No Estate Tax for 365 Days

January 21st, 2010

As of Jan. 1, there is no federal estate tax and a reduction in the number of taxable estates in the US.

Unfortunately, the clock is ticking on this federal tax hiatus, and the alarm may sound before the year is over.

In 2001, when any estate more than $675,000 was taxed, Congress passed tax cuts that gradually decreased the amount of estate tax payable by the estates of those dying over the following eight years.

These tax cuts increased the federal exemption to $3.5 million in 2009, eventually culminating in the temporary elimination of federal estate taxes for estates of those dying in 2010.

The bill passed in 2001 had a sunset provision, whereby the law ends at the end of this year.

In 2011, the estate tax comes back for estates of $1 million or greater, at a maximum rate of 55 percent, if Congress does not act before the end of this year.

In December of 2009, the House of Representatives passed a bill that would have halted this year’s temporary removal of the federal estate tax, reinstating last year’s levels for another year.

The Senate, however, didn’t yet vote on it.

The House has introduced a new bill which would make last year’s $3.5 million exemption permanent and cap the top rate at 45 percent. This new bill is waiting for the Senate’s approval.

If this bill were to be passed, it would be retroactive to Jan. 1, 2010. The one thing that never changes, however, is that a bequest to a spouse or to a charity would not be taxed.

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The best-kept tax secret for small businesses

January 13th, 2010

By Nancy Mann Jackson, contributing writerJanuary 13, 2010: 11:42 AM ET

(CNNMoney.com) — For two years, Dr. James Smouse of Atlanta Oral and Facial Surgery tried to convince his younger partners to participate in a cash balance pension plan, a unique defined-benefit plan that offers business owners the opportunity to make hefty, tax-deferred contributions toward their retirement savings. But until the recession hit, they weren’t interested.

“They thought they’d be better off investing their money in stocks and other vehicles,” Smouse says. “But what happened over the past 18 months showed there’s a risk, and after working a few years, they’ve seen how much money they have to pay in taxes.”

With their cash balance plan — which guarantees an annual return of 4%, compounded over 30 years for the youngest participants — Smouse’s partners realized they could enjoy significant retirement benefits with tax savings now and little risk later. So in 2009, the group worked with actuaries at Jacksonville, Fla.-based Dorsa Consulting to establish their plan.

The cash balance pension plan — little-known and even less understood — is growing in popularity. “It’s the best-kept secret in retirement planning. Even CPAs don’t know about it,” says Stephen Dobrow, president of Burlingame, Calif.-based Primark Benefits.

The plans, which involve mandatory annual contributions, work best for small business owners with fewer than 20 employees and excess profits of more than $50,000 per year that they can afford to sink into funding a pension , says Richard Jensen, president of BRS Consulting in Little Rock, Ark. If your company fits the bill, you can enjoy these benefits:

Accelerated Retirement Savings. Most business owners don’t begin saving aggressively for retirement until they’re five or 10 years away from it, Dobrow says. They tend to plow any extra profits back into the business.

For those owners, a cash balance plan offers an opportunity to catch up quickly. At Smouse’s office, owners who are less than five years from retirement can sock away an extra $60,000 each year pre-tax, beyond their investments in the firm’s profit-sharing plan. Younger owners only have to put in $10,000 per year.

Security. A cash balance plan is a defined-benefit plan, as opposed to a defined contribution plan like a 401(k). That means that it guarantees a targeted annual benefit beginning when the owner reaches a certain age. Working with an actuary, participants set annual contributions that will yield the set benefit.

And upon retirement, those benefits are guaranteed: “When the market fell, people’s cash balance plans didn’t drop; their 401(k)s did,” says John McCrary of Dorsa Consulting. “People with a cash balance plan didn’t lose anything.”

Those benefits are guaranteed by the business. As the plan’s sponsor, it’s responsible for the funding. But most companies shift the responsibility to a financial services firm.

For example, say a plan wants to guarantee a post-retirement benefit of $1,000 per month for life. The plan sponsor can then go buy an annuity from a company like ING (ING).

“ING promises to pay that participant the $1,000 per month as long as they live,” McCrary says “The only investment risk that the participant now has is that ING stays in business during his lifetime. No matter what the market does, the risk now has shifted from the plan to ING. But they have a pool of money to pay from, so they really have maybe 15 to 20 years for the market to rebound and start growing again.”

