Mitlin Financial Inc.
As Mitlin Financial’s president and lead wealth manager, Larry Sprung drives planning and asset management services, as well as business development, for the firm.
Larry entered the financial industry in 1996, and continues to be inspired and energized by the challenge of helping his clients achieve and even surpass their financial goals.
Larry earned a Bachelor’s Degree in Mathematics from Binghamton University. He holds the Certified Financial Planner™ designation, reflecting expertise across a broad range of planning topics.
He started his career at a small boutique, and later served as a Financial Consultant at Salomon Smith Barney and a Vice President at Bank of America Investments. He founded Mitlin Financial in 2004, incorporating in the business the best features and practices from his previous firms.
Today, Larry is proud to be serving the second and third generations of his clients. He has seen first-hand how strong financial habits, instilled in parents, children and grandchildren, can impact a family’s wealth and wealth stewardship for generations.
Larry is known as a devoted educator. His efforts include not just regular client meetings but also workshops on diverse financial topics. He is also a frequent speaker at industry conferences.
An active volunteer, Larry serves on the National Board of the American Foundation for Suicide Prevention, and sits on its Financial and Investment committees. With his wife, Denise, he has raised more than $700,000 for the organization through the Keith Milano Memorial Fund. The fund was created at AFSP in memory of Larry and Denise’s brother-in-law and brother, respectively.
Larry has been recognized as one of Long Island Business News' "40 Under 40*," and was subsequently chosen, in 2009, as Valedictorian of the "40 Under 40*" Class of 2006. His commentary is regularly featured in publications such as Long Island Business News, U.S. News & World Reports, Newsday and RT Digital Magazine, serving the author community.
A Smithtown resident, Larry is an avid New York Rangers fan, and gets on the ice himself whenever he can. He and Denise travel frequently to watch their two sons play hockey in traveling leagues.
BS, Mathematics, Binghamton University
Assets Under Management:
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This is a great question! The short answer is no. Essentially you could purchase a stock and sell it seconds later for a profit or loss.
I think you may be thinking of the period of time needed to hold a stock for it to be considered long term capital gains, as opposed to short term capital gains. In this case, you would need to hold the security for 12 months and then could sell it the next day and it would be considered a long term capital gain. Should you sell the security before the 12 months is up, the gain or loss would be considered short term and taxed at ordinary income rates, not the more favorable capital gains rates.
Best of luck investing!
This is a good question and one I can answer from experience, as my firm bills monthly.
Monthly billing is not as common in the industry, quarterly is the most common. I chose to bill monthly so clients were not "shocked" with a three month bill all at once. People are used to paying most of their bills monthly and this smooths things out for them on a cash flow basis as well. In short, there is nothing worng with being billed monthly.
You should make sure that the bill is being calculated correct, as we provide each client with a monthly invoice that shows them what the bill is and how it was calculated. Most clients have the fee assessed to the account that is being billed, but you can certainly pay it with outside funds to keep more of your money invested.
Based upon your question, the other piece of information I would be curious to see is how does he account for withdrawals. So for example, lets say you account is $1MM at the beginning of the year and he is charging 1% or $10K. How does the fee get impacted if you remove $200k from the account? Do you get a credit for the removal and is your fee reduced accordingly?
Great question and best of luck! Paying monthly is not an issue.
In an effort to answer your question, yes these distributions would be counted towards your required minimum distribution for the year. In addition, theses funds would be taxable to you as ordinary income.
The interesting thing here is that your question raises another issue that should cause you pause. You mention having a tax free bond fund invested in your IRA and typically this does not make much sense. In most cases, tax free bond funds will pay lower interest than their taxable equivalents because the asset is not being taxed. Since the interest being paid into the IRA would not be taxable, it would make more sense to have taxable bonds in the IRA in order to raise your overall return. In either instance, one the funds are removed from the IRA they will be taxable.
I would highly suggest you set up a consultation with a fiduciary advisor and review how to how your portfolio is allocated to assure it is positioned in your best interest. Best of luck!
In order to answer your question directly, yes you can. Your game plan is completely possible, but would require some planning on your part.
It would be key for you to consult with an estate planning attorney. As a side note, I would assure that you are working with an attorney whose specialty is estate planning and is not a general practitioner. Estate planning is a specialization that requires a special skill set. This will help assure that the planning you have done will be enacted.
In the end, your estate planning attorney will be able to formulate your distribution strategy in whatever way you prefer. Best of luck in setting up your plan!
This is an excellent ”problem” to have and I congratulate you on being debt free.
The most immediate thing you could do is increase your 401(k) contribution. You are currently contributing 6%, which represents $7800 of your earnings. The maximum you could contribute is $18,500 this year, which would bring you to (roughly) 14%. This would certainly help your tax situation.
It may also be a good idea to speak with your CPA and a fiduciary advisor to see what other options may be available to you to lower your tax burden. Additional information would be needed to discuss additional strategies, but I gave you the one that is clear from the information given.
Best of luck!