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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Lawrence Sprung, CFP® profiled on Advisor Insights via Investopedia
Mitlin Minute: Get Your Financial House In Order
Mitlin Minute: Beneficiary Designation Review
The quick answer to your question is no, it is not too early and stocks would typically be the best place to start given your childs age.
The earlier you start saving the better, so congratulations on thinking about this so early on and be sure to get started right away.
You have a few options that you can consider, as far as a type of account, for your one year old. You can look at setting up a custodial account, where you can be the custodian for your child unitl they reach the age of majority in your state. Keep in mind that the funds that are deposited are considered an irrevocable gift and must be used for that child. In addition, these funds must be turned over to the child once they reach the age of majority in your state.
Another option for you, may be, looking at a 529 plan. This will allow you to remain the owner and have your child as the benficiary. These funds will grow tax free as long as they are used for higher education. In addition, you can change the beneficiary to another family member if need be and it is always your money.
There may be other options available for you that you may want to explore.
Lastly, I would predominantly use stocks to beguin building this portfolio. Given your child's time horizon, greater than ten years, you have the ability to withstand volatility over a long period of time. As your child gets older you may want to consider adjusting your allocation.
Be sure to engage a fiduciary advisor to help you navigate all of your available options.
This is an excellent question and one that many are not aware of and/or confuse consistently.
A Revocable Trust is a trust that can be revoked at any time. Essentially, think of it as a vessel to hold your assets by which you have a definitive plan of distribution upon your demise. You have the freedom to put assets into the trust and remove them at will. You can retain complete control over the assets during your lifetime. These assets are also still considered part of your estate. A revocable trust does nothing to help you mitigate taxes (estate taxes or otherwise).
An Irrevocable Trust is a trust that technically cannot be revoked, although there are ways to undo this type of trust you should move forward with creating one only if you have no plans of revoking it. You can think of this type of trust as a vessel to hold your assets and plan for distribution and/or use upon your demise. Once assets are deposited into this type of trust you must plan on never removing them. These assets, for the most part, will no longer be in your control and your trustee(s) will be the one's dictating how and what is done wth these assets. These assets are no longer considered part of your estate and may help you mitigate taxes going forward.
This is simply a high level overview of the differences and we would highly recommend that you consult with an estate planning attorney to address any of the questions you may have. Be sure the attorney is a specialist in estate planning and not a generalist, as this area of law is quite specific and fluid.
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!
The simple answer is yes, but you will want to consult with a mortgage professional to see to what degree this will affect you.
Typically this lease will affect you debt to income ration (what your debt payments are compared to your income in a percentage format) and your credit. Depending on how much you are going to put down on the new home (which you have not disclosed) could offset your debt to income ratio. The larger the down payment the less of the impact. In addition, since you now have this debt (the lease) it is essential that you make your payments and do so on time. By showing you make these payments as scheduled it should have a positive impact on your credit score.
It is truly important to know the full picture here in order to appropriately advise you. As suggested earlier, schedule a consultation with a mortgage professional to review your options and impact. Best of luck with the home purchase!
Congratulations on meeting an important milestone and reaching graduation!
It is a shame that this milestone has caused you to take on a tremendous debt load before even embarking on your career. The idea would be to work on a plan to eliminate this debt as quickly as possible, with as little interest as possible.
The first thing I would do is approach your current lender. Due to the fact that they currently hold all five loans they may be interested in consolidating them and working with you to create terms (Interest rate and Payment plan) that would be mutually beneficial. This would most likely be the easiest and fastest method for you, if they are willing to work with you.
The next step, if the current lender would not be willing to work with you, would be to find a lender (and you can simply google for the top providers in this space) willing to give you the most favorable terms and conditions for you.
Best of luck working through this process and paying down the debt as soon as possible so you can begin to build wealth!