How to Apply for Social Security Retirement Benefits

Contributed by: Matt Trujillo, CFP®

There are a few different ways you can apply for social security retirement benefits. The easiest and most time efficient is simply to set up an account at https://secure.ssa.gov/iClaim/rib and apply for benefits online.  You can also apply over the phone by calling 800-772-1213 (or 800-325-0778 if you are hard of hearing). 

Of course, you can always stop down to a social security office and apply in person.  For some of the more advanced social security strategies like file and suspend and restricted application, you will have to stop into a branch as these options are not available online. You can find your local social security office by clicking this link.

If you are currently living outside of the United States you can apply for benefits by contacting the Office of International Operations. For more information visit their website here.

When to Apply for Social Security Benefits

It’s a good idea to apply for benefits a month or two earlier than you want your benefits to actually start. This is because social security benefits are paid the month after they are due.  For instance, if you want your benefits to start in July, you will receive your first benefit check in August. If you want to receive your first benefit check in July, you need to be eligible for benefits in June and tell the SSA that you want your benefits to start in the month of June so that you will actually receive a check in July.

Social security can be a very confusing topic. It’s a great idea to consult with a qualified professional before applying for benefits as your decisions in this area can be permanent and irreversible.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Matthew Trujillo, CFP® and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

3 Tips on Setting Up a Trust from the RJ Trust School

Contributed by: Matt Trujillo, CFP®

I recently had the opportunity to attend Raymond James Trust School in Cleveland, Ohio with about 30 other financial professionals.  It was a great refresher, but I learned some new things as well. Below are three of my key take-aways from the RJ Trust School that may help guide you in making decisions about a trust.

3 Take-Aways from the RJ Trust School:

1. Sometimes to save money people will have a will drafted which calls for a trust to be set up at their death. This type of trust is called a “Testamentary Trust”. One of the issues with structuring your estate plan in this fashion is that with a Testamentary Trust the probate period will continue until the trust terminates which could be as much as 90 years in some states!  This is a long time for creditors to submit claims against an estate, and something to keep in mind when you are considering having documents drafted.

2. Trusts aren’t just about avoiding estate taxes! There are many other reasons to have assets held in trust name. Here are a few that were mentioned at RJ Trust School:

   • If the beneficiary is a spendthrift and you are worried they might spend all the assets in a short period of time

   • If the beneficiary just doesn’t understand money well and will struggle with financial management

   • If the beneficiary doesn’t have time to manage additional financial matters

   • If the beneficiary has potential credit problems and if they inherited assets outright their creditors could seize the assets

   • If the beneficiary is in a bad marriage and inherit assets outright, a soon to be ex-spouse might have a claim

   • If the beneficiary has special needs it might be better to have inheritance held in trust so they don’t lose government funding

3. If you’re married, you should strongly consider filing form 706 electing portability at the death of the first spouse, even if you don’t have a taxable estate at that time.  With the recent changes in estate tax law a lot of people think they automatically get their spouse’s estate tax exemption as well as their own. However, as the instructor at RJ Trust School pointed out, you only get both exemptions if you file the appropriate paperwork electing for “portability” at the first death.  For example, if an estate didn’t have estate tax issues at the first death, but grew significantly after the date of death, it could now be subject to estate taxes. That’s a situation that could have been avoided by filing form 706.

If you are considering implementing some estate planning documents or amending the one you currently have in place, you should meet with a qualified estate planning attorney first!

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Matthew Trujillo and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. You should discuss any tax or legal matters with the appropriate professional.

Why Financial Planners are a lot like Personal Trainers

Contributed by: Matt Trujillo, CFP®

I recently had the opportunity to work with a personal trainer at my local gym. My wife was kind enough to purchase some sessions for me, and it was her gentle way of letting me know I’ve added on a few pounds! When I sat down with the trainer at my initial session I couldn’t help but notice the similarities between what I do for a living and what personal trainers do.

Personal Trainer's line of questioning: (I’m paraphrasing)

Trainer: What were you hoping to accomplish over the next 8 weeks?

Me: I would like to develop some good habits so I can get back on a systematic workout routine.

Trainer: Ok, I can certainly help with that…anything else on your mind?

Me: Yes I would like to lose 10 pounds.

Trainer: That’s definitely doable, but you’re going to have to push yourself in the gym as well as practice disciplined eating habits outside of the gym. Losing weight is a science and your body is a machine.  Most people lack the mental discipline and have a hard time reaching their goals because of their behavior.

