Stephen Craffen

Stephen C. Craffen

Partner at Stonegate Wealth Management LLC

Location:
393 RAMAPO VALLEY ROAD, Oakland, New Jersey, United States
HQ Phone:
(201) 791-0085

General Information

Experience

Prudential

Education

solid analysis , 

1977 BE  - Stevens Institute of Technology

MBA  - Finance , Rutgers

Masters  - Financial Planning , College for Financial Planning

Affiliations

NAPFA Member  - Advisorology LLC

NAPFA Member  - Financial

Member  - National Association of Personal Financial Advisors

Member  - The New York Society of Security Analysts Inc

Member  - CFA Institute

Advisor  - GuideVine

Member of New Leadership and Development Committee  - National Board

Recent News  

One option would be for your child to cash his or her check and not deposit the earnings to a bank, said Stephen Craffen of Stonegate Wealth Management in Oakland.
If you use the cash option, though, you're essentially going to be lying on the financial aid application in an attempt to hide the funds, and that's not a great idea. The earnings will still show on your child's tax return, though, and so the money will show as income even if it's not sitting in a bank account. Another way to keep it out of the equation would be to make a contribution to a retirement account, such as IRA, Craffen said. "The downside to this strategy is that the funds will not be available for withdrawal until age 59½, so they can't be used for college," he said. "If cash is withdrawn earlier, there is a 10 percent penalty." Your child is so close to going to college that a long-term investment isn't advisable, Craffen said.

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You could limit how much a child spends by having a limit on the credit amount available on that card, said Stephen Craffen of Stonegate Wealth Management in Oakland.
That may be problematic if it is linked to your credit card, he said. "You can pre-load the account electronically each month from your main account at the bank," Craffen said. "This way you can control his spending, and also provide him with more money from time to time if he has an extraordinary need." Craffen said he is always leery of liabilities that you could potentially lose control of, but with the debit card, you are controlling the situation. You're also encouraging him to be responsible and that responsibility means only spending money that exists rather than spending money that comes from debt, he said. "We know that plenty of parents do give their children credit cards, but we have seen horror stories where they spent carelessly and their parents were on the hook for the money," Craffen said.

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Stephen Craffen
E-mail: stevec@stonegatewealth.com

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