Deducting Investment Management Fees & Medicare Surtax: Note for Higher Income Earners

 High earners beware! Thanks to the new Medicare Surtax deducting investment management fees becomes even more complicated.

This potentially applies if you are:

• Single earning more than $200,000
• Married filing jointly earning more than $250,000

In a blog last year I explained the grey area of deductibility of investment management fees. In general, investment management fees paid in taxable accounts (such as single, joint or living trust accounts) are a tax deductible expense and reported as a Miscellaneous Itemized deduction on Schedule A of Form 1040. However, this only benefits taxpayers whose Miscellaneous Itemized deductions exceed 2% of their Adjusted Gross Income.

But the new Medicare Surtax further fogs up this grey area. The basic rule is that investment management fees are deductible against the 3.8% Medicare surtax on net investment income.  However, the 2% “rule” still applies, and to further complicate the issue, the deduction amount must be prorated if you have other miscellaneous deductions. 

The good news is that for those working with a professional tax preparer you may not even notice the fog. You will want to continue to provide your tax preparer your yearend tax report from your brokerage firm (such as Raymond James) which contains the necessary information on investment management fees. For those preparing their own tax return, the IRS has stated that they will be providing special IRS forms to assist in the calculation early next year.

As always, if you need help getting through the maze, give us a call. 

Timothy Wyman, CFP®, JD is the Managing Partner and Financial Planner at Center for Financial Planning, Inc. and is a frequent contributor to national media including appearances on Good Morning America Weekend Edition and WDIV Channel 4 News and published articles including Forbes and The Wall Street Journal. A leader in his profession, Tim served on the National Board of Directors for the 28,000 member Financial Planning Association™ (FPA®), trained and mentored hundreds of CFP® practitioners and is a frequent speaker to organizations and businesses on various financial planning topics.

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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 opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  Please note, changes in tax laws may occur at any time and could have substantial impact upon each person’s situation.  While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters.  You should discuss tax or legal matters with the appropriate professional.

Step Up in Basis Part 2

In Part 1, we covered a “step up in cost basis” principles with regards to real estate. In this post we will address step up in basis rules pertaining to marketable securities such as stocks, bonds, and mutual funds.

Your cost basis in a security is what you initially purchased it for plus any reinvested dividends.  So if mom bought 1,000 shares of Ford Motor Company back in 1980 when it was trading at $1.00 a share her cost basis is exactly $1,000 (trading costs such as commissions can also be included).   As of 10/25/2013 Ford was trading at $17.60 a share so if mom sold it today she would receive $17,600 from the sale of the Ford stock.  She would be able to subtract her basis for tax purposes ($1,000) and she would have a long term realized capital gain of $16,600.  At today’s long-term capital gains rates mom would owe Uncle Sam as much as 20% of that gain or $3,320.  However, let’s say mom never sold her Ford stock and left it to you after her death.  If mom died on October 25th 2013 your new inherited basis would be the closing market price of Ford on the date of death ($17.60).  Assuming you sold Ford stock at $17.60 you would owe nothing in capital gains thanks to the step up in basis rule.  Please remember that this analysis is only relevant if you are inheriting assets in a taxable account. If you are inheriting Ford stock inside of an IRA (or other similar tax deferred account) then the cost basis is irrelevant – at least for income tax purposes. 

What if mom is feeling generous and decides she wants to gift you the shares of Ford Stock while she is alive?  In this instance you would also receive mom’s cost basis of $1.00 rather than the higher step up in basis at death. 

As always, income tax consequences alone should not dictate financial decisions.  However, care should be taken to maximize both gifts and inheritances. Please speak with a financial advisor about cost basis and other tax-related issues.

Matthew Trujillo is a Registered Support Associate 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 opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person’s situation.  While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters.  You should discuss tax or legal matters with the appropriate professional.  The illustration is hypothetical.  Individual results will vary.  This information is not intended as a solicitation or an offer to buy or sell any security referred to herein.  Individual results will vary.   This information is not intended as a solicitation or an offer to buy or sell any security referred to herein.  Center for Financial Planning, Inc., Raymond James Financial Services, Inc., its affiliates, officers, directors or branch offices may in the course of business have a position in any securities mentioned in this report.

