a front row seat to retirement planning and money manners early on. His mother, Terri, was something of a financial genius who ran a tight ship, planned carefully, got the most bang for the buck and successfully avoided the financial traps that often snare former athletes and their families.
At the University of Redlands, David majored in Business and Musical Theatre, earning full-ride scholarships in both disciplines. A year studying abroad in Vienna, Austria – in addition to consistent and considerable amounts of world travel that he keeps up to this day – engendered a dimensional world view about peoples and cultures.
Life in finance
Financial planning has proven an excellent fit for fully engages David’s considerable math, social and communication skills. He began in 2003 as a Financial Advisor and hit the ground running. After completing the CFP’s rigorous two-year preparation program, in 2006 he passed the two-day CFP exam (the financial industry’s equivalent of the bar exam) with flying colors, earning him his professional certification. He achieved his Accredited Investment Fiduciary certification in 2015. He became President of DRM Wealth Management in 2017. This independent RIA specializes in helping the friends on the LGBT community reach their financial goals.
In addition to building his own business, David has always been active in helping others build their businesses as well. In 2004, he founded the Beverly Hills Breakfast Club chapter of BNI, an international networking group, which has grown today into the largest and wealthiest chapter in Southern California. He was also named an "Adviser with Heart" by Wealth Management Magazine.
“There’s a significant lack of financial literacy in the general population,” David reports, “Even among those who are very bright. This may be related to being phobic about math since so much about money is really about math too. My function is to translate what may seem to be overwhelming and confusing concepts and programs into something clear, understandable and attainable. Essentially it’s pretty simple. You have a dream or life goal? Great, let’s sit down together, plan a workable strategy on how to finance it and make it a reality.”
David Rae is the go to Financial Expert for the media. He has been seen, quoted and published in many national publications including Today Show Nightline, ABC News, CBS News, Fox News, NBC News, KTLA News, KCAL 9 News, Time Magazine, MSN Money, Men’s Health, NBC News, US News & World Report, Yahoo News and 401(K) Specialist Magazine and many more. He blogs weekly on financial issues for The Huffington Post where he is noted for his trenchant observations and spot-on wit. He is also a regular contributor to The Advocate Magazine and Investopedia blogs. David recently became a Personal Finance Contributor for Forbes.com. He also has his own personal finance blog Financial Planner LA
David has completed the 545 mile Aids Lifecycle bicycle ride from San Francisco to Los Angeles for seven years in a row becoming not only a top fundraiser personally but heading a team that raised over a million dollars for the organization. A longtime and enthusiastic resident of West Hollywood, he lives with his husband Ryne Meadors and their two chihuahuas.
BA, Business Adminstration, University of Redlands
Assets Under Management:
All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy.
Securities and investment advisory services offered through DRM Wealth Management LLC Registered Investment Adviser. DRM Wealth Management LLC, TD Ameritrade, SEI and Investopedia are separate and unrelated companies. www.financialplannerla.com
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I'll let the other advisors answer the tax question- but I will throw in you might want to wait until you 20 year old has applied for their last year of financial aid for college before getting married. Getting married would greatly increase you families income- and likely your assetts, this would likely increase the expected family contribution for your child college. Meaning you will have to pay more for the remainder of his time in school.
Beyond taxes this could be a big deal breaker for most people when choosing to get married or not.
Best of Luck
Ultimately this depends on what type of annuity you have and if you have already "annuitized" it.
If you are still in the accumulation phase of life, or are just taking withdrawals from the policy as you need them your beneficiary would receive the proceeds from the policy.
If on the other hand you have "annuitized" the policy.(turned it into a guaranteed income streem for the rest of your life) if you pass away the payments will normally stop and that is the end of it.
There are exceptions to these two scenarios if your policy has additional death benefits or other living benefits. OR if when you annuitized you selected a joint life payment, or some period certain.
For more specific info sit down with a Fee Only Fiduciary Financial Planner to review you annuity and it specific options.
Live for Today, Plan for Tomorrow.
DAVID RAE, CFP®, AIF® is a Los Angeles-based fiduciary financial planner with DRM Wealth Management, a regular contributor to Advocate Magazine, Huffington Post Queer Voices, Investopedia not to mention numerous TV appearances. He helps smart people across the USA get on track for their financial goals. For more information visit his website at www.davidraefp.com or the Fiduciary Financial Planner LA Blog
I'm missing how this is a good idea, or what you are trying to accomplish.
So no I don't think this is a good idea.
There are no required minimum distributions required on a ROTH IRA- so you aren't pushing those back.
If you are looking to fund her ROTH IRA you should do it from other savings or current income.
Best of luck.
These types of commissions were typical, but have become much less common. If you can avoid paying these commission all the better.
Look for a fee only financial planner or financial advisor, that will just charge for actual usefull advice, not charge you a commission for selling you a mutual fund.
Best of luck
Fees paid from within your IRA are not tax deductible. If you paid the fees from another investment they may be deductible as a miscellaneous expense. This deduction goes away for tax year 2018 thanks to the trump tax plan.