Scott Bishop

CPA, PFS, CFP®
Retirement, Investing, Small Business
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“With over two decades of experience in the financial industry, Scott Bishop believes that success isn’t measured only by figures and charts, but through his client's peace of mind and reaching their goals by Planning for Retirement the R.I.T.E. Way®.”
Firm:

STA Wealth Management, LLC

Job Title:

Partner and Executive VP of Financial Planning

Biography:

Scott Bishop is a Partner and is Exec. Vice President of Financial Planning at STA Wealth, a Houston based RIA Firm. In this role, Scott guides clients through the process of identifying and realizing their personal financial planning goals while working with them to help develop, implement and monitor strategies to help assure the long-term coordination of their overall financial, retirement, business planning.

Scott is also the host of STA's radio show, "Financial Planning Fridays" on The STA Money Hour, on 950AM KPRC Radio in Houston at 12pm Central where he frequently discusses tax and financial planning topics and hosts interviews of industry experts.

Scott graduated from the University of Texas at Austin with a Bachelor of Business Administration in Accounting and received his Master of Business Administration from the University of St. Thomas.

Currently, Scott is a CFP® and a CPA and also holds a PFS® designation. Scott has been active as a member of the American Institute of Certified Public Accountants (AICPA), the Texas Society of Certified Public Accountants (TSCPA) and its Houston CPA Society as a member of its Board of Directors. He has also been recognized for excellence by being named the Young CPA of the Year for 2002-2003 by the Houston CPA Society, one of the largest and most prominent CPA chapters in the United States.

In addition, Scott has both authored and has been interviewed for numerous articles in financial related publications and websites such as the Wall Street Journal, MarketWatch, CNBC, USA Today, Washington Post, The New York Times, Investopedia, Houston Chronicle, Investment News, Kiplinger, The AICPA Tax Section, BankRate.com, the Houston Business Journal and the CPA Forum. Scott is also a member of the Houston Business and Estate Planning Council.

Education:

BBA - Accounting, University of Texas at Austin
MBA - Finance, University of St. Thomas

Assets Under Management:

$760 million

CRD Number:

2687188

Disclaimer:

AUM information provide is for the firm STA Wealth Management, LLC of which Scott Bishop is a partner/shareholder. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by STA Wealth Management, LLC (“STA”), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from STA.  To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing.  STA is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice.  A copy of the STA’s current written disclosure Brochure discussing our advisory services and fees is available upon request.

IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

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  • STA Wealth Planning Process - Scott Bishop
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July 2017
    Small Business
September 2017
    Choosing an Advisor, Investing
June 2017
    Retirement Savings, Retirement, Financial Planning
August 2017
    Retirement, Retirement Plans, Retirement Savings
September 2017
    Investing

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    Financial Planning, Estate Planning, Women & Money
Is it legal to end an irrevocable trust?
100% of people found this answer helpful

In addition to benefits such as Estate Tax Planning and asset protection, one of the primary reasons that parents (like yours) create an irrevocable trust is to separate equity from control and to help assure that their wishes are followed after they are gone...and that the beneficiaries can enjoy their inheritance (equity) while a business can continue operating (control).  

Although it is possible for an irrevocable trusts to be terminated per rules set forth in the legal document (the trust document), it is typically very difficult and it is almost never able to be done unilaterally (by just your brother).  Even if it is attempted it almost always needs the consent of all parties to the trust (not just your brother...don’t let him bully you) including:

  1. The Trustee(s) - sometimes there is one and sometimes there is more.
  2. The Trust Protector - a fiduciary to help resolve arguments/disagreements if your parents included one in their document.
  3. ALL Beneficiaries (that will for sure include you...and possibly even your children depending on the document).

In the event of disagreement like this, each family member should get their own legal counsel that has experience in both probate/trust law AND litigation and disputes related to trusts and estates.  Don’t be bullied...get an expert.

My guess is that your parents used an experienced estate attorney to set up their Business Succession Plan (that is why it is so important)...especially when there is a family business where their children work in or are financially dependent on the business continuing through multiple generations.

By the way, the trust agreeement most likely spells out all of your rights as a beneficiary (including getting income and even changing who Contoller the company).  Any good attorney can help make sure that the trustee (and your brother) cannot force or “expel” whoever does not obey him.

Good luck...and I hope your brother doesn’t stop the succession of the business that you and your parents have built from going to the next generation.

 

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    Career / Compensation, 401(k)
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100% of people found this answer helpful
September 2017
    IRAs, Taxes
Can I leave an excess contribution in my IRA without incurring further penalties?
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October 2017
    401(k), IRAs
Can you have both a 401(k) and an IRA?
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August 2017
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Should I draw from a taxable account in order to fund living expenses to completely maximize some of my retirement accounts?
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June 2017