Step Up in Basis Part 1: A Key to Understanding Your Inheritance

If you stand to inherit assets, it is crucial that you get the gist of the often-misunderstood concept of step up in basis. This is an area that is more pertinent then ever before as the aging U.S. population looks to transfer a large amount of wealth to the next generation.  The rules are a little different depending on what type of asset you are dealing with, but this blog is going to focus on “real assets” such as property.

In order to fully understand this topic, you need to know what cost basis means.  Your cost basis is simply how much you paid for something.  If you bought some land for $10,000 then your cost basis in the property is $10,000.  If that property appreciates in value and you sell it for $100,000 then you have realized a $90,000 capital gain.  The IRS allows you to subtract the original $10,000 (your cost basis) from the $100,000 sale price because you already paid tax on the $10,000.

Next you need to understand what step up in basis means.  A step up in basis typically occurs when somebody dies and leaves assets to their heirs.  Using our land example again, let’s say that Mom bought a property back in 1960 for $10,000 and left it to you in her will when she died.  The fair market value upon Mom’s death is $100,000.  If Mom sells the property the day before she died she would have a $90,000 capital gain.  However, if Mom leaves the property to you in her will, and you decided to sell it the day after the funeral, you would pay no capital gains tax on the sale proceeds.  The reason for this is that the IRS gives you a full step up in basis at the date of death.  So the $10,000 cost basis that represents the property’s original purchase price is now stepped up to the current market value of $100,000.

In our next blog, we will focus on step up in basis when you are dealing with securities such as stocks, bonds, mutual funds, etc.

Matthew Trujillo is a Registered Support Associate 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.  Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person’s situation.  While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors, of RJFS, we are not qualified to render advice on tax or legal matters.  You should discuss tax or legal matters with the appropriate professional.

Demystifying the Gift Tax

 Recently we have been receiving quite a few inquiries from parents looking to gift money to their children.  People may give for various reasons, but one of the most common reasons we have heard lately is for a down payment on a first home.  There seems to be a lot of confusion about how much can be gifted annually without being subject to the “gift tax”.

For 2013, the Annual Gift Exclusion Amount is $14,000

What this means is you can gift $14,000 in 2013 to your son, daughter, niece, nephew, neighbor, or a random guy on the street. You can give EACH of them $14,000.  The $14,000 gift does not have to go to a member of your immediate family (they don’t even have to be related to you at all for that matter).  If you are married, then you and your spouse can each give $14,000 to anyone you chose without being subject to gift tax.  Just to be clear, that means if you are married you can gift $28,000 to anyone you want in 2013 and pay nothing in gift tax on that gifted money.  Also, it doesn’t have to be cash. You can also gift stocks, bonds, property, artwork, etc.

Now is where things get a little trickier...

Let’s say that you want to give your son $50,000 for whatever reason.  So you and your spouse each gift $14,000 for a total of $28,000.  That leaves $22,000 remaining that you need to transfer to your son.  How can you get him that money without being subject to gift tax? Simply gift him the additional $22,000 and file IRS form 709 and potentially pay no tax on the additional gift!  Notice I did say “potentially” no gift tax.  For those of you that intend to give more then $5.25 million there could be some gift tax liability. However, for those of you reading this who never intend to give away that much, you shouldn’t be subject to any gift tax on the additional $22,000. 

A little history on why this works: Prior to 1976 wealthier people that were looking to avoid paying estate taxes at their death found a way to circumvent the estate tax by simply gifting assets to their heirs while they were still alive. In 1976 congress “unified” the estate and gift tax law so that any gifts you made during your lifetime over the annual exclusion amount ($14,000 in 2013) would count towards your lifetime exclusion amount. In 2013 the lifetime exclusion amount is $5.25 million per person.  So a married couple could gift $10.5 million over their lifetime without paying gift tax. 