McCrary compares a defined benefit plan to a loan. “We know how much we want at retirement, we know how many years we have until we reach age 65, and we can estimate a rate of return,” he says. “It’s not really quite that easy, but that is the big picture.”

However, if the investment returns are poor, the plans can be underfunded. Because most cash balance plans for small employers will terminate when the owner retires, the final contribution due is the amount needed to cover any underfunding. In that case, the owner can either contribute the full amount or waive any shortfall, which means they will take a smaller benefit, McCrary says.

But cash balance plans are conservative, aiming for slow, steady growth with a return of 5% to 6% percent, which helps limit losses in a bad market.

Extreme tax relief. A cash balance plan offers business owners a legal vehicle to defer paying taxes on large sums of income. “It’s a great way to lower your taxes,” McCrary says. “Would you rather save money for yourself or pay off all this [government] spending that’s going on?”

For most businesses, the highest expense after salaries “is tax liability,” Smouse says. “To legally not pay as much in taxes, there aren’t many avenues. [With a cash balance plan], the money you’re not giving to the federal government will be put into your own pocket when you retire. It will be taxed then, but hopefully we’ll be in a lower tax bracket then.”

More at: Money.com

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Who’s planning for retirement?

November 27th, 2009

Over 38% of adults are making no financial plans for their retirement and, of those, 28% have no intention of doing so. Those who do plan to in the future are starting much too late, according to Home & Capital Advisers’ retirement planning survey.

Not surprisingly, younger age groups are least likely to have started their retirement preparations already – with over 54% of under 30s saying they have done nothing or may be relying on their partners. But even among people in their forties, a worrying 35% have made no financial preparations for their twilight years.

Retirement preparations include paying into an employer’s pension scheme (27%), a personal pension plan (14%), savings (9%) and property (6%).

Of those who are not currently making financial provision for retirement, a shocking 28% have no intention of doing so, with the majority of them (54%) saying this is because they cannot afford it. 14% said they were living for today or hadn’t even thought about retirement, while a further 13% felt they are comfortably enough off not to need to worry. 11% are relying on the value in their own home.

Of those who intend to start preparing, 55% said they would do so by age 40 – but that leaves 45% who will leave it even later. For 14% of them, preparation won’t start until they are over 50. Those who intend to start a pension or other retirement plan said they would begin, on average, at age 39.

The survey reveals an alarming shortfall in many individuals’ personal provision for retirement, but also shows that many people are placing undue reliance on the government. 46% believe it’s the government’s job to provide for them in retirement.

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Long-Term Care Insurance/ Retirement Planning

November 18th, 2009

Ask most 50-plus men and women about retirement, and they’ll admit that they have not saved as much money as they’d like. Mention long-term care and they may confess that they’re not ready to think about it — yet.

Thinking about issues such as failing health isn’t as much fun as considering retirement travel plans. Unfortunately, the possibility of needing long-term care is as real as the fun aspects of being a senior. In fact, people who are now 65 face at least a 70-percent chance of needing long-term care during their lifetime, according to the 2006 Guide to Long-Term Care Insurance published by the America’s Health Insurance Plans association.
That care can be expensive. Nationally, the average cost of a year in a nursing home is $60,000, and just three weekly visits by a home health aide can add up to $18,000 a year, with skilled help being much more expensive. In 2008, North Florida’s average annual cost of a nursing home was $78,000, and three weekly visits by a home health aide topped $20,000 per year. (Based on local research and information provided by The National Clearinghouse for Long-Term Care Information.)
Between the probability of requiring care and the potential cost of that support, planning for long-term care is an important factor in retirement planning. Many people mistakenly believe that the government provides the answer. However, the disclaimer “Medicare does not pay for long-term care, so you may want to consider options for private insurance” is now printed on all Social Security Administration benefits statements.
Furthermore, Medicaid pays benefits only for people meeting federal poverty guidelines. Relying on Medicaid to fund long-term care is not an attractive option for most people who wish to maintain control of their own assets.
Long-term care insurance is an increasingly popular strategy. According to a 2009 report by the Life Insurance Marketing and Research Association, there were 4.8 million long-term care insurance policies in force at the end of 2008. As the United States population ages, this trend is expected to strengthen.

Karen Cooley, co-owner of Chez Pierre restaurant, has recently started a new career with North Florida Financial Corp. and has become passionate about sharing a holistic approach to financial planning. Contact her at karen_cooley@glic.com.

