Irvine Wealth Planning Strategies
Amy Irvine is the Principal of Irvine Wealth Planning Strategies, a firm that offers on going financial advise that does not start with the investment strategy, but includes one.
Amy attained an Associates Degree in Accounting in 1992 at SUNY Alfred State College and went to work for a Rail Company called Morrison Knudsen. She knew pretty quickly that it was not a fit for her and was lucky enough to find a job at a small trust company that pointed her down her passion path.
Steuben Trust Company taught Amy about Wills, Trusts, and IRA's and gave her the necessary experience to make the next leap in her career as a pension and insurance benefits manager wih the Corning Carpenters Union (then Local 700). She was only at that job for about 15-months, but the exposure to actuarial science along with labor law and working one-on-one with all the plan participants deepened her love for helping people. Especially with the complex rules and choices they are exposed to both during open enrollment and at retirement.
Amy gained further knowledge and experience at Chemung Canal Trust Company, working in their trust and retirement services area for a little over five years. However, driving 2 hours a day began to take a toll on her and she really felt this strong pull toward financial planning that included more then just investments.
With the support of her husband, Brent, Amy went back to college and focused on financial planning; graduating with a bachelors degree in personal financial planning and the course work to allowed her to sit for the CFP (Certified Financial Planner) exam. During her final semester, she was required to do an internship that certainly opened her eyes to the difference between selling financial products and providing financial advice.
Amy moved on to Corning Credit Union's Investment Services Group and continued to not only hone her skills as an adviser, but also to do a sole searching on the type of adviser she wanted to be. During this time, Amy decided to continue her education and in 2011 attained her Masters Degree in Personal Financial Planning from the College for Financial Planning.
It was Amy's next career move that was probably the most influential; she joined Burns Matteson Capital Management, which is also a fee only financial planning firm. She loved the idea that there were no commissions and investment planning was weaved into financial planning. This is the job that gave her the courage to move from being an employee to an owner of a firm.
When Amy left to move forward with that venture, she did so by forming a partnership with another adviser in Merritt Island, Florida. This allowed her to escape the harsh winters of New York, but return for it's beauty in the Spring, Summer and Fall. Irvine Wealth Planning Strategies, LLC still partners with Pinnacle Financial Wealth Management to provide clients with financial plans, but the two companies are separate entities.
As the sole owner of Irvine Wealth Planning Strategies, Amy is excited to be able to offer the clients the services they are seeking; and to form strong partnerships with each of them that she is privileged to work with.
Amy also enjoys serving on the board for Faith-In-Action Steuben County and on the Ecology Committee for Cornell Cooperative Extension.
MA, Financial Planning, College For Financial Planning
BA, Financial Planning, SUNY Alfred
Associates, Accounting, SUNY Alfred
Assets Under Management:
You have a good question, but it is a little challenging to answer without knowing more information. But here are some things to consider:
- How do you define "conservative" - some people think "no risk," while others think I could risk 40% of my portfolio and feel conservative. If you are thinking, "it's not my risk, it's my kid's risk," then that brings more complexity into it.
- A follow up to that is what risk do you need to take? You mentioned that you have $5,400 in monthly income, does that give you plenty of cash flow and you can put some of that aside for future needs?
- Is any of this money in savings or a mutual fund deemed an IRA or Roth IRA or is it all after-tax (AKA non-qualified) money? Will you have to take any distributions at age 70.5?
- When you say you want to avoid losing your estate, are you saying you would prefer to not use your assets to provide for your care if you were to become injured or sick? Would you live with one of your two kids that you mentioned if something were to happen to you and you would pay them out of your savings for that? Would you consider a hybrid long-term care policy that would act as a life insurance policy if you didn't need it for long-term care? Your answers would allow for better direction.
- How is the house titled, do the kids own it and you have life use? Do you want it that way? Do they want the house at some point? There are pro's and con's to this - so it's important to work with an estate planning attorney if you are interested in gifting them the house (or anything else).
- Different states have different rules on inheritance and Medicaid (i.e. spend-down), so that will drive some of the suggestions too.
I know this doesn't answer your question directly, but I hope it gives you additional food for thought.
In my opinion, it may not be the best financial decision, but of course it depends on a number of details surrounding your divorce.
Would your husband be willing to allow you to stay in the house until the twin daughters have graduated, and then when you sell it, half of the proceeds would go to him at that time?
The other asset that you referred to - did you mean that was worth about half of the value of the house? You wouldn't want to give him the full value, since half is yours.
You may want to consider the taxability of the other asset that you would give to him in lieu of the house, is it taxable? Will the sale of the house fall under the exclusion level of $250,000 above the cost basis as a single taxpayer? Also, what other assets would you be forgoing by doing this?
What type of other assets would you have access to in the event of an emergency? How about sources of income between now and when they graduate middle school - will giving the the other asset put you at risk in other ways?
Just a few things to consider in making your final decision.
Each State has it's own rules associated with death. Did your dad have a Will or do the interstate rules for you State need to be followed? Was her name jointly on the house "with rights of survivorship?" In that case, it doesn't need to be probated, it was her's by virtue of survivorship.
Was the marriage ever made legal after the divorce?
You may want to reach out to the divorce attorney that handled your mom's case.
This may not really answer your question, but when were the bonds issued?
The reason I ask is that some continue to pay even after maturity and, depending on the rate and any potential upcoming qualifying education cost, you may want to hold on them a bit longer.
Here is a good link to some additional information: https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eeratesandterms_eebondsissued051997_042005.htm
Otherwise, in my opinion, if you are no longer earning anything off of these, take the funds and put them to work for you.
If you roll it into an IRA then you will no longer have access to the 10% exception at age 55. However, there are other exceptions to the 10% early withdrawal from an IRA. See publication 590.
If you don’t need the money, and as a general rule, I would have you consider leaving it parked at your old employer for now, but ask about fees you might have to pay.
If you begin working for a new company that has a 401k plan, you may be able to role it into their plan.