Category Archives: Retirement

Required Minimum Distributions

June 20, 2017

What are Required Minimum Distributions (RMDs)?

Required Minimum distributions, often referred to as RMDs, are amounts the IRS requires you to withdraw annually from your Traditional IRA or employer sponsored retirement plan (401(k), 403(b), 457, TSP, etc.) after you reach age 70 ½. You can always withdraw more than the minimum amount from your account in any year but if you withdraw less than the required minimum, you will be subject to a Federal tax penalty of 50%.

The RMD rules are calculated to spread out the distribution of your entire interest in an IRA or plan account over your lifetime. The purpose of the RMD rules is to ensure that people don’t just accumulate retirement accounts, defer taxation, and leave these retirement funds as an inheritance. In that case, the IRS is delayed in getting the tax income from them. Instead, required minimum distributions generally have the effect of producing taxable income during your lifetime. Taxable income to you means tax income for the IRS.

When Must RMDs be taken?

Your first required distribution from an IRA or retirement plan is for the year you reach age 70½. However, you have some flexibility as to when you actually have to take this first-year distribution. You can take it during the year you reach age 70½, or you can delay it until April 1 of the following year. However, after the first year, RMDs must be taken no later than December 31 of each calendar year until you die. That means that if you opt to delay your first distribution until April 1 of the following year, you will be required to take two distributions during that year–your first year’s required distribution and your second year’s distribution as well.

Exception

There is one situation in which your required beginning date can be later than described above. If you continue working past age 70½ and are still participating in your employer’s retirement plan, your required beginning date under the plan of your current employer can be as late as April 1 following the calendar year in which you retire. Again, subsequent distributions must be taken no later than December 31st.

How much do I need to take?

RMDs are calculated based on your age and the value as of December 31st of the prior year. See the IRS website for the Uniform Lifetime Table which provides the life expectancy factor used to make the calculation. If your spouse is more than ten years younger than you, there is an alternate table that can be used.

What if I don’t need the money?

Whether you need the income or not, you must take the distribution. Some financial institutions will allow you to reinvest the funds automatically into a non-retirement account which would allow the funds to remain invested. However, it would not avoid the tax liability on the distribution

At Kramer Wealth Managers, we can help you navigate your retirement income strategy around RMDs and help you make a decision on how to utilize them once you turn 70 ½. Contact us today to discuss your WealthPath.

End of Life Decisions- Advance Directives

June 7, 2017

End of Life Decisions- Advance Directives

No matter how much control we exert over our day-to-day lives, there may come a time in each of our futures when we are no longer able to make decisions for ourselves. When and if that happens, we need to have procedures in place that establish our preferences for certain treatment measures and appoint a trusted individual as a healthcare advocate.

Healthcare Proxy and Advance Directives

Generally, healthcare proxy appointments are taken care of through a legal document called a Durable Power of Attorney (POA) for healthcare. The POA document designates a representative to make healthcare decisions when the patient is either permanently or temporarily unable to make these decisions him- or herself. The decisions the proxy can make include withholding treatment, ending treatment or prolonging treatment of any medical condition that leaves the signor unable to make decisions. Some advance directives may include precise instructions to be followed in the event of specified medical incidents, with decisions for unspecified incidents left up to the healthcare proxy.

Advance Directives, often called a “Living Will”, on the other hand, sets out the patient’s declarations for medical treatment while he or she is in a terminal condition. That is, medical doctors have determined that there is no chance for survival and any measures taken would only prolong life and not ultimately save it. This can include the wish to be kept alive on life support or to not be resuscitated. Often, the living will is incorporated into the Healthcare POA but it can also be a separate document.

Both the POA for healthcare and the Advance Directives are legal documents but are not medical orders.

POLST/MOLST Forms

While the Health Care POA and Advance Directives are legal documents executed through an attorney, you can also fill out medical forms with your doctors called a POLST or MOLST form, depending on in which state you live. These stand for Physician Order for Life Sustaining Treatment (POLST) or Medical Orders for Life Sustaining Treatment (MOLST) form. This form is written by a physician and spells out instructions to medical personnel about the patient’s direct intentions for his or her treatment of a specific condition. It can include orders for end-of-life treatment, medical intervention, and orders to forgo treatment in certain circumstances. Like the living will, POLST/MOLST forms offer instructions for very specified situations and can be used by the whole medical community—including first responders, police and nursing home staff.

