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
Essentially they will withold $1380 ($6900 x 20%) from your check. You will receive a net check of $5520 from the distrbution. The $1380 will be sent to the IRS as you mandatory tax witholding. Once you receive your check of $5520 you will have a few options:
1) Simply put the check in your bank account and then when you file taxes for this year you will need to claim the $6900 distribution as taxable fior the year. Depending on your income for the year, this amount will be added to it and you will owe taxes plus a 10% IRA penalty for withdrawing the funds prior to age 59 1/2. Once the total tax is determined, you essentially will have a $1380 credit since you have already withheld those funds.
2) You could rollover the $5520 to an IRA, 401(k) plan or other qualified account to avoid the taxes on that amount. You only have 60 days to do this and may not be eligible to do this if you have done this type of rollover in the last 12 months. Should you rollover the $5520 you would only have to pay the tax and penatly on the $1380 that was distributed and withheld. This would reduce your tax liability.
3) You can rollover the full $6900 into an IRA, 401(k) paln or other qualified account. To do this, you would need to deposit the $5520 you receive by check and then take another $1380 from savings to replace the amount sent in for taxes. This would allow you to rollover the full amount and they you would most likely receive most of the $1380 withheld back as a refund when you file your return for the year. Keep in mind, you only have 60 days to do this and may not be eligible to do this if you have done this type of rollover in the last 12 months.
I would highly recommend you review your options with a fiduciary advisor and CPA to decide the best course of action for you.
I would first like to express my condolences for your loss.
This a great question and one I see asked pretty often. I will answer the questions simply based upon the facts given above, but I would be cusrious as to what dialogue you had with the advisor that led them to believe you should take a conservative stance with these funds.
The answer to your question is simply you should invest the funds in a way that you are comfortable and not what the advisor is comfortable with. We work with our clients in situations like this and have a significant dialogue on what their goals, objectives, time horizon and comfort level with risk are prior to making any recommendation. I would say that if these were not discussed then you should find yourself a new advisor. Based upon the difference in what the advisor is suggesting and your statement about your willingness to take on additional risks, this leads me to believe that this discussion did not happen.
You should make sure that you are working with a fiduciary advisor that is willing to spend the time upfront with you to determine the best way to invest for you and your future. We always make recommendations to our clients based upon these conversations, but ultimately the decision is up to them. Also keep in mind, just because you take on more risk today, it does not mean you cannot reduce your risk profile in the future.
Best of luck working through this process!
This is a great question and I think you should do a bit more research. I do not think either of those options are ideal based upon the goals and parameters you outline.
I would explore setting up an invetement account for your child. I would take a look at either a custodial or 529 Plan account (if you want these funds available for them to use for college/higher education). Being that your child is young, you want to save long term and will be contributing on a regular basis, I would certainly look into investing the funds in a vehicle and investment that will put you in a position to get a higher return over the long term. Certainly, many of the investments you would look at will have a higher risk associated with them than a CD or savings account, but over the long term and using dollar coast averaging (putting money in on a regular basis) should put you in a position to obtain better returns.
I would certainly suggest you consult with a fiduciary advisor, but do not wait. The sooner you get started the better, it is not about timing the market, but time in the market. Good luck!
This is a good question and one that I think needs more information to help guide you appropriately.
There is no issue with a 53 year old with no children or spouse buying a life insurance policy. In addition, there is noy way to tell you if this is a good/bad decision without out knowing the following:
1) What is the goal/objective of purchasing this policy?
2) What is your health situation currently?
The biggest concern would be what is the reason for this policy.
Some things that may make this a good decision for you may be the following:
1) Looking to leave a sum of money to a charity.
2) Looking to cover outstanding debts that exist so my assets pass to those I want them to without debts attached to them.
3) Using a life insurance policy with a Long Term Benefit type rider attached to it so it can be used for your long term care if needed.
I think you get the point. Your age, the fact you are single and have no kids have no bearing on whether this is or is not a good idea. The main point to determine this would be what goal are you trying to accomplish and would this be the best way to do that.
Be sure to consult with a fiduciary advisor to help you navigate thid decision.
Congratulations on thinking about this so early on. This small committment to investing at such an early age will provide you with a tremendous step up later on in life.
There are many directions that you can go to begin to invest. I would highly recommend meeting with someone that you trust and/or you know that might be able to guide an mentor you a bit, even a professor at your school. This relationship will put you in a great position to learn what is best and help you for years to come.
Your question gets me thinking about a number of things I would want to know about you prior to guiding you in a particular direction. For example, if you have any earned income during the course of the year you could invest the $100 per month in a Roth IRA account. This type of account allows you to invest and grow your money tax deferred, and potentially tax free if certain requirements are met. This ability to grow your investments without the concern of taxes will put you on a path to grow your assets even quicker than you could in an individual or taxable account.
In general though, I would look to set up a systematic investment where the funds are removed from your bank account and invested automatically each month. I would look to exchange traded funds that would give you diversification, the opportunity for growth and are low cost.
As I metioned, it is key for you to align and learn while you begin this process. You can certainly feel free to email me if you want to have a no obligation discussion, it is my pleasure helping young people become and remain financially independent. You can always try and fimnd a professor you trust as I mentioned as well, they may be able to lend some invaluable guidance. Whatever you do, get started and congrats for thinking about this so early on.