When I left the gym I couldn’t help but think about his comments the whole drive home. At The Center, our entire focus is on goals-based financial planning.

Our initial line of questioning with our clients is very similar to a personal trainer:

We Ask: How can we help you? What were you hoping to accomplish? What matters most to you with regards to your finance and money?

We Get Answers Like: I want to retire at 65. I want to be financially independent by 60. I want to leave a financial legacy.  I want to make sure my family is taken care of if something were to happen to me. I need help with my investment decisions.

These are just a few of the most common answers. Our mission is to provide world class service in helping our clients achieve their goals.  We do this by practicing a disciplined investment approach and by looking at all facets of a client’s financial life. 

If you haven’t taken the time to establish specific financial goals then I strongly encourage you to do so. Financial planners can help you identify and define those goals, just like your personal trainer can help you build and define your muscles.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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Any opinions are those of Matthew Trujillo, CFP® and not necessarily those of Raymond James. Investing involves risk and investors may incur a profit or a loss.

Volatility and Commodities (go together like a horse and carriage)

Contributed by: Matt Trujillo, CFP®

There has been a lot of press lately about the recent volatility in the crude oil markets.  Every smart person with a microphone is making predictions about how low it could go or where it ultimately might end up. I can’t open a financial website, magazine, or journal without seeing some sort of headline declaring that Oil is going to $10 a barrel!

All of this sensationalism would lead one to believe that this price behavior is something unusual for commodities and oil specifically. It’s a constant reminder how short sighted the media is and why it’s best not to make financial decisions solely based on what you hear on CNBC or Yahoo Finance.

Historical Perspective on Commodities

In fact, try going back over the last 100 years and study not just oil, but all commodities. You’ll see that large double-digit gains and large double-digit losses are quite common and almost expected in these types of markets.  If you have that kind of time (and that level of interest) click here to browse through all the various commodity prices and historical price data.

For those of you that don’t have that kind of time, let’s focus mainly on the last 10 years.  For illustrative purposes, we’ll use the annual performance data found here. This interactive chart shows the historical pricing performance for oil as well as several other commodities over the last 10 years. Using this data, let’s say I invested a hypothetical $10,000, and earned the returns illustrated on the chart. My original $10,000 would have grown to $12,351 after 2014.  This is equivalent to roughly a 2.3% average annual rate of return.  Not really anything to get overly excited about, but the path to get that 2.3% was quite dramatic. A few notable years: 2005: +40.48%, 2007: +57.22%, 2008: -53.53%, 2009: +77.94%, and 2014: -45.58%.  Quite the volatile rollercoaster ride…especially if you end up with a paltry 2.3% for enduring all of the swings!

As you can see, when it comes to Oil price volatility is nothing new. Commodity markets are not for the faint of heart and might make sense as a part of a well-diversified portfolio. If you are considering adding oil or any other commodity to your overall investment plan, please talk to a qualified professional first to make sure that it is a suitable investment for your risk tolerance and time horizon.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Matthew Trujillo, CFP® and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Past performance may not be indicative of future results. Hypothetical example provided in this article is for illustrative purposes only. Actual investor results will vary.Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

Tis the Season: Tax Season

Contributed by: Matt Trujillo, CFP®

It’s that time of year again!  The time to file your state and federal tax returns. Please remember to send us a copy of the return as soon as it’s available, or make sure we have your written authorization to allow your tax preparer to forward us a copy on your behalf. Having access to timely and updated tax information is critical for giving good advice as well as making long term investment decisions. If you should have any questions please contact our Associate Financial Planner, Matt Trujillo,CFP® at Matt.Trujillo@centerfinplan.com

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

NUA: Answering 7 Questions about Net Unrealized Appreciation

The financial planning profession is full of acronyms such as RMD, IRA, TSA and NUA. One acronym making a comeback due to the increase in the US Equity market is “NUA”. NUA stands for net unrealized appreciation and anyone with a 401k account containing stock might want to better understand it. NUA comes into play when a person retires or otherwise leaves an employer sponsored 401k plan. In many cases, 401k funds are rolled over to an IRA. However, if you hold company stock in the 401k plan, you might be best served by rolling the company stock out separately.

Before getting to an example, here are the gory details: The net unrealized appreciation in securities is the excess of the fair market value over the cost basis and may be excluded from the participant's income. Further, it is not subject to the 10% penalty tax even though the participant is under age 59-1/2, since, with limited exceptions; the 10% tax only applies to amounts included in income. The cost basis is added to income and subject to the 10% penalty, if the participant is under 59.5 and the securities are not rolled over to an IRA.