So, John and Jane Doe could gift $50,000 to their son outright and not pay any gift tax on the entire amount. The first $28,000 would fall under the annual exclusion amount and the remaining $22,000 would be applied to their lifetime exclusion amount of $10.5 million. Based on the current laws of 2013 John and Jane would have $10,478,000 left of their lifetime exclusion.

Consult with a qualified tax professional and your financial advisor for help navigating the gift tax.

For additional information please refer to IRS publication 950. The link is included below: http://www.irs.gov/uac/Publication-950,-Introduction-to-Estate-and-Gift-Taxes-1

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The information contained in this report does not purport to be a complete description of the subjects referred to in this material.  The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  The example provided is hypothetical and for illustration purposes only.  Actual investor results may vary.  Please not, changes in tax laws may occur at any time and could have a substantial impact upon each person’s situation.

Debt: Just Another Four-Letter Word

 Is DEBT a four-letter word? It doesn’t have to be – but managing (notice I didn’t say avoiding) credit and loans is an important component in building and maintaining wealth. Clients that have worked with us over the years know that as comprehensive planners, we are trained to view our clients’ entire balance sheet or net worth statement. A quick refresher: Your net worth consists of both assets (investments, savings, etc.,) AND liabilities/debts (home mortgage, auto loans, etc.). You can help improve your net worth or wealth by adding to investments and/or reducing liabilities. Therefore, we work closely with clients to track and analyze their net worth each year as one measurement of overall financial health.

Debt doesn’t have to be one of those bad, four-letter words if used and managed properly. Financing a house can be a good lifestyle decision as well as a smart financial transaction. Certainly today’s low interest rate environment makes it more compelling to wisely use debt or leverage.

For example, Sue and Steve are 45 years old and currently desire to retire in 15 years. “Retire” to them means working for a charitable organization that they are passionate about…perhaps earning some wages…perhaps not.  Essentially, they would like to be Financially Independent at the end of 15 years. Ideally, clients such as Sue and Steve plan to also retire their mortgage over the next 15 years. However...

Utilizing mortgage debt over the next 15 years can be a good financial strategy:

1. Interest rates are historically low, giving them a better opportunity (not guaranteed) to earn higher returns on their retirement savings.

2. There is an income tax benefit for mortgage interest paid.

3. The mortgage payments are a forced savings mechanism. 

Depending upon their overall situation, we might even suggest a 30-year mortgage and that they invest the difference between the 30 and 15-year payments for additional flexibility. As always, each situation is different and you should consult the appropriate professionals.

In summary, our experience suggests that clients’ eliminate debt, including home mortgage debt, at or near retirement.  At retirement, the name of the game becomes “cash flow” and not having to service debt payments goes a long way in living a successful retirement. 

Timothy Wyman, CFP®, JD is the Managing Partner and Financial Planner at Center for Financial Planning, Inc. and is a frequent contributor to national media including appearances on Good Morning America Weekend Edition and WDIV Channel 4 News and published articles including Forbes and The Wall Street Journal. A leader in his profession, Tim served on the National Board of Directors for the 28,000 member Financial Planning Association™ (FPA®), trained and mentored hundreds of CFP® practitioners and is a frequent speaker to organizations and businesses on various financial planning topics.

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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.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  Investing involves risk and investors may incur a profit or a loss.

The Magic Age of 70 ½ and Your Required Minimum Distributions

 You could call it a rite of passage … one about which you have little choice. Taking a Required Minimum Distribution from your traditional IRA can’t be sidestepped or avoided without federal tax penalty.  The IRS keeps a watchful eye on distributions and navigating through the ins and outs is a must for all retirees who reach the magic age of 70 ½.  To complicate matters, SEP IRAs and SIMPLE IRAs are also subject to the same RMD rules.  On the flip side, Roth IRAs are an exception as no distributions are required during your lifetime. 

What is a Required Minimum Distribution(RMD)? 

• A specific minimum dollar amount that must be withdrawn every year after age 70 ½.  This number will change every year as account values change and life expectancy factors change.  RMDs are calculated by dividing your traditional IRA or retirement plan account balance (as of December 31 of the year prior to the calendar year during which the distribution must be made) by a life expectancy factor specified in IRS tables.  
• You can always withdraw MORE, but if you withdraw LESS you will be subject to federal penalty.
• RMD rules are designed to spread out IRA account distributions over your lifetime. 

