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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 4066
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I recently retired from teaching after 35 years. I have a

Resolved Question:

I recently retired from teaching after 35 years. I have a dilemma. There are two financial advisors that I have worked with through the years, both of whom seek my business. The first advisor is Neil. He has worked with my family for almost 25 years since my father died to help my family with yearly income taxes and long-term care insurance for my mom who passed away last summer. He wants to help me with my retirement income and investments which average about 250,000 dollars. Neil has nothing to do with my 401K through the school district I worked for, for those many years.
MaryAnne was a colleague and also a financial advisor who helped me gain the majority of my assets through stocks and bonds and also seeks to help me with the $250,000 and mentioned something about tranferring my assets to IRA's for beneficiary reasons, but I have no beneficiaries (no children). If you were in my position would you seek business from Neil or MaryAnne since they are both seeking to help me? Both MaryAnne and Neil have been wonderfully helpful through the many years. Mary Anne has only helped me (effectively) with financial growth through investments while Neil has only helped me with income taxes but is highly educated as C.F.A. and with my mother's investments before she died. Please help me , if you can. Should I be honest with both or surely seek one or the others help? They are both close to me and have done me and my family well over the decades. Thanks.
Submitted: 1 year ago.
Category: Finance
Expert:  Stephen G. replied 1 year ago.

Stephen G. :

Hello, my name isXXXXX & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.

Customer:

I see no answer.

Stephen G. :

OK. Being both a retired CPA with over 40 years of tax experience as well as a Personal Financial Specialist (PFS) (similar to a CFP, except you must also be a CPA to be a PFS), I think I can help.

Stephen G. :

First, I'm not a speed typist so hang on.................:]

Stephen G. :

1 Question............What is MaryAnne's formal training?

Stephen G. :

2. Whom do you feel most comfortable working with, Neil or MaryAnne? ie. do you relate to one or the other of them better than the other one?

Stephen G. :

3. Are you talking about what to do with your 401K money?

Customer:

I am not receiving all of your question

Stephen G. :

OK. Being both a retired CPA with over 40 years of tax experience as well as a Personal Financial Specialist (PFS) (similar to a CFP, except you must also be a CPA to be a PFS), I think I can help.





5:21 PM



First, I'm not a speed typist so hang on.................:]






5:22 PM



1 Question............What is MaryAnne's formal training?






5:23 PM



2. Whom do you feel most comfortable working with, Neil or MaryAnne? ie. do you relate to one or the other of them better than the other one?






5:24 PM



3. Are you talking about what to do with your 401K money?



Stephen G. :

There's a copy of what I've written so far.

Customer:

I only see number 3. Where's the rest?

Stephen G. :

Can you scroll up?

Stephen G. :

If you still can't see it, I can switch to a different format; let me know.

Customer:

All I see is the one sentence "If you can't see it, I can switch to a different formal; let me know." I never had this problem before. Thanks.

Stephen G. :

Well, you saw # XXXXX before, I suspect you need to scroll up. Let me try again.

Stephen G. :

OK. Being both a retired CPA with over 40 years of tax experience as well as a Personal Financial Specialist (PFS) (similar to a CFP, except you must also be a CPA to be a PFS), I think I can help.





5:21 PM



First, I'm not a speed typist so hang on.................:]






5:22 PM



1 Question............What is MaryAnne's formal training?



Stephen G. :

How about now?

Customer:

MaryAnne is also a certified financial advisor, like Neil

Stephen G. :

OK

Stephen G. :

2. Whom do you feel most comfortable working with, Neil or MaryAnne? ie. do you relate to one or the other of them better than the other one?





5:24 PM



3. Are you talking about what to do with your 401K money?



Customer:

Yes, but also wonder if I can gain any income from the 401K money since my income is cut in half after retirement. I am 57 years old.

Stephen G. :

Well, the reason to transfer funds to IRAs is not because of the beneficiary options, you can do that with the 401K or even with regular security accounts; however, in order to diversify your investments, you would need to use a rollover IRA in order to avoid paying tax on the 401K withdrawals for investment purposes.

Stephen G. :

What is your 401K invested in now; a group of mutual funds?

Customer:

Stephen... yes...group of mutual funds....Is there some way you help me read beyond this skinny little bar?

Stephen G. :

Yes, I can. Hold on. But first, over on the far right of your screen, do you see a vertical scroll bar?

Customer:

Yes, but that does not help

Stephen G. :

OK, so you can't scroll up; possibly you locked it by mistake; I'll switch to the Q/A format, it just goes a lot slower for the back & forth

Customer:

Not Stephen's fault.......

Stephen G. :

Wait, why would you rate me bad service

Stephen G. :

hold on

Customer:

holding

Stephen G. :

don't do that, they charge me with bad service if you do that & I don't get credit for this

Expert:  Stephen G. replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Stephen G. replied 1 year ago.
OK, now you should see everything.
Customer: replied 1 year ago.

OK Stephen.....now we can chat....thanks for your patience

Expert:  Stephen G. replied 1 year ago.
OK, Do you have to withdraw your funds from your 401K now because you retired?
Customer: replied 1 year ago.

No, I have enough income to live on even though I have retired.

Expert:  Stephen G. replied 1 year ago.

So, that's those are the investments that MaryAnne has been helping you with right along?

Do you have any other significant investments that you need help with?

Do you have a will? If you don't designate a beneficiary or beneficiaries of your 401K, it will be paid to your estate, a lot of income taxes will be paid out of it, and if you don't have a will it will be tied up in Probate until the judge determines whom your next of kin are. That's why I'm asking that question.
Customer: replied 1 year ago.

Yes, MaryAnne has helped me increase my investments for the past 8 years. I have no other significant investments that I need help with. No will, yet, but plan to leave my assets to my sister, Laura. Neil helped my mother with long-term care which was awesome and gave her great quality of life towards the end.

Expert:  Stephen G. replied 1 year ago.

Well, the botXXXXX XXXXXne as I see it is to stay with MaryAnne for the time being at least. I wouldn't take the money out of the 401K just to change beneficiary designations. If your sister is your heir, then you need to make sure she is the beneficiary of your 401K. That's a simple 1 page form.

Everyone should have at least a simple will. If your sister has children, then perhaps they should be the secondary beneficiaries under both your 401K and your will.

There's no reason to move the 401K money now. That will just generate fees & create bad feelings with MaryAnne. Neil isn't handling any investments for you at this time, so that shouldn't be a problem. You just need to tell him you don't have any assets that you want to re-invest at this time. If you tell him anything. Period.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 4066
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 2 other Finance Specialists are ready to help you
Expert:  Stephen G. replied 1 year ago.
If you need to contact me again with any tax or financial questions, you can just ask for "Steve G" at the beginning of your question. Thanks again for using us for your tax and financial questions. You may get a short survey from the site; if it isn't too much trouble I would appreciate it if you would answer it; the survey results are used to rate our performance;

Thanks very much for the Excellent rating.

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