Suppose Mary age 62 works for a large company that offers a 401k plan. Over the years she has purchased $50,000 of XYZ company stock and it has appreciated over the years with a current value of $150,000. Therefore, Mary has a basis of $50,000 and net unrealized appreciation of $100,000.

If Mary rolls XYZ stock over to an IRA at retirement or termination, the full $150,000 will be taxed like the other funds at ordinary income tax rates when distributed. However, if Mary rolls XYZ stock out separately the tax rules are different and potentially more favorable. In the example above, if Mary rolls XYZ out she will pay ordinary income tax immediately on $50,000 but may obtain long term capital treatment on the $100,000 appreciation when the stock is sold; thus potentially saving several thousand dollars in income tax.

Here are some critical questions to review when considering taking advantage of this opportunity:

Have you determined whether you own eligible employer stock within your workplace retirement plan?

Have you determined whether you have a distribution triggering event that would allow you to take a lump sum distribution of your employer stock from your plan?

Have you discussed the special taxation rules that apply to lump sum distributions of employer stock and NUA?

• Cost basis taxable as ordinary income

• Net unrealized appreciation taxable at long term capital gains rates when stock is sold

Have you discussed the criteria necessary to qualify for NUA’s special tax treatment?

• Qualifying lump sum distribution including stock of the sponsoring employer taken within one taxable year

• Transfer of stock in kind to a brokerage account

• Sale of stock outside of the current qualified plan

Have you discussed the pros and cons of rolling over your employer stock into an IRA, taking into consideration such things as available investment options, fees and expenses, services, taxes and penalties, creditor protection, required minimum distributions and the tax treatment of the employer stock?

Have you discussed the pros and cons of selling your employer stock within the plan, including the need for proper diversification?

Have you discussed with your tax advisor whether a NUA tax strategy would be beneficial from a tax planning perspective given your current situation?

These are a handful of the key questions that should be considered when deciding whether or not this opportunity makes sense for you. Professional guidance is always suggested before making any final decisions.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Matt Trujillo, CFP® and Tim Wyman, CFP® and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Strategies mentioned may not be appropriate for all investors.

Practical ways to qualify for an Obamacare subsidy

For any “early” retirees between the ages of 55-64, one of the biggest burdens on cash flow will probably be medical expenses. More specifically health insurance premiums. Although enrolling for Obamacare won’t make you healthier per se, if you structure your income correctly, there are ways to qualify for significant subsidies to help ease the burden of your monthly health insurance premiums.

The Threshold to Qualify

In order to qualify for a subsidy, your modified adjusted gross income (MAGI) must be between 100-400% of the federal poverty level. For 2014 those levels were $15,739-$62,920 for a family of 2, and $23,850- $95,400 for a family of 4. The lower you are in these thresholds, the higher the subsidy amount will be. Also, the older you are, the higher the subsidy will be. For example a 62-year-old couple with a MAGI of $50,000 will be eligible for a larger subsidy then a 55-year-old couple with the same MAGI.

You might be thinking your income is too high and this article doesn’t pertain to you. Not so fast.  There are ways to structure your retirement income so that you will fall well within these thresholds. Here’s an example:

Let’s take a 62-year-old married couple (family of 2) with these assets:

                                                $1,500,000 of IRA money,

                                                $250,000 in checking & savings

                                                $250,000 in a taxable brokerage account

Their annual income need is $100,000 gross (before-tax). Their taxable portfolio kicks off $12,500 of interest and dividends and the husband has a $30,000 pension. Both must be reported as income on your taxes. So far, we have $42,500 of taxable income, and the threshold before you are completely ineligible for a subsidy for a family of 2 is $62,920.  That means we have $20,420 left of taxable income left to recognize before they are completely phased out.

How to Plan for a Subsidy

As mentioned previously, the couple’s annual income need is $100,000 and they have $42,500 of taxable income (so far) to go towards satisfying that need. This means they still need $57,500 to fulfill their need for the year.  This is where the planning comes into place.  By taking $57,500 from their savings account, their need for the year would be met, and they wouldn’t need to report any more taxable income as a result of this withdrawal from checking & savings (because taxes were already paid on these dollars). Also, by having a MAGI of $42,500 they would qualify for a significant Obamacare subsidy … probably $6,000-$10,000 based on the Henry J. Kaiser Family Foundation’s Obamacare calculator I used here.