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Is China headed toward collapse?

November 11th, 2009

By EAMON JAVERS
The conventional wisdom in Washington and in most of the rest of the world is that the roaring Chinese economy is going to pull the global economy out of recession and back into growth. It’s China’s turn, the theory goes, as American consumers — who propelled the last global boom with their borrowing and spending ways — have begun to tighten their belts and increase savings rates.

The Chinese, with their unbridled capitalistic expansion propelled by a system they still refer to as “socialism with Chinese characteristics,” are still thriving, though, with annual gross domestic product growth of 8.9 percent in the third quarter and a domestic consumer market just starting to flex its enormous muscles.

That’s prompted some cheerleading from U.S. officials, who want to see those Chinese consumers begin to pick up the slack in the global economy — a theme President Barack Obama and his delegation are certain to bring up during next week’s visit to China.

“Purchases of U.S. consumers cannot be as dominant a driver of growth as they have been in the past,” Treasury Secretary Timothy Geithner said during a trip to Beijing this spring. “In China, … growth that is sustainable will require a very substantial shift from external to domestic demand, from an investment and export-intensive growth to growth led by consumption.”

That’s one vision of the future.

But there’s a growing group of market professionals who see a different picture altogether. These self-styled China bears take the less popular view: that the much-vaunted Chinese economic miracle is nothing but a paper dragon. In fact, they argue that the Chinese have dangerously overheated their economy, building malls, luxury stores and infrastructure for which there is almost no demand, and that the entire system is teetering toward collapse.

A Chinese collapse, of course, would have profound effects on the United States, limiting China’s ability to buy U.S. debt and provoking unknown political changes inside the Chinese regime.

The China bears could be dismissed as a bunch of cranks and grumps except for one member of the group: hedge fund investor Jim Chanos.

Chanos, a billionaire, is the founder of the investment firm Kynikos Associates and a famous short seller — an investor who scrutinizes companies looking for hidden flaws and then bets against those firms in the market.

His most famous call came in 2001, when Chanos was one of the first to figure out that the accounting numbers presented to the public by Enron were pure fiction. Chanos began contacting Wall Street investment houses that were touting Enron’s stock. “We were struck by how many of them conceded that there was no way to analyze Enron but that investing in Enron was, instead, a ‘trust me’ story,” Chanos told a congressional committee in 2002.

Is China headed for collapse?

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Lower the pain of estate taxes

November 8th, 2009

The federal estate tax is a tax on your right to transfer property at your death. The tax is imposed on the value of everything you own, less any exemption that is in force at the time of death. In 2009, the federal exemption is $3.5 million per person. If the value of a decedent’s property exceeds the exemption, the excess amount is subject to a tax of up to 45 percent.

For many years, the first $1 million in assets of a decedent were exempt from taxation. Although $1 million is a very large amount of money, a $1 million exemption limit created massive problems for families that owned land, farms or small businesses. If the majority of a decedent’s wealth consisted of real estate or a business instead of more liquid investments, families were often forced to sell assets that had been in the family for generations, just to raise cash to pay the estate tax.

In 2001, to accommodate growing property values, Congress enacted legislation that gradually increased the exemption, lowered the maximum estate rate from 55 percent to 45 percent, and, at least temporarily, eliminated the estate tax altogether. By 2009, the federal exemption grew to $3.5 million, and unless Congress amends the law before the end of this year, there will be no federal estate tax due on the estate of a person who dies in 2010. If the law remains unchanged, the exemption is due to return to $1 million in 2011, and the top estate tax bracket will return to 55 percent.

Before the government’s massive bailout of the financial markets, it was widely expected that Congress would make the $3.5 million exemption permanent. Now, that expectation is unrealistic. With only a few weeks left until Jan. 1, it’s likely Congress will enact a “patch” to extend the 2009 limits for one more year, until a more permanent plan can be developed. Whatever the eventual exemption limits will be, most analysts expect that some form of estate taxation will remain.

Individual estates may also impose their own estate taxes, with exemptions that may or may not be based on the federal limits.

Life insurance has long been used as an estate planning tool. In addition to providing a death benefit to replace the loss of a wage-earner’s income, life insurance is frequently used to help pay estate taxes. In order to avoid subjecting the life insurance proceeds themselves from estate taxation, estate planners often use irrevocable life insurance trusts (ILITs).

