Andy Tilp

Andy Tilp CFP®

Andy is a Financial Advisor. He helps clients build, manage, and preserve wealth, determine optimal asset allocation and develop a plan for retirement.

About Andy

“Comprehensive fee-only financial planning for people from all walks of life, at all ages and circumstances. ”

Trillium Valley Financial Planning, LLC (TVFP) is a fee only financial planning firm, specializing in comprehensive, fee only financial planning and investment advice services for individuals and families. We serve clients in the greater Portland metropolitan area, the Willamette Valley and the Oregon Coast. TVFP works with clients from all walks of life and has no requirements on net worth, income or amount of investable assets.Our fiduciary responsibility is solely to you. This means we work solely for you and put your interest above all others. We never accept commissions or fees from any third party. Our primary focus is to help you understand and take control of your finances, reduce anxiety and achieve your financial goals.Our financial planning service addresses a variety of topics, ranging from cash flow and debt management, retirement planning, education funding, insurance and estate planning.We are also provide financial seminars & education, where we can hold workshops at your company, church, organization or class to provide advice and information on retirement planning, saving and funding college expenses, investment philosophies and other financial matters.

Education

Graduate Certificate, Financial Planning, University of Portland
MS, Computer Science , Oregon State University
BS, Electrical Engineering, Colorado State University

Certifications

Designations

Registrations

Individual CRD #5723964

Certified Financial Planner (CFP) is a designation issued by the Certified Financial Planner Board of Standards

Educational/Exam Requirements:

  • Completion of CFP-board registered study program, or alternative degree or certification, demonstrating mastery of over 100 topics surrounding financial planning
  • Pass 10 hour exam testing knowledge in financial planning situations

Prerequisites/Experience Requirements:

  • A bachelor’s degree (or higher) from an accredited college or university, and
  • Three years of full-time personal financial planning experience

Public Disciplinary Process? Yes

Continuing Education Requirements: 30 hours every two years

Typical Clients

Engineers/scientists People near retirement Young couples

How I Can Help

Personal Finance Retirement Investing

Fee Structure

Fee-only Hourly Asset-based Commissions Other Contingency
Learn more about how advisors are paid in our Guide to Advisor Compensation.

Typical minimum Client Assets:

No preference

Andy In The News

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Contact:

Phone: (503) 549-1286 Address: 29459 SW Ladd Hill Rd
Sherwood, OR 97140
Address: 8215 SW Tualatin-Sherwood Road, Suite 200
Tualatin, OR 97062
a.tilp@trilliumvalleyfp.com

Andy has answered 79 questions

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Andy Tilp
Answer added by Andy Tilp | 2699 views
9 out of 11 found this helpful

As you may know, 529 college savings plans are administered by individual states. You can use the plan

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As you may know, 529 college savings plans are administered by individual states. You can use the plan from any state and are not required to attend a university within that state. The Utah and Nevada plans are consistently rated as the lowest cost and highest-quality 529 plans in the country.

Using the 529 plan to save for the children’s college funding is an excellent method to grow and use funds on a tax efficient basis. However, the tax efficiency applies only if the funds from the 529 plans are used to pay for qualified education expenses (such as tuition, books, etc). If funds are used for expenses other than qualified education expenses, the earnings are subject to income taxes, plus an additional 10% tax penalty.

If you decide to target fully funding the college expenses, the final balance will be very large. You should consider splitting the college fund between the 529 plan, a regular taxable account (using tax efficient funds) and/or Roth IRAs. Using the different accounts will provide flexibility how the funds can ultimately be used.  For example, if a child were to receive a large financial award from the university, then having the funds outside of the 529 plan will allow you to use the money elsewhere and not incur a tax penalty.


Andy Tilp
Answer added by Andy Tilp | 1926 views
5 out of 6 found this helpful

Penalties for insufficient withdrawals It should be noted that the IRS is very strict about making

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Penalties for insufficient withdrawals

It should be noted that the IRS is very strict about making sure the minimum amount is withdrawn and taxes are paid. You've had the benefit of tax deferral all those years. Alas, it time to 'pay the piper;.

If you do not withdraw the required amount,  there can be a 50% penalty that is assessed on the distributions you didn't take. 

For example, say you don't withdraw the required $1,000 from your 401k. The tax penalty is $500. The IRS does allow for cases of "reasonable error". However, recent information indicates the IRS is tightening up what is 'reasonable'.

Deadline for receiving RMDs:

-  Year you turn age 70 ½ - by April 1of the following year

-  All subsequent years - by December 31 of that year

RMD worksheet

The following is a copy of the IRS RMD calculation worksheet. Use this to determine your RMD for any given year after your reach the age of 70½.