Things that will affect your taxable income (and possibly disqualify you):

• Social Security:  if you decide to collect early at age 62, up to 85% of your benefit could be taxable and could push you out of the thresholds for a subsidy.

• Taxable dividends & interest:  Dividends and interest are good, but you should try to estimate what they will be for the year to make sure they won’t push you out of the parameters for a subsidy.

• Capital Gains:  You bought shares of Apple when it was at $5 and decided to sell it all in 2014. Great you made a lot of money!  But you can probably forget about an Obamacare subsidy because that gain is going to push your MAGI up too high.

• Part Time Work: Obviously earned income is going to be reported on your tax return, and have an impact on your eligibility.  Also, if your employer offers “affordable” health care to you, you don’t qualify for a subsidy.

Please keep in mind that this planning must be done very carefully, and you should almost certainly work with a professional to make sure it is done properly.  The thresholds are a “cliff” so if you go one dollar over, you will need to pay back the subsidy in its entirety. Don’t let this deter you or your family from considering a similar strategy!  We have helped many clients navigate through similar situations and would love to be a resource if you have questions or would like us to look at your personal scenario. 

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Material is provided for informational purposes only and does not constitute a recommendation. Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of RJFS or Raymond James. You should discuss any tax or legal matters with the appropriate professional. This is a hypothetical example for illustration purposes only. Actual results will vary. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. C14-041066

Reconsidering Reverse Mortgages

I always thought of reverse mortgages as a last resort for retirees who had spent down their retirement savings and needed more income in retirement.  The reason why I felt this way, and perhaps why a lot of people had learned to dislike these products, was because of the high fees and interest embedded in the product.  However, with recent changes to various mortgage programs, it may be worth taking a closer look.

Last resort or income stream?

Let’s begin by first looking at how these products used to work and why they typically weren’t advisable except as a last resort.  For a lot of retirees, one of their largest assets is the equity in their houses.  Unfortunately, other than providing shelter, a house doesn’t have a lot of financial benefit.  You might still carry a mortgage in retirement; you pay property taxes, home owners insurance, utility bills, and the occasional home repair.  All of these are money out of your pocket, but when is the last time your house paid you?  Enter the reverse mortgage….a potential way to create an income stream (or lump sum) which can turn the house into a more meaningful asset rather than a money pit.  Everything sound good so far?  Not so fast! The problem is that, in the case of a married couple, the bank used to come knocking at the first death and demand repayment of the income stream plus interest that had been accruing the whole time.  Can’t afford to pay that back all at once? No problem…the bank will just sell the house from under you, take their money back, and give the survivor the remainder (if any) so they can go and try to find a new place to live.  All of a sudden this program doesn’t sound so good.

Reverse mortgages get a make-over

This idea of the survivor losing their house was the primary reason why I rarely recommended clients consider these products in a serious manner. However, in 2013 there were major revisions to how a lot of these products were structured. The fees still seem to be fairly high, but no longer is the bank able to sell the property out from under the survivor.  Now the repayment of the loan isn’t due until both people have died.  With these new changes, it may be worth taking a look at tapping into your home’s equity, knowing that you and your spouse won’t have to leave your house unless you want to.  Work with your financial professional to understand more fully if this type of product might make sense for your specific situation.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. This is not a solicitation or recommendation for a reverse mortgage strategy. Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of RJFS or Raymond James. There are significant costs associated with Reverse Mortgages, such as: up-front mortgage premium, annual premium, origination fee, closing costs, monthly services charge, and appraisal fees. There are significant risk associated with Reverse Mortgages. Generally, the homeowner is still obligated to pay taxes, insurance, and maintenance and if the borrower moves, the loan becomes due, and the total amount due may be larger than anticipated or planned for. Medicaid may also be affected. C14-040266

Benchmarking in Investing: Tools to track relative performance

 Ever wonder how to know whether your portfolio is performing well?  Some people will simply look at the overall return, and if it’s higher than their neighbor’s, they figure they are doing well!  However, simply looking at the bottom line rate of return doesn’t tell the whole story because returns are directly related to how much underlying risk you have taken in the portfolio. To an amateur investor an annual rate of return of 7-8% might feel good, but a professional looks at how much risk you had to take to achieve such a result.  One method everyone should use to better understand the relative performance of an individual portfolio is referred to as “benchmarking”. 