It’s important to have both advance directives and a POLST/MOLST form because while advance directives deal with hypothetical situations, POLST/MOLST forms give instructions for actual conditions that the patient has. Covering both ends of the spectrum is vital to ensuring the right treatment is offered.

Keep in mind that emergency medical staff will not wait to conduct CPR while your family member locates your legal or medical documents. If you already have an end-stage condition and know that you don’t want to be resuscitated in the event of an emergency, you may also want to consider a DNR bracelet.

At Kramer Wealth Managers, we can help you work with an attorney to help develop a plan for both financial and healthcare management decisions in the event you are incapacitated. To get started, contact us today.

This material is intended for informational purposes only and should only be relied upon when coordinated with individual professional advice. Neither FSC Securities Corporation, nor its registered representatives, provide tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.

Options when Inheriting an IRA

November 2, 2016

Some assets, such as cash, are simple to pass on to heirs. Other assets, such as IRAs, have certain rules and conditions that change depending on the distribution method chosen and the relationship of the beneficiary.

There are two main categories of IRA beneficiary: spousal and non-spousal. Today, let’s review the choices for each.

Non-Spousal Options

Lump sum distribution: With a lump-sum distribution, all the assets in the deceased individual’s IRA are immediately dispersed to the beneficiary. The beneficiary is left with no further IRA assets and will be taxed on the full amount of the distribution. The amount of the full distribution is added to all of their other income for that year and will be taxed according to their federal and state tax bracket.

Transfer to an inherited IRA: With an inherited IRA, the beneficiary moves assets into a new account that allows them to take penalty-free distributions. The beneficiary must begin taking distributions called Required Minimum Distributions (RMD) based on their age and life expectancy. The IRS has a formula for calculating the amount. This allows the beneficiary to spread the tax liability out over their lifetime as they are only taxed on the amount they withdraw each year, and not on the remaining balance. An inherited IRA account must be established and distributions must start by December 31st of the year following the deceased owner’s date of death. If it is not established within this time frame, the account must be distributed fully within five years.

5-year rule: If RMD distributions have not been established by December 31st of the year following the date of death, then the entire account balance must be distributed by the fifth anniversary of the date of death. Discretionary withdrawals can be taken at any point within the first five years, but any balance remaining on the fifth anniversary will be distributed to the beneficiary and fully taxable.

No money can be added to an Inherited IRA or decedent’s IRA, nor can it be commingled with other IRAs owned by the beneficiary.

Spousal options

Spouses can choose from all the options above, but they also have one additional choice. They can treat the IRA as their own with a spousal transfer. This moves the inherited IRA assets over to the IRA of the spouse and it means that the penalties for early withdrawal will apply if the surviving spouse is under age 59½. They do not have to take RMDs until they reach 70½.

At Kramer Wealth Managers, we can help review all your options and determine which one makes the most tax- and income-efficient choice. Contact us today to get started.

While the tax or legal information provided is based on our understanding of current laws, this information is not intended as tax or legal advice. Federal tax laws are complex and subject to change. Neither FSC Securities Corporation nor its registered representatives, provide tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.

Social Security Maximization for Married Couples

March 18, 2016

You may have heard rumors that there were major changes made to Social Security when Congress passed the Bipartisan Budget Act of 2015. While it is true that big changes were made, it only affects a select group of people.

What changed were the filing strategies for married couples called, “File and Suspend” and “Restricted Application.” The recent budget bill closed the loophole on these two filing strategies for anyone who has not yet reached age 66 by April 30, 2016. For those who will be age 66 by April 30, 2016, they are able to still utilize these two strategies as they will be grandfathered in.

Current filing options remain unchanged

All people who are eligible for social security have three choices for prompting Social Security retirement income (not SSDI):

• At age 62 (early)

• At full retirement age (which varies by date of birth)

• After full retirement age

Take a look at your Social Security statement. Some people receive them in the mail but if you don’t have it handy, you can register for online access at ssa.gov and view your personal benefit statement there. You will see the staggering difference in your benefit amount depending on the age you decide to start payments. In fact, for each year you delay taking social security, your benefit goes up by 8%. That is an increase of 40% if you wait from age 65 to 70. These filing options remain unchanged. There are two additional filing strategies, Restricted Application and File and Suspend Strategy that will phase out after April 30, 2016.