Here’s the question I get asked most about RMD’s: “When must it be taken?” 

The short answer is the year you reach age 70 ½.  However, questions usually pop up because the RMD can be taken during the year you reach 70 ½ OR you can delay it until April 1st of the following year.  

For example: 

• Your 70^th birthday is December 2, 2012, so you will reach 70 ½ in June of 2013.
• You can take your first RMD during 2013, or you can delay it until April 1, 2014. 
• If you choose to delay until 2014, you will have to take two distributions during 2014 – one for 2013 and one for 2014.   

From a financial planning perspective, you might delay taking your first distribution if you expect to be in a lower income tax bracket in the following year, perhaps because you’re no longer working or will have less income from other sources.  On the other hand, receiving your first and second RMDs in the same year will increase income and could possibly push you into a higher federal income tax bracket for that year.  So the decision about whether to delay your first required distribution can be important, and should be based on your personal tax situation.

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This post contains general information meant to raise awareness of the importance of taking Required Minimum Distributions even if you don’t need or want the income.  Since RMD rules are very specific and IRS penalties punitive, my advice is to talk with your financial advisor or tax preparer to ensure you are meeting the annual distribution requirement.

Giving Charitably and Doubling Your Tax Benefit

 Many of you are inclined to make large charitable contributions by writing a check.  If the cash is not already sitting in cash, you many need to go to your taxable investment account to determine what to liquidate to create the cash for the donation.  Sure, this can provide you with an itemized deduction to potentially decrease your taxable income*, but might there be a way to make an even bigger impact on your current and future tax liability?

If you hold appreciated stocks or mutual funds in a taxable investment accounts, why not try to avoid paying capital gains tax when you sell to create the cash for your charitable donation?  Did you know that most charitable organizations, including churches and synagogues, can accept a donation of shares of a stock or mutual fund as a gift?  And did you know that in donating this way, you  can avoid paying capital gains tax on a security, and so can the qualified non-profit receiving organizations? 

So, by using an appreciated security, not only can you avoid capital gains tax that could be significantly higher than the 15% top rate we’ve had in recent years, but you may retain the right to use the value of the security donated as an itemized deduction. Double bonus!  (Triple bonus if this also allows you to tax-efficiently reduce an over-weighted position in your portfolio).

Before you write that big check to your favorite charity, consult your financial planner and tax advisor to see if opportunities exist to double your tax benefit by using appreciated securities instead.

This is how the capital gains rates look under the American Taxpayer Relief Act:

0% Capital Gains: 

Those in the 15% marginal tax bracket ($36,250 single filers/$72,500 married filing jointly)

15% Capital Gains:

Those in the 25%, 28%, 33%, or 35% marginal brackets

Those over $200,000/$250,000 but below $400,000/$450,000 are subject to the Medicare surtax, which means that effectively capital gains (and qualified dividends) are taxed at 18.8%

20% Capital Gains:

Those in the 39.6% marginal bracket ($400,000/$450,000).  Because of the Medicare surtax, this means that effectively, capital gains (and qualified dividends) are taxed at 23.8% (and up to 26% during the personal exemption and itemized deduction phase outs).

Sandra Adams, CFP® is a Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

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Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

*Note that the American Taxpayer Relief Act of 2012 implemented a phase out of itemized deductions for taxpayers with taxable income of over $250,000 for single filers/$300,000 married filing jointly.

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.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of Raymond James.  You should discuss any tax or legal matters with the appropriate professional.

How Will the Fiscal Cliff Deal Impact You?