Following is a very simplified explanation of the typical way an ILIT works: Generally, the first step is to create the trust, and name a trustee. The trust purchases a life insurance policy on the life of the person who creates the trust (the grantor). The trust becomes the owner and the beneficiary of the policy. Each year, the grantor makes a gift of cash to the trust, which the trustee may use to pay the life insurance premium. At the death of the grantor, the life insurance proceeds are paid to the trust. The terms of the trust state how the death benefit is to be distributed. If the trust has been properly created, the death benefit does not become part of the grantor’s estate, and the proceeds may be used to either pay any estate taxes that might be due on the grantor’s other assets, or paid to his or her heirs.

Regulations permit an existing life insurance policy to be transferred into an ILIT, but the policy’s death benefit will be included in the grantor’s estate if death occurs within three years of the transfer. It is essential to change both the owner and beneficiary of the policy to the trust to avoid inadvertently failing to remove the proceeds in the grantor’s estate.

With so much uncertainty about the existence or extent of future estate taxes, ILITs continue to be popular estate planning vehicles. In order to fully benefit from this strategy, you must be especially diligent to comply with strict rules about the language of the trust, the selection and powers of the trustee, the procedure and documentation of gifts to the trust, and other constraints. For this reason, it is especially important to work with a competent and experienced estate planning attorney.

Elaine Morgillo is a Certified Financial Planner and president of Morgillo Financial Management Inc. She has offices in Portsmouth and North Andover, Mass., and can be reached at emorgillo@morgillofinancial.com

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Death Cometh for the Greenback

October 30th, 2009

by Joseph E. Stiglitz
10.27.2009
From the November/December issue of The National Interest.

THE DOLLAR is in trouble. That’s clear, and it’s been true for a while.

The cornerstone of the global economic system has long been the greenback. In the aftermath of the Vietnam War and the oil shocks that brought on inflation, the value of the dollar relative to other currencies could not be maintained, so countries moved away from pegging their currencies to America’s. But still, the almighty dollar was used by countries all over the world for their reserves. The reserves provided backing for the currency and the country. They were a bank account that could be drawn upon in times of need. If oil prices shot up, a crop failed or lenders demanded their money back, there was a stockpile of money that could be used.

There was a longtime confidence in the dollar, even more when then–Chairman of the Federal Reserve Paul Volcker brought down inflation in the early ’80s. The dollar was a good “store of value.” And the fact that others were willing to hold American dollars was a big advantage to the United States—it could borrow cheaply abroad.

To assure the dollar’s standing, by the ’90s, America officially had a strong-dollar policy. Speeches by then–Secretary of the Treasury Robert Rubin affirmed our determination to maintain the value of the dollar. And for much of the period, the dollar was indeed “strong.” But it had little to do with the speeches, though I sometimes suspect not only that the secretary of the treasury but also the financial markets thought so.

For the past eight years, the dollar has increasingly become less revered. Its value has been volatile. As the rest of the world saw the United States struggling with a failing war and soaring budget deficits, many who had large dollar holdings began to reduce those reserves (or increase them less than they otherwise would have). All this put downward pressure on the dollar. And thus began the first signs of a vicious circle. The strength of the dollar is becoming riskier and riskier. The growing U.S. deficit and the ballooning of the Federal Reserve’s balance sheets leave many worried that in their wake will come inflation, undermining the long-term attractiveness of the U.S. currency.

In this article, I try to explain why the dollar is in trouble, but ask—should we care? What are the consequences? I will suggest that, for the most part, and for most Americans, it is probably a good thing. But the adjustment to a lower value of the dollar will not necessarily come easily. One of the consequences—already under way—is the fraying of the dollar-reserve system. I argue that a move to a global reserve system would be good for the United States, and good for the world.