Performance tracking methods

A few commonly used benchmarks for large U.S. stocks are the Dow Jones Industrial Average and the Standard & Poor’s 500 index (more commonly known as the S&P 500).  You will hear these two indexes referred to constantly in the news. If you hear the Dow was up 100 points, you may find yourself checking how your portfolio’s performance compares.  The problem with this is that you might not own anything in your portfolio that looks anything like the Dow Jones Index. This is why you need to understand what makes up your portfolio and what indexes to track to understand relative performance. 

Benchmarking Best Practices

Hypothetically, let’s say you have a portfolio that looks like this:

30% Large International Stocks

30% Large U.S. Stocks

40% highly rated U.S. corporate bonds   

You look at the annual return for the Dow Jones, see that this particular index was up 9% at the end of the year, and then check your portfolio’s overall return to see that it was only up 4%.  Before you rush to the phone to fire your financial advisor, first get the full picture!  Your portfolio only has 30% of the money invested in Large U.S. companies and 70% of the money invested elsewhere. To expect 100% of the money to perform the same as the Dow Jones is highly unrealistic.  Instead, you should look at a few other “benchmarks” that are commonly used in financial circles to track different types of stocks and bonds.

Here is a list of benchmarks to track different asset classes to help you make a fair comparison about your portfolio’s performance compared to the types of risk you took:

S&P 500-  Large U.S. Stocks

Russell 2000- Small U.S. Stocks

MSCI EAFE- International Stocks

Barclays Aggregate U.S. Bond Index- U.S. Bonds

Back to the example, our hypothetical investor decides to look up the returns for the Barclays Aggregate Index and MSCI EAFE since he has money invested in those types of asset classes as well as Large U.S. Stocks.  Our investor sees that bonds actually had a negative 2% rate of return for the same time frame, and that the MSCI EAFE was essentially flat.  So 30% of his money he expects to be up somewhere near 9%, 30% of his money he expects to be right around 0%, and 40% of his money he expects to be down 2%. 

Putting Performance Benchmarking to Work

If our investor had $100,000 at the beginning of the year invested in our hypothetical portfolio here’s how it breaks down:

Add it up and the ending portfolio balance is $101,900 or a rate of return of 1.9%.  When you understand the whole picture, you might be more satisfied with a 4% return knowing that a portfolio with very similar holdings should only be up about 1.9% according to the benchmarks.

Talk to your financial advisor to find out what makes up your portfolio and what benchmarks to use for your particular situation.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

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Information contained in this report was received from sources believed to be reliable, but accuracy is not guaranteed. The Dow Jones Industrial Average is an unmanaged index of 30 widely held securities. It is not possible to invest directly in an index. C14-038979

Are Donor Advised Funds Right for You?

Many people are charitably inclined and like to give money to churches or synagogues (among others) throughout the year.  At The Center, we fully support these efforts, but are always conscious of the most tax efficient ways in which our clients can give to their favorite charities.   One option that we often consider is a Donor Advised Fund. 

Charitable Giving

In order to take advantage of this charitable vehicle, an individual must open an account with the fund, and deposit cash, securities or other similar financial instruments.   By taking this approach, you can set funds aside--even if you aren’t sure exactly where you want them to go-- and still take the tax deduction in the year that the donation was made. 

Who Should Consider this Strategy?

An example of where a strategy like this might make sense is if you are in your peak earning years, but approaching retirement in the next 3-5 years.  You might need the charitable deduction more now than you would in retirement when your income would probably be less and your tax liability lower.

For illustrative purposes, let’s assume that Joe and Jane Smith are 58 years old and are employed with a taxable income of $300,000.  This places them squarely in the 33% marginal tax bracket. However, in retirement, they anticipate they will only need $140,000 of taxable income to sustain their desired standard of living. This would place them in a 25% bracket.  Every year Joe and Jane like to give about $10,000 to their church.  A donor advised fund may make a lot of sense for Joe and Jane because, if they know they are going to make the gifts anyway, they can set the money aside now and take advantage of the tax deduction at a 33% marginal rate as opposed to a 25% rate.

As always, be sure to consult with a qualified financial professional before incorporating any of these ideas into your own personal financial plan.

Matthew Trujillo, CFP®, is a Certified Financial Planner™ at Center for Financial Planning, Inc. Matt currently assists Center planners and clients, and is a contributor to Money Centered.

This material is being provided for information purposes only and is not a complete description of all information necessary for making a decision, nor is it a recommendation to buy or sell any investment. Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of Raymond James. Consult a tax or legal professional for any specific tax or legal matters. C14-034226