1.  IRA balance on December 31ST of the previous year          ___________

2.  Distribution period from the table below for your age on your birthday this year   ___________

3.  Line 1 divided by number entered on line 2 = your RMD for this year from this IR ___________

4.  REPEAT STEPS 1 THROUGH 3 FOR EACH OF YOUR IRAs.

(Once you determine a separate RMD from each of your traditional IRAs, you can total these minimum amounts and take them from any one or more of your traditional IRAs.)

Age

Distribution Period

Age

Distribution Period

Age

Distribution Period

Age

Distribution Period

70

27.4

82

17.1

94

9.1

106

4.2

71

26.5

83

16.3

95

8.6

107

3.9

72

25.6

84

15.5

96

8.1

108

3.7

73

24.7

85

14.8

97

7.6

109

3.4

74

23.8

86

14.1

98

7.1

110

3.1

75

22.9

87

13.4

99

6.7

111

2.9

76

22.0

88

12.7

100

6.3

112

2.6

77

21.2

89

12.0

101

5.9

113

2.4

78

20.3

90

11.4

102

5.5

114

2.1

79

19.5

91

10.8

103

5.2

115 and over

1.9

80

18.7

92

10.2

104

4.9

81

17.9

93

9.6

105

4.5


Andy Tilp
Answer added by Andy Tilp | 3330 views
6 out of 8 found this helpful

As with most questions, the answer begins with ‘it depends’. Foremost, if your son responsible

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As with most questions, the answer begins with ‘it depends’.

Foremost, if your son responsible enough to handle a credit card? Some 19 year olds are, some are not. I ask the question because if you co-sign on the card, you are on the hook for whatever is charged on the card.

One consideration is to get a low-credit limit card. Check with your local credit union. They may be willing to issue a card with a $500 limit directly to your son. Or if you co-sign on such a card, then your potential liability is limited to $500 or so.

Are you currently paying for his college? Another way to build his credit is to go ahead and have him get a loan. Then use the money you would have allocated to pay to the school to help him pay off the loan. If you stretch the payments out over the year, it shows a history of on time payments, while minimizing any extra interest on the loan (which is tax deductible BTW).  You can transfer the money into his account and have him make the actual payment. This would be a good experience for him to understand what it means to meet a monthly obligation, but also still allow you to have oversight. I did this for my daughter her last term in school, and plan to do the same for my son.

Good luck,

Andy Tilp, CFP®
www.trilliumvalleyfp.com

Member: NAPFA (National Association of Personal Financial Advisors) and Garrett Planning Network

Andy Tilp
Answer added by Andy Tilp | 350 views
4 out of 5 found this helpful

Congratulations on your son. This will be a new and exciting time for you to see him grow. Regarding

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Congratulations on your son. This will be a new and exciting time for you to see him grow.

Regarding what you should do –

-  Critical!! - Make sure you have a will and designate who would be the guardian should something happen to both parents. If you don’t make the designation, the courts will decide for you – and it may be with someone who you would not want to raise your son.

-  Make sure you cover your own retirement. Saving for his college is great, but worst case, he can get loans or work through college. But if you don’t save adequately for your own retirement, you will either have to work longer or your son may have to support you in your old age.

-  Term life insurance only. If you save the adequately, your need for life insurance will eventually disappear. Look at a 20 or 30 year fixed term policy. Whole life insurance has its place, but only for estate planning cases of very wealthy individuals. (Always remember, insurance is insurance and is NOT an investment, not matter how good the sales pitch).

-  Make sure you have disability insurance. Statistically, your chances are much greater of needing disability insurance than life insurance. This will protect your family should you not be able to work for a while.

I hope this helps.

Andy Tilp
Answer added by Andy Tilp | 6285 views
2 out of 2 found this helpful

I agree with Guy. The 401k is not a piggy bank. You make a great salary for a 26 year old and have

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I agree with Guy. The 401k is not a piggy bank. You make a great salary for a 26 year old and have a great start on the 401k. Leave it there to build and grow your wealth.  With $100k/year, you should be able to find places where you can cut your spending and pay off the debt. Be realistic with yourself and ask do I really need something, or is it something I just want, but don't need.

If you consider a loan from your 401k, be very aware that if you were to leave your job, voluntarily or not, that the 401k loan will be due, in full. This means you will have to come up with a large sum at just the worst time. If you don’t pay back the loan, the IRS will consider that you took the loan as a distribution and will assess a 10% penalty, on top of the tax on the distribution. So for example, if you have a loan balance due of $20,000 and can't pay it back, then (assuming a 25% tax bracket), you will $5000 taxes due on the distribution and a $2,000 penalty. And if you don't have the funds to pay the taxes because you are unemployed, then you will have a lot bigger issue on your hands.

Also, if you take the money out of your 401k, you lose all those years of the compounding growth. Compound growth is what really builds your wealth, but if there is nothing to start with, nothing will grow. 

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