Restricted Application (old rules)

If you’re married, you are entitled to claim spousal benefits in lieu of taking your own. The spousal benefit provides for 50% of what the amount of your spouse’s benefit. This can be beneficial when your spouse out-earned you in life and has a much higher benefit, but it can also be used as a means of delaying your benefits so they can continue to grow. This process is called the restricted application strategy.

By filing a restricted application, you elect NOT to receive your own benefits, even if they are higher than 50% of your spouse’s. Instead, you restrict your benefit only to the spousal benefits, allowing your own benefits to continue to grow at 8% per year.

The File and Suspend Strategy (old rules)

Under Social Security rules, the main beneficiary must have already filed for benefits in order for the spouse to file for spousal benefits under a restricted application. However, that doesn’t mean that the main beneficiary has to lose out on the delayed credits he or she can get by waiting until age 70 to take payments. The main beneficiary can file for benefits (thus enabling the spouse to file for spousal benefits) then he or she can suspend the benefits so that no payments are actually received. This is called a file-and-suspend strategy. This will allow the main beneficiary to receive the 8% annual increase to his/her benefits while still allowing the spouse to receive benefits in the meantime.

Example:

Terry and Pat are both age 66 and married.
Terry’s benefits are $1500 per month and Pat’s benefits are $2000 per month.
Pat files for benefits at age 66 and then suspends benefits
Terry files for benefits under a restricted application which means instead of taking Terry’s own $1500/month benefit, Terry gets 50% of Pat’s $2000 per month benefit
Meanwhile, Terry’s and Pat’s own benefits are both growing at 8% per year until age 70.
At age 70, they both start receiving their own benefits, now at $1980 per month for Terry and $2640 per month for Pat. This is a total of $4620 per month which is $1120 more than the $3500 they would have been receiving had they both filed for their own benefits at age 66. Over their lifetime, based on a 90-year life expectancy, they would receive an additional $148,800 in total benefits with these filing strategies compared to regular filing strategies.

New rules

Under the new rules, for anyone who files after April 30, 2016, the worker can still file and suspend benefits but they no longer allow anyone else to file for benefits under their record during the suspension period. Further, the restricted application is no longer allowed so whenever someone applies for benefits, they are deemed to have filed for any benefits for which they are eligible and can no longer choose to restrict their own benefits.

If you happen to fall within that short window of time for married people who are already age 66 prior to April 30th of this year, you’ll want to act now to consider if either of these strategies are right for you.

But even if you aren’t eligible to use these filing strategies, the timing of when you start social security benefits can have a huge long-term impact. There are a lot of factors to consider in this decision. When you make an appointment to work with one of the professionals at Kramer Wealth Managers, we’ll show you how your income could look under each scenario and help you determine the best strategy for maximizing your benefits.

Although the information has been gathered from sources believed to be reliable, it cannot be guaranteed and the accuracy of the information should be independently verified.

How to Save for Retirement while Self-Employed

June 19, 2015

Neglecting your retirement savings as you start your own business is simply not an option. Instead, you must find ways to continue saving for retirement even as you struggle to create a business that sustains your income. Here are a few tips that will help you get on the right track.

• Make sure you’re charging enough: Many people think that they simply need to replace their income from their former employer in order to be successfully self-employed, but that isn’t the case. Let’s say you made $50,000 working for an employer and your small business brings in $50,000. Since you now have to pay your own Social Security employer match, your own business expenses, your own vacation, sick and holiday pay and make all your own retirement contributions, you actually need to bring in much more than you did before. These additional self-employment expenses can easily account for 15% to 20% of your income, if not much more.

• Put yourself on the payroll: By giving yourself a consistent weekly or bi-weekly paycheck, you can ensure that you maintain a regular budget and never miss a retirement plan contribution.

• Choose a retirement plan: There are many retirement plans that a self-employed business owners can open including a SEP IRA, SIMPLE IRA or Solo 401(k).

    – With a Simplified Employee Pension (SEP) IRA you can contribute up to 25 percent of your income each year (this cannot exceed $53,000 in 2015). These accounts are easy and affordable to maintain but for those who have other employees, the automatic vesting and requirement for employer contributions to employee accounts may not be a good fit.