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2010 Roth IRA Conversions

October 16th, 2009

Most of us dread the thought of the ever-changing tax laws. This time around you may be lucky enough to benefit from the already established changes. Beginning in 2010, new tax rules offer the unique opportunity for previously excluded, higher-income individuals to establish a Roth IRA. Here is what the changes mean to you:
What are the current rules?
Taxpayers with a MAGI (modified adjusted gross income) of $100,000 or less in the year of con-version are eligible to process a Roth IRA conversion. Taxpayers who are married but file a sepa-rate tax return are not eligible for Roth IRA conversions. When determining eligibility the amount of conversion is not included in the $100,000 MAGI limit. The conversion, however, will be taxed as ordinary income.
How will the rules change after January 1, 2010?
Beginning in 2010 the current MAGI limit and filing status restrictions will be removed.
Who will be eligible to convert a traditional IRA to a Roth IRA?
As of January 1, 2010 anyone with a traditional IRA will be eligible to convert their IRA into a Roth IRA. The normal 10% tax penalty for traditional IRA distributions prior to the account owner at-taining age 59 ½ will not be assessed for a Roth IRA conversion.
Will I be taxed on the conversion?
The entire Roth IRA conversion amount will be considered taxable income. The IRS will allow you to spread the tax payments over two years—2011 and 2012. You may also choose to withhold for income taxes at the time of conversion. Please work closely with your CPA or tax professional to determine the best tax strategy for your situation.
How is a Roth IRA different from a traditional IRA?
A traditional IRA is characterized by deductible contributions that grow tax deferred until distribu-tion. When distributions are made from a traditional IRA they are considered ordinary income. Contributions to a Roth IRA are not deductible. Roth IRA contributions grow tax free because they are not taxed within the Roth IRA or at the time of distribution (as long as the minimum hold-ing period, usually five years from time of contribution, and other requirements, such as age, are met). Distributions from Roth IRA earnings that have not satisfied the IRS requirements are sub-ject to income tax and in certain situations an additional 10% tax penalty may apply.
What are the disadvantages and benefits of the Roth conversion?
While there are a lot of benefits to convert to a Roth IRA, there are a few disadvantages you should consider before making a decision. First, if you are under 59 ½ you must use cash (outside of your IRA) to pay for your income tax liability. If you do not have the cash available the withholding (if taken from an IRA) may be subject to an additional 10% tax penalty. Next, if you believe your effective tax rate will decrease between the present and when you will begin distrib-uting your IRA you may want to reconsider – in this situation the traditional IRA may be more beneficial.
In contrast, there are various benefits available if you decide to do a Roth conversion. Obviously, tax free withdrawals are one of the main attractions to Roth IRAs. Conversions also offer signifi-cant tax advantages with estate planning. Converting all or a portion of your traditional IRA to a Roth IRA will reduce your taxable estate without a reduction in the tax-free earnings and distribu-tions that can be transferred to your beneficiaries. Last, there is no required minimum distribu-tion for Roth IRAs allowing you to leave your money invested for as long as you want.
Who should convert to a Roth IRA?
Since there is no easy formula or rule of thumb individual analysis is required. Many factors must be considered including age, health, net worth, retirement goals, tax planning, estate and income taxes. It is important to discuss your options and determine the amount, if any, would be most beneficial to convert to a Roth IRA.
How do I get started?
If you are interested in the possibility of a Roth IRA conversion in 2010 please call your Financial Advisor in December 2009 or January 2010 to get the process started.

Charles C. Zhang, CFP®, ChFC, MBA, MSFS
Zhang Financial
Portage, MI

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Turn Your Website Into a Marketing Tool

October 6th, 2009

Today there will be millions of searches on the Internet, many of them will be for financial planning services. If you’re located in an average sized city, 100 to 500 of them will be initiated in your community looking professionals offering financial planning services. If you’re like many professionals you’ve spent a lot of money having a website built but you’ve yet to see any business come back from it.

Go to your Google Search Bar and type in your profession or specialty and your community (Financial Advisor Boston MA). Now find your website listing, if you don’t find it on the first two pages STOP, everyone else does.

The process of getting your website to the top of Search is known as Search Engine Optimization (SEO). SEO is the most cost effective way to market your website to your target audience. BestofUS Internet Marketing only works with professionals to assist them in turning their website into an Efficient Marketing Tool.
Contact us for more information

Welcome to BestofUS Internet Marketing
Welcome to BestofUS Internet Marketing headquartered in Birmingham, AL. We only work with professionals (doctors, dentists, lawyers, financial advisors, real-estate agents, accountants, chiropractors, veterinarians, physical therapists) and require that you to be one of the best of your profession in your community. You’ll need to qualify for listing on www.BestofUS.com.

If that’s the case we’ll work with you or a member of your staff to make the changes required to move your website the top of Search. Then will implement proven strategies that will increase your site traffic and turn that traffic into prospects.

Be sure to check our SEO Blog where you’ll get many of your SEO questions answered.

