Vestnomics Wealth Management, LLC
Russ Blahetka, CFP® is the founder and Managing Director of Vestnomics Wealth Management, an independent, fee-only, Registered Investment Advisory firm serving individuals, families, and self employed individuals. He founded Vestnomics on the simple concept that everyone has the right to achieve their financial goals. Prior to this, he was a Financial Advisor and District manager at Waddell & Reed.
At Vestnomics the focus is on the human side of finance. Together, Russ and his team cut through the jargon and media noise and focus on the personal, human aspect of their client's finances. Vestnomics is a personal, economic advisor. The fee structure for the firm is transparent and reasonable. They offer hourly or flat fee for financial planning and also offer assets under management based fees. Russ' clients receive regular communications on their portfolio's performance as well as timely updates of market conditions. All advisors at Vestnomics are bound by the CFP® Board's code of ethics. This means Russ and his team are bound by the "best interest" standard, not the less strict "suitability" standard.
In addition to helping clients towards their goals, Russ teaches "Investments in Personal Financial Planning" at the UC Santa Cruz Extension. Additionally, he teaches "Financial Statement Analysis" in the extension's CPA and Business Administration program. Outside of his professional endeavors, he can be found taking lessons in an Evektor Sports Star working towards his Sport Pilot License. Furthermore, he serves on the board for Title IX Media, an organization which promotes gender equality in sports, and the Academy of Finance at Independence High School.
DBA, International Business, Argosy University
MBA, Global Business, San Jose State University
Assets Under Management:
Information contained in this posting is informational and educational in nature. Do NOT take information provided here as legal, tax, or investment advice pertinent to your specific situation. Any information posted here is not a solicitation of any type, nor does it constitute an opinion on the appropriateness of any investment either in general or specific to the reader's situation. Do NOT act on any information or answer without obtaining legal, tax, and/or investment advice specific to your situation from an appropriately licensed professional.
I'm sorry you are having these difficulties.
403(b) p[lans are weird animals, especially non-ERISA plans (typically used in schools). In their attempt to protect against fraud sometimes doing anything can be onerous.
Like 401(k) plans, each plan has their own rules as to what is needed to roll money out of he plan to an IRA. Many 401(k) plans will accept phone instructions, and will not accept paper requests. Others will only accept paper requests. Still others will only accept web site requests. The employer sets the requirements, but of course the the sponsor provides 'guidance'. In one rollover I initiated, the plan required the signature of someone at the district office who took a six week ummer vacation, and of course, there was no one else authorised to sign the papers to approve the request
Here is a suggested plan of action:
- Contact your previous employer
- Find out who the authorized person is
- Talk to the person to let them know what you are trying to accomplish
- Have your new form send the paper work to that person WITH a self addressed stamped envelope. (I NEVER send any paperwork to anyone (especially clients) without a courtesy stamped return envelope.)
- Send it to them, with one of those little "Sign Here" flag(s) placed in the appropriate places
- Follow up in seven business days to make sure it was received, or to have the person go through their inbox
The key here is to make it easy for the person to do what you need them to do. I realize they should do it, but if this is a school district or other academic office, many of them are understaffed (especially now) and they are trying to get ready for the next academic season.
As my colleagues mentioned, there are privacy laws which limit the amount of information a firm can provide. While the first thought is, "Well, Tony is dead, what does he care?" there could be reasons Tony's estate or other family members may not want that information disclosed.
If you suspect elder abuse (It may be an incorrect assumption, but I assume the relative was over 59-1/2) or some other fraud perpetrated on your relative it may be possible to obtain a court order to have the information released. However, the records will only show when, to whom, and the amount dispersed. The 'why' will be left to your imagination or further investigation. However, even if you suspect something like this, and ask for an investigation, you may not be entitled to the results of the enquiry.
On the surface, this is not a financial question, rather it is a legal one. If you believe you have a right to the information but are being blocked, you may need to seek an attorney to help you. If you feel some sort of fraud or elder abuse evident, you will need an attorney. Regardless of your reasons, seek out a competent atorney to help you determine if you have any options in this situation. Many of us are not atorneys and I doubt even a good attorney can give you advice based on a one sentence description.
Were the shares you tendered in an IRA or another retirement plan originally? If so, then you have 60 days to get the money into an IRA. There are some exceptions to the 60 day rule (see the IRS FAQs on this topic here). If you do not qualify for one of the waivers listed, and it has been much longer than 60 days, the tax implications are the money will taxed as ordinary income and if you are under 59-1/2 there would be early withdrawal penalties.
If the stock was in a general brokerage account then it is your money. The tax implications will depend on how much you paid for the stock and long you held the stock you tendered (If less than a year it will be subject to short term capital tax gains or losses, if you held it longer than a year then it is subject to long term captial gains or losses).
On form 8949 there is a provision for reporting sales of assets not reported via a 1099B. In the short term section it is Option C. In the long term section it is Option F.
As for the the any trading costs, Acorn should be able to at least provide you with the general guidelines for these types of sales. If they were fractional there may not have been a 'disposition' fee. While you are being diligent in trying to be as accurate as possible, it may not be possible to be 100% accurate in a situation like this.
You may not be in a wash sale situation unless you sold the stock for a loss, then bought it back in less than 30 days (The definition of a wash sale from Investopedia is: The rule defines a wash sale as one that occurs when an individual sells or trades a security at a loss, and within 30 days before or after this sale, buys a “substantially identical” stock or security, or acquires a contract or option to do so.
I hope this helps.
I realize this may seem like a straight forward question, but it does have several moving parts. Typically, the lower the required cash outflows for a given rent the better your return. Based on the information provided, I am assuming you do not plan to invest in a REIT or other type of fund, but rather some type of rental property (residential or commercial). If this is the case, there are considerations beyond just the loan. However, for purposes of your question and assuming you are discussing residential property (commercial property has its own considerations), here are a few things to consider :
- If you take out an FHA loan (read about potential restrictions here), and only put 3.5% down, you will need to add PMI (private mortgage insurance) to your calculations. This will afect your return. You can remove it after 11 years or if the value goes up (or you pay down the loan) enough for 80% LTV (loan to value) and you refinance.
- The same will be true if you put less than 20% down on a property. You will have to carry PMI until you can qualify to remove it (80% LTV).
- Will the choice of loan make the property cash flow negative or cash flow positive? If you are not cash flow positive from the start, you are essentially taking a loss until the situation corrects itself. That loss will affect the total return.
- Regardless of the loan, in what shape is the property/building (one of those pesky "other considerations)?
There are a number of rental property calculators on the net, for example, this one. There are also a number of mortgage calculators. The shortfall of these on line calculators is they sometimes do not take into account things such as PMI amounts, vacancy rates, etc. You may want to make an appointment with en experienced advisor or other professional to help you with the details.