    – The Savings Incentive Match Plan for Employees (SIMPLE) IRA allows for up to $11,500 in annual contributions for those who are under 50 and $14,000 for those who are over 50. If you have employees, you’ll also be required to match their contribution up to 3 percent of their pay.

    – A Solo 401(k) is for business owners with no employees. It allows for contributions of up to $18,000 in 2015 ($24,000 for ages 50 and over) along with an employer match of up to 25 percent of compensation. Unlike the IRAs discussed above, you can also take a loan out of the individual 401(k).

At Kramer Wealth Managers, we can help you choose the best retirement account for your goals, income and business and help you manage the choices you make with your retirement savings. Contact us today to find out how to get started.

Retirement Income Strategies for Early Retirees

April 10, 2015

Not everyone wants to wait until they qualify for Social Security in order to retire. But if you start taking early distributions from various qualified plans, you could be exposed to a 10 percent penalty that can really hurt the longevity of your savings.

That doesn’t mean those who would retire before age 59.5 must continue to work when they no longer want to. Here are five income strategies that can work for early retirees.

1. Take an early IRA distribution using 72t guidelines: Section 72t of the IRS code specifies that a person can access IRA funds before reaching age 59.5 as long as they take a series of substantially equal periodic payments that continue for five years or until they reach age 59.5 (whichever is longer). There are specific rules to determining how much the substantially equal distributions can be, and we can help you figure that out.

2. Purchase an immediate annuity: Non-qualified annuities can offer penalty-free income opportunities. You can design these to begin paying an income immediately that’s guaranteed by an insurance company over your entire life. Another benefit to an immediate annuity is that a portion of the payments—that which is attributed to return of principal—will be tax-free.

3. Access other long-term savings: If you have sufficient long-term non-qualified (non-retirement) savings, you can use them as a temporary bridge between early retirement and the qualified retirement age of 59.5. Remember, however, that it may not be a good idea to liquidate a significant portion of your holdings to pay off large expenses because that can hurt the future growth of your savings and create a significant tax event. Instead, simply liquidate what you need, when you need it.

4. Get a Roth IRA: Contributions to a Roth IRA can be withdrawn any time without tax or penalty. Be careful not to withdraw any of the earnings though because earnings taken from a Roth IRA prior to 59 ½ are subject to both income tax and penalty. Withdrawing only contributions is not necessarily a straightforward process, however, so you should meet with us to make sure you qualify before attempting to make the withdrawal.

5. Work part time: Part-time work can help supplement the added expenses of retiring early. Explore the possibility of switching to part-time work within your current career or getting a different, part-time job.

While many retirement solutions focus on generating income, it’s also important to consider post-retirement expenses. When you control your spending, you may be able to retire early using the resources noted above without depleting too large a chunk of your savings. To develop your comprehensive, early retirement WealthPath, contact Kramer Wealth Managers today.

This information is not intended to be a substitute for specific individualized investment planning advice as individual situations will vary. The information presented here should only be relied upon when coordinated with individual professional advice.

Five Threats to Making Your Retirement Savings Last

March 20, 2015

No matter how much you save during pre-retirement and how careful you are with post-retirement spending, the world around you presents many threats to your retirement savings. The good news is that most of them can be planned for. Following is a list of five potential threats to your retirement income, as well as some ideas to protect yourself against them.

• Inflation. Inflation is a rise in the general price of goods and services. It’s a natural occurrence, although some years it can be worse than others. Inflation hurts your retirement income by reducing the spending power of every dollar you’ve saved. There are many ways you can help combat the effects of inflation, including keeping your money invested in vehicles designed to outplace inflation

• Healthcare costs. According to AARP, a 65 or older couple who retired in 2013 will need $240,000 to cover medical expenses throughout their retirement. Carefully making your Medicare coverage selections and paying attention to deductibles and copays will help you save money on these expenses.

• Low interest rates. Interest rates that don’t at least keep up with inflation make it impossible for you to recapture lost spending power. Worse, when you lock yourself into low interest rates through long-term fixed products such as CDs, you may miss out on higher new issue rates during your term. In addition, if interest rates rise, it could negatively affect some fixed income investment values such as bonds. See our previous blog entitled How Rising Rates Affect a Bond Portfolio. One way to prevent this is to structure an investment portfolio that is less sensitive to rises in interest rates.

