Medicare open enrollment begins October 15th

 Medicare’s open enrollment season is upon us. That means from now until December 7, you are able to make changes to your Medicare Advantage and prescription drug coverage. If you’re happy with your coverage, you don’t have to do anything. But this could be a good opportunity to make adjustments based on changes in your situation and changes to Medicare.

It pays to take the time to compare plans and shop around. While many plans have maintained or decreased their premiums, more than 450 plans are expected to increase premiums for 2014. You can also expect continued discounts on prescription drugs as part of the Affordable Care Act’s plan to gradually close the Part D coverage or “doughnut hole”.

Even if you’re satisfied, open enrollment presents a great opportunity to make sure you’re getting the most out of Medicare.

Here are some tips to help you get started.

• Ask yourself some important questions. Have your needs changed? Is your current coverage adequate? Will the cost of your current plan be going up? Are there comparable, lower-cost plans available?
• Review the annual notice of change from your current plan provider. You should have received this in September.
• Compare plans using medicare.gov’s Medicare Plan Finder.
• Call the Medicare Rights Center at 800.333.4114 for free counseling.

Medicare decisions can be complicated. If you have any questions about open enrollment, or if you’d like to discuss how healthcare costs factor into your overall financial plan, please contact your Center planner.

How investor access keeps you in the loop even when you are on the Go

 We, here at the Center, love to use the latest technology and we’re excited to be able to put it at your fingertips.  Many of you know about Investor Access, the free, online portal designed exclusively for Raymond James clients.  It offers a secure platform to view and navigate your Raymond James accounts.  This is a free service and it is quite user friendly and it is now portable.  Raymond James offers an app so you may use this service on the go!  Designed with the busy client in mind, this app incorporates the features you would have on the full website.  Your detailed information can now be accessed through your mobile device and is just as safe and secure.

Obtaining the app is easy.  Just visit Apple’s App Store, Google’s Play Store, or Window’s Marketplace to sign up.  You will need to be enrolled in the desktop version of Investor Access before adding the application to your mobile device.  Access to the full website can be found on our website under the “Clients” tab.  Need help?  Call us – we would love to help set you up with this technology to make your life easier even when you are on the go.

The app is just one tool in our technology toolbox, enabling us to keep in contact with our clients and each other.  We have the ability to increase our productivity with the help of software programs and databases that allow retrieval of information at a moment’s notice.  We are able to personally communicate with clients via email and through voice over IP services like Skype. Our broad communication is accomplished through Facebook, Twitter, LinkedIn, our company website, and even YouTube.  While these features help make our day a bit easier, it is even more exciting when we have technology that will make your life easier!  

Tips for Protecting Your Identity While Traveling This Summer

 The heat is on, and you may be hitting the road for summertime fund to an exotic vacation destination.  Whether your definition of an exotic trip means travel to Weeki Wachee Springs, Graceland, or Traverse City here are a few practical tips for protecting yourself from identity theft while away.

Avoid Virtual Danger

• Secure Electronic Devices.  Computers, tablets and smartphones may contain large amounts of private data.  Keep a close eye on electronic devices.  These are easy targets for identity thieves.          Note:  According to Credent Technologies, a data protection company, 11,000 mobile devices were lost at the busiest U.S. airports in 2011.  Over 75% of those were taptops, tablets or smartphones.
• Password Protect Devices:  Make sure all devices are password protected and that any sensitive data is encrypted.
• Be Wary of Unsecured, Public Wireless Networks:  Hackers can use unsecured networks to easily access your computer.  Be sure to update anti-virus software.
• Alert Your Bank:  Let your bank and credit card companies know when and where you will be traveling.  Financial institutions have become more vigilant about monitoring accounts for unusual activity.  Alerting your bank to your travel plans will prevent them from freezing your account while you are away from home and help them monitor for unauthorized transactions in other locations.

When on the Road

• Use Hotel Safes:  Don’t leave personal information out in your hotel room.  Keep credit cards and documents containing personal information and electronic devices in a hotel safe or with you.
• Take Mailbox Measure:  Don’t let mail pile up in your home mailbox.  Arrange for someone you trust to pick up your mail while you are away, or have the postal service hold your mail while you are gone. 
• Clean Out Your Wallet:  Tourist destinations are often frequented by pickpockets.  Before you head out the door, take any unneeded credit cards or personal information out of your wallet.  Do not keep your social security card in your wallet.

