Brad Stark is a Principal and Co-Founder of Mission Wealth which has been recognized as one of America’s “Top Wealth Managers” for the past nine years. Brad is a member of the firm’s Executive Management and Investment Committees and is responsible for the firm’s client fulfillment process. It is his visionary excellence in the financial industry that drives the strategic direction of the firm.
Brad graduated from University of California, Santa Barbara with a Bachelor of Arts in Business Economics and later completed a Masters of Science in Financial Planning from College of Financial Planning. After completing his undergraduate education, John Hancock, one of the oldest and largest financial firms in the nation, recruited him into the financial industry. He was later asked to join the company’s high net worth division, “Signature Financial Network,” where he went on the “lecture circuit” talking about estate and investment planning. In 2000, Brad co-founded Mission Wealth, a firm built on the foundation of providing comprehensive, objective and independent advice to high net worth families. With twenty years of experience, Brad was named by the Pacific Coast Business Times as a “Top 40 Under 40”business leader in 2004 and has been recognized annually in “Who’s Who In Banking and Finance” edition since 2005. In 2011, Brad was ranked as one of America’s “Top 100 B/D Advisors” by Registered Rep magazine.
Since 1993, Brad has been a sought-after speaker on various financial topics for both public and private organizations, including: Northrop Grumman, Hughes Aircraft, McDonnell Douglas, the County of Los Angeles, Lockheed Martin, University of Southern California, Screen Actors Guild and the Charles Schwab 2007 Leadership Meeting. Brad has also been an adjunct professor for the California State University system teaching corporate finance at the California State University Channel Islands campus.
Born and raised in Los Angeles, Brad and his wife, Tammy, have enjoyed living in Westlake Village for the past fifteen years. His interests include travel, golf, sports and music.
BA, Business Economics, University of California, Santa Barbara
Yes, that would satisfy your RMD requirements. I am assuming all 403b money is pretax and there is no Roth component. All distributions will be subject to marginal taxes. There are several big considerations.
1. You lose the ability to ever tap into the account for more funds is you need money above the distribution.
2. Over time, inflation will eat into this fixed payment for purchasing power.
3. Typically your heirs will receive nothing unless you pick a lower payment that has continuation of benefits.
If this is the bulk of your retirement dollars, think twice before putting it all in one contract where you lock yourself into a situation you can't modify.
You have a major problem. Hopefully it was not a lot of money. Roth recharacterization has been eliminated. I would call Ed Slott, he is the guru in this area. From what you have written, it seems like this will be a taxable event that will be difficult if not impossible to fix unless the error was done by the custodian or the employer but if you did it it's apparently irreversible.
Repayment of capital is not a reportable event. But if you have been receiving interest as part of regular payments or if interest is associated with this repayment then you are supposed to pay taxes on the interest portion.
No, there is no financial or tax reason to move assets. It is just a convenience and service question to be addressed. But you have a long-term trusting relationship, phone and video conference will probably do just fine as long as you like your advisor and trust their guidance. Your only real consideration has to do with municipal bonds that you may own. And if you are making contributions to the 529 plan there may be an advantage to use the current state where you are a resident if there is a corresponding tax deduction associated with that. But your advisor should be able to handle all of that for you.
Capital Improvements to investment property are depreciated over time. If you do minor maintenance and repairs those items are typically tax deductible against the rental income in the current year as a normal operating expense. Any expenses that you have not been able to tax deduct or Capital Improvements made to the property will in essence be added to the cost basis and reduce your tax liability on gains when sold.