Marketing Your Business Through the Internet
You can spend thousands on paid advertising or you can spend a fraction and target your marketing to your desired clientele using your website.

We’re going to ask you to write a monthly newsletter and then we’re going to help you build an opt-in mailing list of current client and prospects that you’ll automatically deliver your message to every month. Each month through your website you’ll add to that e-mail list thus building you list of prospects. We’ll help you turn your website into the marketing tool that automatically does all the things that you’ve know for years that you should be doing but have never found the time to implement and maintain.

Once your website is working for you, we’ll introduce you and your staff to Social Marketing using Facebook, LinkedIn, and Twitter. We’ll get you into the habit of producing Press Releases, writing a Blog, and publishing articled all designed to elevate your importance on the Internet, in your Community and in your Profession.
Contact me if you’d like to turn your website into a marketing tool.

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When ‘I’ll scratch your back if you scratch mine’ Bites You in the Rear

August 7th, 2009

Recently, Defined Contribution retirement plans have been in the news for a handful of reasons. In July the Department of Labor and SEC held a hearing addressing the lackluster and often misleading performance of Target Date investments. Another DOL hot topic is whether plan participants are paying unreasonable or excessive fees in their retirement accounts. Recent litigation has also publicized a rising number of conflicts of interest amongst plan fiduciaries.

In the course of our retirement plan practice, it isn’t uncommon when meeting with new plan sponsors that we identify fiduciaries who are potentially breaching their obligations to their participants. At our initial meeting, the trustee will tell us about his or her plan and identify strengths and weaknesses they would like to address. Despite that, a common statement is, “We are not currently interested in making changes to the plan because we have a relationship with our vendor [or broker].” When asked to explain a little further, common responses often begin with “We do legal work for the company” or “They’re a big client of ours so we don’t want to jeopardize that relationship.” The conversation always ends in their statement of, “You know what I mean?”

In the south, cases like these are often referred to as “the good ol’ boy network.” It is typically perfectly acceptable in most business relationships to do business with your best clients, but when a retirement plan is involved, things get a little dicey. Under ERISA provision 406(a), transactions between a plan and a party of interest can be seen as a prohibited transaction violation.

ERISA 406(a) prohibits plan fiduciaries from doing business or entering in to certain transactions with “parties of interest,” typically plan attorneys, accountants, investment consultants, or plan vendors. According to ERISA 404(a), “a fiduciary shall discharge his duties with respect to the plan solely in the interest of the participants and beneficiaries. Unfortunately, recent court cases have dictated that even if the transaction brings no harm to the plan and the plan participants, it can still be seen as a violation or conflict of interest and can carry severe consequences for all fiduciaries involved.

But what’s the big deal? ERISA’s standards for fiduciaries are extremely tough. In the case of Sommers Drug Stores Co. Employee Profit Sharing Trust v. Corrigan, the courts refer to those standards as “the highest known to law.” At the very least, the appearance of a potential conflict creates the question of whether a fiduciary is acting in the best interest of the participants. The biggest concern is whether actions by the fiduciary are negligent and are adversely impacting the plan. For instance, could the conflict of interest mean participants are paying unreasonable compensation to the vendor or investment advisor? Are there better investment options amongst other plan vendors? Do the participants have access to adequate educational tools and resources?

We’ve highlighted only one example of a potential conflict of interest. Many other examples exist. But what can fiduciaries do to avoid a prohibited transaction? We recommend that you demonstrate Procedural Prudence in all decisions you make:

1. Research and understand your fiduciary responsibilities,
2. Take Action – Do what is required to keep the plan in compliance, and
3. Document all decisions and compliance-related activities.

If you have questions about this subject or want to learn more about how to comply with ERISA guidelines, visit our website at www.retirementplanpros.com.

1950 Stonegate Drive
Suite 275
Birmingham, AL 35242
Office: (205) 970-9088
Toll-Free: (866) 695-5162
Fax: (205) 969-8017
Info@gandlwealth.com
http://www.gandlwealth.com

Trent Grinkmeyer, Valerie Leonard and Kimberley Fulcher are Registered Representatives and Investment Adviser Representatives with/and offer securities and advisory services through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. If you wish to opt out of receiving future e-mails, please respond to this e-mail with “Opt Out” in the subject field. This material is intended for informational purposes only and should not be construed as legal advice and is not intended to replace the advice of a qualified attorney, tax adviser, investment professional or insurance agent.

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