The Center team wishes you safe travel this summer!

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Information provided by:  Raymond James Operational Risk & Privacy Office and the Information Security Office.

Center Office Closed in Observance of Presidents' Day

 Please note: Our offices, along with the financial markets, will be closed Monday, February 18, for the Presidents’ Day holiday. Of course, you can access your account(s) using Raymond James Investor Access at any time, year-round.

We set aside the third Monday in February so that we may reflect on the exploits of not just our first president, but all our nation’s great past leaders. But there are some things that many don’t know about these great men, some things that might cast a new light on their place in history.

So, for this Presidents’ Day holiday, reflect on these interesting facts:

George Washington’s teeth were not wooden. In fact, they were made of much sterner stuff: gold, ivory, a touch of lead and some actual animal teeth.

John Quincy Adams was quite the swimmer, as evidenced by his regular early morning skinny-dips in the Potomac.

Martin Van Buren popularized the phrase “OK” – he was from Kinderhook, N.Y., and got the nickname “Old Kinderhook,” or “O.K.,” which came to mean that everything was alright.

Millard Fillmore married his teacher – she was only two years older than him, but still.

U.S. Grant once got a speeding ticket – for riding his horse too fast through the nation’s capital.

Grover Cleveland married the same girl he had been legal guardian of since she was 11. They married in the White House when she turned 21, but still.

Woodrow Wilson is the only U.S. President with a doctorate degree. He received his Ph.D. in political science and history, naturally, from Johns Hopkins.

Warren G. Harding once lost the entire White House china collection playing poker; whereas Richard Nixon funded his first congressional campaign from his winnings at the poker table.

Jimmy Carter was the first U.S. President to be born in a hospital.

Important Information for Tax Season 2012

 As you prepare for the 2012 tax season, here is some information that you may find beneficial.

2012 Form 1099 mailing schedule

• 1/31 - Mailing of original Form 1099s
• 2/28 - Begin mailing delayed and amended Form 1099s
• 3/15 - Final mailing of any remaining delayed original Form 1099s

Please note the exceptions immediately below:

Delayed Form 1099s

In an effort to capture delayed data on original Form 1099s, the IRS allows us to extend the mailing date until March 15, 2013, for clients who hold particular investments or who have had specific taxable events occur. Examples of delayed information include:

• Income reallocation related to mutual funds, real estate investment, unit investment, grantor    and royalty trusts; as well as holding company depositary receipts
• Processing of Original Issue Discount bonds
• Cost basis adjustments

Amended Form 1099s

Even after delaying your Form 1099, please be aware that adjustments to your Form 1099 are still possible. Raymond James is required by the IRS to produce an amended Form 1099 if notice of such an adjustment is received after the original Form 1099 has been produced. There is no cutoff or deadline for amended Form 1099 statements. The following are some examples of reasons for amended Form 1099s:

• Income reallocation
• Adjustments to cost basis (due to the Economic Stabilization Act of 2008)
• Changes made by mutual fund companies related to foreign withholding
• Tax-exempt payments subject to alternative minimum tax

How we can help

If you have questions about your 1099’s or it would be helpful for us to discuss your tax situation with your accountant or CPA, please let us know. We are here to help with both administrative questions and planning strategies. We’ll also proactively work to keep you informed as to the status of your 1099 in the coming weeks and months.

What can you do?

If you receive an amended Form 1099 after you have already filed your tax return, you should consult with your tax advisor about the requirements to re-file based on your individual tax circumstances.

Links that may be of interest

Stay posted for additional information from Raymond James at http://www.raymondjames.com/taxreporting.htm.

Are you importing your 1099 into TurboTax®? Details on RJ import at http://www.raymondjames.com/investor/turbotax/.

Tim Wyman’s blog post: “How Will the Fiscal Cliff Deal Impact You?”

Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

Office and Markets Will Be Closed January 21st

 In observance of Martin Luther King Day, both The Center and U.S. Markets will be closed on Monday, January 21. We’ll reopen for our regular hours on Tuesday, January 22. 

