Bob Gavlak

CFP®
Personal Finance, Retirement, Lifestage Based Planning
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“As a wealth advisor with Strategic Wealth Partners, Bob Gavlak assist his clients in formulating a plan for reaching all of their retirement goals.”
Firm:

Strategic Wealth Partners, Ltd.

Job Title:

Wealth Advisor

Biography:

Bob Gavlak is a Certified Financial Planner professional and Wealth Advisor at Strategic Wealth Partners. Bob employs a holistic approach when working with his clients, ensuring that all aspects of an individual's financial needs are taken care of. He specializes in working with young professionals and pre-retirees through personal interaction, helping to build the ideal plan for navigating a broad range of financial situations.

Bob graduated from Case Western Reserve University with a BS in Business Management. An entrepreneur at heart, he started Fresh Fork Market, a company that connects local farms to consumers, while still in college. When farming lost its luster, he turned to helping young professionals and pre-retirees navigate their financial lives. Bob enjoys the challenge of navigating complex financial situations while simultaneously ensuring that the appropriate risk management strategies are in place.

A lifelong wrester and three-time Academic All-American in college, Bob still avidly follows the sport. He also enjoys golfing, running, discussing Cleveland sports, and spending time with his family. He lives in Delaware, Ohio with his wife, Heather, and their three children, Grace, Mitch and Andy.

Education:

BS, Business Management - Finance Concentration, Case Western Reserve University

Assets Under Management:

$30 million

CRD Number:

5686543

Insurance License:

#795947

Videos
  • Retirement Education - INTRO - Episode #001
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October 2017
    Personal Finance

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    Estate Planning, Taxes
Will the money from the sale of my mother's home be considered an estate gift, even though she is still alive, since I am the recipient in her will?
50% of people found this answer helpful

This will be considered a gift. There are a few steps to this transaction and I'll walk through those with you.

First - the sale of the cabin itself. Your mother may owe taxes on the sale of the cabin depending on what her basis was (amount she paid for the cabin) and what she sold it for. (This is assuming that it is not her primary residence.)

So for that part, you have no responsibility for taxes but your mother may.

Second - the transfer of the cash to you. If she just writes you a check for $227,000 neither you nor your mother will owe any taxes. However, her estate tax exemption will be depleted. Here's how it works:

There is an exemption of $15,000 per year. The $227,000 will be lowered by that amount, so her impact will be $212,000.

She then takes that amount and reduces her lifetime exemption, but still owes no tax.

So the short answer is - your mother may owe some tax on the sale of the cabin, but you will not owe any taxes on the cash you receive.

**Please note - this is only a conversation on federal tax, as I do not know what state you reside in.**

March 2018
    Career / Compensation, 401(k)
I mistakenly contributed too much money to my 401(k) account; can I withdraw some of my contribution so I'm eligible for my employer's match?
100% of people found this answer helpful
March 2018
    Retirement Savings, Investing
What's the best thing to do with excess wealth at age 30?
53% of people found this answer helpful
December 2017
    Debt
Should I pay down the negative equity on my old car or save up for a down payment?
0% of people found this answer helpful
October 2017
    401(k), IRAs, Taxes
What are the benefits of converting an after tax 401(k) to a Roth IRA?
0% of people found this answer helpful
October 2017