David Haas

CFP®
Personal Finance, Retirement, Investing
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“David Haas, Owner of Cereus Financial Advisors, LLC, is committed to helping his clients meet their goals in the most efficient and cost-effective way.”
Firm:

Cereus Financial Advisors, LLC

Job Title:

Owner

Biography:

David Haas is the owner of Cereus Financial Advisors, LLC is an independent, privately owned investment advisory firm, committed to helping clients make better financial decisions in all aspects of their financial lives. Families are their first priority and, like family, David and his team aim to build long-term relationships with all of their clients. Whether a client's primary goal is to save for retirement, college education, or a new home, clients can trust Cereus Financial Advisors to work to create an appropriate financial plan, one that is based on sound investment strategies.

As Certified Financial Planners™ and members of the Financial Planning Association, David and his team adhere to the highest standards of professional competence, ethical conduct, and clear, complete disclosure to those whom they serve. Their advice is independent, unbiased, and confidential.

David started his working career as an Electrical and Software Engineer in the instrumentation and telecom industries. After getting his MBA with a concentration in Finance, completing a financial planning certificate program, and attaining the CFP® certification, David changed his career to become a financial planner and following a few years working at another wealth advisory firm, started Cereus Financial Advisors, LLC.

In addition to experience and training in financial services, David’s prior professional experience involved electrical and software engineering in the instrumentation, telecommunications, and card services industries and includes multiple patents in technology. Let the discipline and analytical skills David learned in engineering help his clients plan their financial future.

Owner David Haas has undergone rigorous training and testing to become a Certified Financial PlannerTM (CFP®) and is an active member of the Financial Planning Association® (FPA®), the principal professional organization for CFP® practitioners. David has an extensive history of investing for many clients, including his own family. As a parent of two college-age students, he understands firsthand the importance of education planning.

Education:

MBA, Financial Management, Pace University
BS, Electrical Engineering, Rensselaer Polytechnic Institute

CRD Number:

6185047

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December 2016
    Personal Finance
March 2017
    Banking, Financial Planning, Personal Finance
August 2017
    Personal Finance
June 2017
    401(k), IRAs
March 2017
    IRAs, Tax Deductions / Credits, Taxes

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    Banking, Estate Planning, Taxes
Will we need to open an estate account?
86% of people found this answer helpful

The court-appointed administrator is responsible for settling the deceased debts, paying any income or estate taxes, and then distributing assets to the heirs. Since your mom died without a will, the assets get distributed according to the state intestacy laws where your mom was a resident. The Surrogate Court office in the county where she lived is the place to go for more information as well as the place to get appointed as an estate administrator.

Before running down there and applying to be administrator, take a look at what she left and decide if there are more assets than debts. The estate administrator is held personally responsible to pay the debts by the court and when the deceased is intestate, will likely have to pay a bond. This is not worth anyone's while if there is no money or assets in the estate. The money in that bank account (as well as any other money which was paid from a joint bank account or an account payable on death or even life insurance) can be used to pay her debts. On the other hand, you cannot retitle any assets without having an administrator.

It is up to the estate administrator to decide if an estate account is necessary. If there are no debts or taxes due, then you can safely distribute the bank account to the heirs. But, creditors have a specific time period (up to 9 months in some cases) to present their claims, so its best to delay distribution until then. An estate account can hold the money until then. Since this sounds like a very small estate, you can probably do it without an attorney, but get help from the surrogate's court. It will not be a federally taxable estate unless the estate value was above $5,450,000 (in 2016), but states do have estate taxes and some states have inheritance tax, so it could be taxable in your state. Note that Real Estate, any investments or retirement accounts, and even life insurance owned by the deceased is part of the taxable estate. It doesn't matter if it was paid directly outside the will using beneficiary designations, its still part of the estate. If you have a taxable estate, you definitely should consult an attorney.

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August 2017
    Social Security, 401(k), Retirement Plans
Should I use my 401(k) to self-fund my retirement until I reach full retirement age?
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    Banking, Stocks
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December 2016
    Personal Finance, Retirement, Investing, 401(k)
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September 2016