Fact or Fiction?

It is easy to create a federal holiday in the United States.

False. It took 86 years after his death to honor George Washington by designating his birthday as a federal holiday. Although its creation was controversial at the time, it took just 15 years to honor Dr. Martin Luther King Jr. by designating the third Monday in January as a federal holiday to honor the civil rights leader.

Yep, There's An App For That

 Raymond James Launches Investor Access for Mobile Phones

This winter, Raymond James has made Investor Access, their client account access system available on mobile devices. You can see your account summaries and portfolio values via a secure and convenient application available through the Apple, Google, or the Windows Marketplace.

To get your app, search for Raymond James Investor Access in your App Store, or visit the Raymond James Mobile Access web page.

Q & A: New Required MinimumDistribution (RMD) Option-Right for You?

 Raymond James recently introduced a new automatic distribution option for clients taking Required Minimum Distributions each year.  We feel a few clients may find the new features beneficial when administering IRA distributions for them or on behalf of a loved one.   Let’s take a closer look!

What is the new Auto RMD option?

The Auto RMD option will allow clients to establish a periodic payment schedule that will automatically distribute their calculated Required Minimum Distributions (RMD) for the year.

Who is this option best designed for?

Our clients that our currently over age 70 ½ and already receiving RMD payments. This new feature will be most beneficial to those clients who only withdraw the amount of their RMDs each year and do not expect to need additional income from their IRA.

What is new or different about Auto RMD as compared to my current payment schedule?

The system will automatically take the RMD amount calculated as of 12/31 of the prior year and spread it over the number of payments during the year; such as monthly, quarterly or annually, without any need for you or your planner to determine the amount of each payment or physically set up the schedule each year.

Does my RMD client have to elect the Auto RMD each year?

No.  The initial Auto RMD election will remain in effect from year to year unless you want to discontinue it.

How do I set up the Auto RMD option for my RMD clients?

Auto RMD options must be tailored to meet your overall distribution planning needs.   Please contact your planner to discuss further details and potential benefits to you.

6 Steps to Protect Yourself Against Identity Theft and Cyber Fraud

 Besides being the gateway to the Thanksgiving season October is National Cyber Security Awareness Month.  At home and at work, our growing dependence on technology requires greater awareness and action plans to protect against online risks.

I distinctly remember the sinking feeling in my stomach when I recently discovered a thief had obtained personal information and made online purchases on my credit card.  I was routinely reviewing the statement and I did not expect to see anything out of the ordinary and then boom – there it was.  Several unidentifiable transactions right in front of my eyes.  

Identity theft can occur anywhere and anytime.  

Here are some practical suggestions to help you keep cyber security top of mind:

• Review your credit report periodically to be on the lookout for fraudulent activity.  Free credit reports from each of the three major bureaus (staggered quarterly for year-round monitoring) are available annually at www.annualcreditreport.com
• Optional fee-based services are available for a cost to provide convenience for those who don’t want to personally monitor their information. 
• Monitor bank and credit card accounts at least weekly
• Be vigilant about keeping sensitive information from prying eyes in public places
• If you file taxes electronically – review the security policy with your tax preparer
• Stop hackers by using strong passwords. 

Spending a little time to protect your information can help you avoid all of the hassle of being a victim. Feel free to contact your Center Planner with follow up questions.

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Any opinions are those of Laurie Renchik and not necessarily those of RJFS or Raymond James.  Links are 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.

Michigan Lowers Required Tax Withholding for IRA Distributions

 The Good News: 

If you are currently taking distributions from an IRA account the minimum withholding tax rate just dropped.  Effective October 1, 2012 Michigan taxpayers have the option to reduce withholding tax from the current minimum of 4.35% to 4.25%.

More Good News:  

Changing your Michigan withholding tax amount is far less complicated than the Tax Code.  Signing a new IRA distribution form to authorize the change is all that is needed. 

Thinking About Making a Change:  Please contact your planner if you currently have an IRA distribution schedule in place and want to discuss making a change to your Michigan withholding tax.

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Note:  You should discuss any tax or legal matters with the appropriate professional.