• Caring for elderly parents or spouse. The Family Caregiver Alliance reports that the average age of a caregiver is 48 years old. Further, they found that, as of 2012, 43.5 million adults care for a family member. It’s very possible that you may end up caring for your parents, spouse or another elderly relative at some point in your life. This can force you to work fewer hours and save less. It can also affect your expenses if you have to pay for supplemental care. When your parents and spouse have long-term care insurance, it helps to provide the resources you need to get home care or even adult day care so you can work and avoid these added costs.

• Supporting adult children. A 2013 study released by Rutgers University of Law found that 53 percent of adults between 18 and 34 lived with their parents in 2011, the highest level in more than 60 years. With employment options drying up for many college grads, multi-generational living with parents supporting their working-age children could continue to be relatively common. If you decide to allow your adult children to move back in, make sure you have a written agreement or lease in place that requires them to get work within a reasonable time frame and contribute to household expenses so that the financial burden is shared between you.

At Kramer Wealth Managers, we understand how overwhelming these challenges—and others—can be. We’re here to help you navigate them and try to overcome these retirement challenges to help you live the retirement you envisioned.

Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss. In general, the bond market is volatile as prices rise when interest rates fall and vice versa. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss. An issuer may default on payment of the principal or interest of a bond. Bonds are also subject to other types of risks such as call, credit, liquidity, interest rate, and general market risks. Sales of CD’s prior to maturity may result in loss of principal invested.

Should You Retire to a Different State?

March 6, 2015

Many retirees consider relocating to another state upon retirement. Whether it is to be closer to children or grandchildren, to move to a different climate, or simply for a change of scenery, relocating to another state can be a great way to make your life easier and healthier while making your retirement savings last longer. Here are some of the things you need to evaluate before deciding to move:

1. Can you afford to relocate? It’s not cheap to uproot your life and make a long-distance move. Make sure you can afford the initial outlay and that the overall cost savings are worth it.

2. Does your state have income and/or sales tax? If you can move to a state that doesn’t have income tax or sales tax, your retirement savings will be able to go further. Just make sure the ultimate savings isn’t eroded by a higher cost of living.

3. Does your state have a high cost of living? It’s very difficult to sustain a long retirement in an expensive area. But many states have lower-cost areas within them, so you don’t necessarily have to move to another state to cut your budget.

4. Does your state have high quality medical care? The quality of medical care can vary from state to state. If you’re in a state with top-notch medical options for general health and any special medical conditions you have, it may not be a good idea to move.

5. How are the senior resources in your state? The older you get, the more likely you are to need assistance from a public program. If your state doesn’t have solid, accessible programs in place to help the senior population, then it may be a good idea to move.

6. What’s the weather like where you live? It’s very difficult to deal with extreme weather conditions at all ages, but especially as you grow older. Shoveling snow, driving over ice, or prepping your home for a hurricane are all challenges you might not want to face anymore.

At Kramer Wealth Managers, we can help you assess how a move to another state might affect your overall WealthPath. Contact us today to find out more about how we can help.

Beneficiary mistake #6: Gifting away tax benefits


August 21, 2014

Many assets allow you to name a beneficiary, that is, whom you would like to receive the asset in the event of your death. Life insurance policies and retirement accounts are common examples but some other account types such as bank accounts and non-retirement investment brokerage accounts also may allow you to name beneficiaries through a Pay on Death (POD) or Transfer on Death (TOD) form. While these forms are generally straight forward, they often lead people to make inadvertent errors. We have identified six common mistakes people make when preparing for the distribution of their assets after death. This is PART SIX OF SIX.


Gifting vs. inheriting. Many people prefer to give assets to their children while they are still alive instead of waiting for them to inherit it. This is common for people who are aging and find they don’t need some of the assets they have or they want to remove assets from their name to reduce estate taxes or for Medicaid planning purposes. However, there are often tax consequences associated with gifting assets while you are alive.


• Gift tax. Gifts in excess of the $14,000 annual gift tax exclusion may be subject to gift tax. Even if it isn’t subject to the tax, you will still need to report it on an IRS form 709, a Gift Tax Return. While many people are aware of this as it relates to cash gifts, they do not realize that it also applies to changing the registration on assets. For example, if you change the title on the deed to your home to your children, and the house is worth $500,000, the IRS considers this a $500,000 gift. Consult with a tax advisor before making any registration or title changes.


