Elaine Lee

CFP®
Personal Finance, Retirement, Taxes
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“As a wealth management advisor and CFP, Elaine Lee guides people on matters they don’t have time or expertise to address. She helps C-suite professionals execute strategies to achieve their long-term goals.”
Firm:

Summit Place Financial Advisors

Job Title:

Wealth Management Advisor

Biography:

Elaine joined Summit Place in 2016 after spending several years with a nearby firm. Elaine was drawn to Summit Place Financial's unique approach to wealth management, offering clients comprehensive financial expertise along with concierge service. This approach resonated with her as she looked back on her earlier executive career in which she saw so many executives missing the value of a qualified advisor.

Elaine shares, “As my parents came to the ‘land of opportunity,’ it was ingrained in me that obtaining a good education was paramount and delaying gratification was a virtue. With this mindset, I spent my first paycheck wisely but also saved for my future. Years later, as the president and chief operating officer working with global brands, I was executing strategic growth plans and managing multi-million dollar budgets. Looking back, I wish I had a trusted professional helping guide my personal financial decisions when I was an executive. I was strapped for time and didn’t have the expertise to manage and grow my wealth or make strategic investment decisions to achieve my long-term goals. There’s a huge opportunity cost associated with not taking advantage of all the financial planning disciplines as you are accumulating your wealth. Investments, risk management, taxation, retirement and estate planning all work together to make sure you are preparing for your long-term goals; I’ve realized this is essential for successful executives.”

Having the opportunity to lead companies as president and chief operating officer, Elaine decided to take her business acumen and life experience to help people achieve their life goals. As a former executive, she understands the challenges of balancing a demanding career and family. As a CFP®, she adds value for her clients by helping them make sound decisions on complex financial matters.

Elaine is a member of the Financial Planners Association (FPA) and the Elks Lodge. She earned her B.S. in business administration and marketing from New York University’s Stern School of Business. Currently, Elaine resides in Morris County with her husband and two daughters.

Education:

BS, Business Administration and Marketing, New York University’s Stern School of Business

Assets Under Management:

$115 million

Disclaimer:

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Summit Place Financial Advisors, LLC -“SPFA”), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from SPFA.  Please remember that if you are a SPFA client, it remains your responsibility to advise SPFA, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. SPFA is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of SPFA’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request. Please Note: SPFA does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to SPFA’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

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    Financial Planning, Retirement, 401(k), IRAs, Taxes
My company offers a 401(k) and a Roth 401(k), and I currently contribute to both; should I put all of my contribution money toward the Roth 401(k)?
100% of people found this answer helpful

My company offers a 401(k) and a Roth 401(k). Currently I contribute 6 percent to my 401(k) and 8 percent to my Roth 401(k). Is this a good long-term strategy? I want to contribute all to my Roth 401(k) starting in 2019. Is that a better strategy? Also, can I take out my principal if needed from my Roth 401(k) since its after-tax dollars?

The benefit of contributing to a 401(k) is that the money goes in pretax. This lowers your taxable income today. When you take qualified distributions in the future, the amount will be taxed as ordinary income. Contributions to a Roth 401(k) comes from after-tax money, which will cost you more up front. However, qualified distributions will be tax free. So, the debate really comes down to comparing your current tax rate with your future tax rate at retirement. If you expect your tax rate will be higher at retirement and prefer to pay taxes at a lower rate now, then a Roth 401(k) is the better option. If you believe your tax rate at retirement is going to be lower than they are today, then contributing to a 401(k) today will save you more on taxes. For most people, the answer is not so clear cut. By having both accounts, it gives you the flexibility to manage your gross income in the future to ascertain a certain income threshold.

Besides taxes, you need to also know that a 401(k) requires the account owner to take required minimum distributions at age 70 ½. This is still true even if you rollover your 401(k) to a traditional IRA. If you rollover your Roth 401(k) to a Roth IRA, you can avoid required distributions. Some use this strategy to pass on to their heirs.

If you plan document allows you to take money out of your Roth 401(k), the amount will be prorated between your original contribution and the earnings.  Assuming you don’t meet the requirements for a qualified distribution, age 59 ½ or disabled, the earnings part of the distribution will be taxed and is subject to a 10% penalty. Unqualified withdrawals are meant to be punitive.

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    Banking, Investing, Mutual Funds
Where can I invest my money if I want to be able to easily access it in case of an emergency?
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    IRAs, Real Estate, Taxes
Will I have to pay taxes on the amount I withdrew from my IRA for a down payment if I don't replace the funds in my IRA within 60 days?
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I have less than $70,000 in a traditional 401(k); how much will I pay in taxes if I roll it into a Roth IRA?
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    Stocks, Starting Out
When determining the total value of my stock assets, do I use the market price or the cost basis of the stocks in my account?
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