The Liberty Group, LLC
Managing Principal, Sr. Financial Advisor
Will Thomas is the Principal and Sr. Financial advisor with Kapital Asset Management, dba The Liberty Group, LLC in Washington, DC. Within the Financial Planning Industry, Will has obtained designations as a CFP (Certified Financial Planner), CIMA (Certified Investment Management Analyst) and CTFA (Certified Trust & Financial Advisor). He also holds a Bachelor’s Degree from Fayetteville State University in Mathematics and Economics. Prior to joining the Liberty Group, Will worked Wells Fargo Advisors (2013-2016) and Merrill Lynch (2009 – 2013).
As the Managing Partner of the DC Liberty Group Office, Will believes his firm to be “Small enough to Care, but Large enough to Inspire”. And as an advisor, Will gives great CARE to the individuality of his clients, their goals and objectives; while looking to INSPIRE our clients to live their lives by design, not by default.
Will’s experience in the Financial Markets include the banking, mortgage, insurance and capital markets. As a Financial Advisor, Will believes that having a well-rounded, in depth knowledge of all the major line items affecting a client’s balance sheet is key to offering sound financial planning and consulting on a holistic level. His ultimate goal for his clients to help them understand that true financial planning is an individualized, ongoing process affected by many small and large financial decisions.
Will understands The Financial Services landscape continues to evolve as new technology, new regulations and new demands from his clients force advisors to have a well-rounded skill set complete with more than an understanding of one market or one product. By embracing these changes, he continues to create awareness with his clients about the many benefits of deliberate financial planning, which studies have shown to reduce anxiety, simplify and organize objectives along with saving/making more money.
BS, Mathematics and Finance, Fayetteville State University
Will THomas III
When an individual is the owner of a life insurance policy, the value or death proceeds paid out of that policy become part of the individual's estate when he dies. For example, a client's net worth is $1,000,000 when you consider all of his assets. But he also has a life insurance policy of $500,000 with his sister being the beneficiary. Now when he dies, even though his sister will get the $500,000, his estate will now be worth $1,500,000. The life insurance company will undoubtedly follow the guidelines of the life insurance contract and cut a check to whomever is listed as the beneficiary when the insured individual dies. In your case, the life insurance company will not have a problem cutting you the check. But if in his divorce he was required to carry life insurance of a certain amount, she will be able to file a claim against your husband's estate in an amount equal to the life insurance death benefit. Also, if you were to deposit the life insurance proceeds into a joint account with your deceased husband, you would open up those proceeds to be part of the claim as well. To give you more straight forward answer, can the wife file a claim for the proceeds for the new insurance? Not the proceeds directly, but she can file a claim against his estate (which technically the proceeds are added to).
I'll start of by saying that I'm not a credit counselor, you can visit www.nfcc.org to speak with some very qualified people. With that being said, closing out credit cards is known to temporarily drop your credit score. But the decline is only temporary. If I were you, I would ask myself the question, "will I need to apply for any type of credit within the next 6-9 months?" If the answer is "no", I would consider closing quite a few of them out. Whatever hit your score takes, the 6-9 months should be enough time for your score to recover. I don't see the good it does in owning so many credit cards that you do not use, and that you don't intend to use in the future. Feel free to contact the credit counseling professionals at NFCC to get their thoughts as well.
I’ll be completely honest with you; personally, I hate when I ask a simple question, written or verbal, and I get a 2 or 3 minute dissertation on the subject or a 2 page answer taking me off into the weeds. I ask that you forgive me if this one is long winded, but I really hope to point out the most important word in your questions, “comprehensive”. A commonly used definition of “comprehensive financial planning” involves the detailed review and analysis of all facets of a person’s financial situation including cash flow analysis, retirement planning, risk management, investment management, tax management, and estate planning. So, to seek out expert advice in each of these fields would employ the services of an Estate Planning Attorney, a CPA, an Asset/Investment Manager, a FRM (Financial Risk Manager), and a IRS Tax Code Agent who specializes in retirement plans. All would be great resources to get expert advice on each individual aspect of your comprehensive financial plan. But in this case, the sum of these individual parts would not make your plan comprehensive. Unless, one of these individuals has the knowledge to pull everything together, and discuss how each one is relevant to the other. But you are correct in your hypothesis in wanting knowledgeable people to provide you with “comprehensive” insight into your financial plan. Currently, the CFP (Certified Financial Planner) designation is the only designation that dives directly into each of these elements. There are certifications out there that do tackle a few of these disciplines individually, but if you are looking for someone who can go through your entire financial situation, and employ the services of “experts” as needed, a CFP can help to do this. I liken a CFP to a great quarterback in the NFL. Most quarterbacks can’t run, pass, block or catch well; but they know exactly when and where every lineman, receiver, running back should be on the field. Not only that, they know exactly where the defensive players will probably be as well. Good financial planners that do “comprehensive financial planning” are going to know their clients’ weaknesses and strengths, and build a game plan to help them win.
With a current score of 830, “hurt” might be too strong of a word as it pertains to you credit score. Since you are making a purchase using credit, it will alter your score. The balance check is nothing more than a way to add a balance to your existing credit card with MasterCard. Since you will be increasing your overall credit balance, your credit score will be affected. To soften the blow, if you have other credit balances with other credit cards or credit institutions, and you are able to pay those down, it may offset or minimize the result of adding $17,000 in on whack. Also, if you are looking to pay if off as quickly as you say (6 months), I don’t believe the damage will be significant.
Rolling over the 401(k) into an IRA will not be much of a problem in this instance. Just remember that the limit for 2017 is a cumulative $18,000 into a 401(k) plan regardless of how many employers you work at during the year. So, if that $16,000 was contributed this year, when you start up at your next employer, you will only be allowed $2,000 more. Since you do have a company plan, there are phase out limitations regarding the amount you can contribute to your Roth IRA. If you are filing head of household/single and have an AGI of less than $118,000, you can make the maximum contribution of $5,500. If you're married filing jointly, you can have an AGI of $186,000 and make the maximum contribution of $5,500 And of course, rolling over money from a 401(k) into an IRA, Roth, or Traditional, does not count towards your IRA contribution.