Scott Haley the founder of Prelude Financial, a firm dedicated to providing unbiased conflict free advice to help clients create the life they envision for them and their families. He helps clients think through difficult financial tradeoffs to come up with solutions they can comfortably live with. He takes pride in getting to know every detail of his client’s financial lives so that he can build a well thought out, carefully tailored plan to help accomplish the goals they've set for themselves.
Scott serves a broad range of clients, ranging from mid-career professionals to retirees. Prior to forming Prelude Financial, he worked for some of Ohio's larger wealth management firms. Using his past experience, he crafted Prelude Financial to be a firm as sophisticated as a boutique wealth management firm while not restricting itself to younger individuals.
Scott's path to becoming the advisor he is today began long before he ever went to school. For some reason he's always found the stock market to be incredibly fascinating, however, it wasn't until he was about half way through his bachelors degree that he realized that there was so much more to helping individuals with their finances than just the investment component. With that in mind, Scott continued his studies and received a bachelors degree in financial planning from the University of Akron.
After working in the industry, Scott quickly realized that simply having a degree in something wasn't enough. He wanted to learn more about financial planning and continue to bring more and more value to the clients I serve. So he became a CERTIFIED FINANCIAL PLANNER (CFP), and continued on to earn the Enrolled Agent (EA) and CERTIFIED DIVORCE FINANCIAL ANALYST (CDFA) designations. As one can see, Scott enjoys learning, maybe even a bit too much. However, the real satisfaction he derives from learning new things is the ability to share what he has learned with others and help them accomplish their financial goals.
BA, Finance, University of Akron
Assets Under Management:
Great question. The $10,000 you plan to withdraw from your 401(k) will be treated as earned income and taxed at your highest marginal tax rate. So for your particular situation you will pay 10% federal tax on the first $9,325 and 15% on the amount above that. So for your withdraw the federal tax is calculated as:
10% x $9,325 = $932.5
15% x $675 = $101.25
Total Tax = $1,033.75
Once you have made the withdraw the custodian will send you a 1099R that you will recieve at the end of the year.
Unfortunetly to my knowlege their is no way to seperate consolidated student loans. This is in my opinion one of the major drawbacks of doing the marital consolidation. For your convinience I have attached below a link that goes more in depth about this issue:
This may be a question you should bring to your attorneys attention. In the financial world there are several ways assets and debts can be seperated including: Division or property orders (DOPO) and Qualified Domestic Relation Orders (QDRO's). Maybe the laws have changed in recent years that would allow a similar type of form to be submitted to split the consolidated loans.
With regard to finding the policy or company who owns the policy, I would recomend reading over the decedants will to see if they specifically name the company who holds it. Other areas that may be valuable would be to check prior tax returns and to go through old check registries to see if you can find a payment trail. If you can find the payments then you will find the company who holds the policy.
Generally speaking, paying off an item that is currently in collection will improve your credit by changing that debts statues from in collection to collected and paid. In your situation since the collection account is not currently being reported on your credit history, then paying it off will ensure that it does not get reported. So the benefit is that you may avoid it from negatively impacting your credit score.
Severance pay is treated the same as ordinary income from your employer so at the end of the year you should receive either a W2 or 1099 with the amount included. If you were a W2 employee then you will want to review your paystub to see if taxes are still being withheld. If no taxes are being withheld then you should plan on setting aside part of the income to cover the taxes you may owe. Either way, you will file your taxes the same way you normally would have as if you were a standard employee.