• Loss in stepped-up cost basis. One expensive mistake is gifting (or re-titling) highly appreciated assets such as real estate or stocks to someone else’s name. When an asset is gifted to someone while the donor is alive, the recipient takes on the original cost basis of that asset as well. Conversely, when an asset is inherited by someone after the death of the original owner, the beneficiary receives a “step-up” in cost basis to the value as of the owner’s date of death. This tax benefit can be huge.


Example: John Doe purchased his home in 1950 for $25,000. Today, the home is worth $400,000. If John changes the title on the home to his daughter, Jill, and then Jill sells it, she will have to pay tax on the capital gain of $375,000 ($400,000 sale – $25,000 cost basis= $375,000 capital gain). She would owe $56,250 in Federal taxes alone, not to mention State taxes, where applicable. However, if John were to leave it to Jill after his death as part of his estate, Jill would receive a step up in cost basis to $400,000. If she then sold it immediately for $400,000, she would not owe any taxes at all ($400,000 sale – $400,000 cost basis= $0 capital gain).


The stepped-up cost basis also applies to other capital assets such as stocks, bonds, and many other investment vehicles.


Before adding your child’s name to any of your assets, be sure to consult with a tax advisor or estate planning attorney.


Being aware of this type of common mistake can help you better prepare to ensure your wishes are followed in the event of your death. At Kramer Wealth Managers, we can help you coordinate with an estate planning attorney to make sure your estate goals and financial planning goals are in line with your personal WealthPath.

While the tax or legal guidance provided is based on our understanding of current laws, the information is not intended as tax or legal advice and should not be relied upon as tax or legal advice. Neither FSC Securities Corporation, nor its registered representatives, provide tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.

Beneficiary mistake #4: Backup Beneficiaries

August 8, 2014


Many assets allow you to name a beneficiary, that is, whom you would like to receive the asset in the event of your death. Life insurance policies and retirement accounts are common examples but some other account types such as bank accounts and non-retirement investment brokerage accounts also may allow you to name beneficiaries through a Pay on Death (POD) or Transfer on Death (TOD) form. While these forms are generally straight forward, they often lead people to make inadvertent errors. We have identified six common mistakes people make when preparing for the distribution of their assets after death. This is PART FOUR OF SIX.


Misunderstanding contingent beneficiaries. Most companies allow you to name a contingent (backup) beneficiary should your primary beneficiary pre-decease you. It is important to understand that contingent beneficiaries will only receive a benefit if ALL of the primary beneficiaries pre-decease you. For example, if you name your four children as primary beneficiaries equally and your eight grandchildren as contingent beneficiaries, and one of your children dies before you, his/her share will NOT go to his/her children. Instead, it will go to the remaining three surviving children.


Example: John Doe has two children, Jack and Jill. Jack has two children, Hansel and Gretel. Jill has two children, Jacob and Wilhelm. John has named his two children, Jack and Jill, as primary beneficiaries- 50% each. Then he has named his four grandchildren, Hansel, Gretel, Jacob, and Wilhelm as contingent beneficiaries- 25% each. Jack passes away before John, leaving behind his wife and Hansel and Gretel. Later, John dies.


In this example, Jill would receive 100% of John’s life insurance policy as the only surviving primary beneficiary. Jack’s two sons, Jacob and Wilhelm, would not receive any of Jack’s share of their grandfather’s life insurance policy. After Jill dies, the money will go to her own beneficiaries.


This can be avoided by using a per stirpes designation. Per Stirpes is a latin word meaning, “per issue” and is a legal term that would allow the deceased beneficiary’s benefit to go to his/her children


Being aware of this type of common mistake can help you better prepare to ensure your wishes are followed in the event of your death. At Kramer Wealth Managers, we can help you coordinate with an estate planning attorney to make sure your estate goals and financial planning goals are in line with your personal WealthPath.

While the tax or legal guidance provided is based on our understanding of current laws, the information is not intended as tax or legal advice and should not be relied upon as tax or legal advice. Neither FSC Securities Corporation, nor its registered representatives, provide tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.