 At the last second of the so-called eleventh hour, the Fiscal Cliff deal known as the American Taxpayer Relief Act of 2012 was forged. Because it is still relatively fresh you, no doubt, have questions and are wondering just how the provisions might impact your bottom line. Here’s a basic breakdown of the changes for taxpayers:

• Did taxes go up or down?  Well, it depends upon your measuring stick and perhaps political persuasion.  Bear with me – here is the timeline. At midnight on 12/31/12 the Bush era tax cuts expired, meaning in theory income taxes for most Americans increased.  On 1/1/13 Congress enacted new law and reduced income taxes for most Americans.   According to the Tax Policy Center, a nonpartisan research group in Washington, about 0.7 percent of households (those making over $500k) will be subject to an income tax increase in 2013.
• Payroll Tax Impact? However, if your measuring stick compares what you expect to pay in 2013 versus what you paid in 2012…..most will experience higher taxes (about 77% of households).  This is due to the fact that payroll taxes are being restored.  For example, a family earning $100,000 will pay roughly $2,000 (2%) more in payroll taxes in 2013 over 2012.
• What’s your number?  There are different income (taxable income) thresholds for various income tax provisions that will be important in 2013.  Here are some that you and your planner will want to review:
  • $200,000 single/$250,000 married filing jointly:
    • New Medicare surtax of 3.8% on net investment income
    • New 0.9% additional tax on wages above the thresholds
  • $250,000 single/$300,000 married filing jointly:
    • Limitations on personal exemptions and Itemized deductions restored in 2013.
    • The net effect is approximately a 2% increase in marginal rates for those above the thresholds.
  • $400,000 single/$450,000 married filing jointly:
    • New top marginal bracket of 39.6%
    • Capital gains and qualifying dividends taxed at 20% up from 15%. Because of the Medicare surtax, this means that effectively capital gains and qualified dividends are taxed at 23.8%.
• Estate & Gift Tax:   The new law makes permanent the exemption equivalent at $5.12M and top rate up to 40% from 35%.  Also, "portability" between spouses is now permanent. 
• Annual gift exclusion: $14,000 up from $13,000
• Charitable IRA:  Those over 70.5 may again choose to make tax free gifts up to $100,000 from their IRA to qualified charities.
• Remaining issues to be resolved:  Based on what the new law doesn't change, we are sure to witness further confrontation over spending cuts and the debt ceiling. 

For more information pertaining to your individual situation, feel free to contact me at timothy.wyman@CenterFinPlan.com.

Timothy Wyman, CFP®, JD is the Managing Partner and Financial Planner at Center for Financial Planning, Inc. and is a frequent contributor to national media including appearances on Good Morning America Weekend Edition and WDIV Channel 4 News and published articles including Forbes and The Wall Street Journal. A leader in his profession, Tim served on the National Board of Directors for the 28,000 member Financial Planning Association™ (FPA®), trained and mentored hundreds of CFP® practitioners and is a frequent speaker to organizations and businesses on various financial planning topics.

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The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  You should discuss any tax or legal matters with the appropriate professional.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.

4 Things Corporations Can Do With Their Cash

 After a few very profitable years, many corporations have record amounts of cash on hand.  Wouldn’t this be a nice problem?  I have yet to experience this but feel I am up for the challenge.  I always have an idea of what I could do with extra money...a cute pair of shoes, turn my bathroom into a Tuscan escape, or even set foot on Antarctica.  I could go on for days.  Publicly traded Corporations, on the other hand, have a much more limited list of what they can do with extra cash on the books.  They can:

1. Invest in their own securities through stock buyback programs
2. Invest in capital, Research and Development, or hire more employees
3. Acquire other companies
4. Return the money to shareholders in the form of dividends

The first point is one I would like to dwell on.  Generally, when stock buybacks are announced, investors assume that this will automatically add value to the stock price.  This is logical, fewer shares outstanding means that the remaining shares own a larger slice of the company.  However, this is not always the case.  Often repurchased shares go right back out as part of compensation packages.  Also companies don’t always complete share repurchase programs if they need to use the cash in another way.

The irony is companies are usually flush with cash after business has been booming for a couple years or longer and after their stock prices have already jumped substantially.  This is when they tend to go on their shopping sprees.  When prices are down, in the midst of a crisis like early 2009, companies usually hold on to any cash they may have left, fearfully, rather than taking advantage of short-term depressions in their stock prices. 

David Zion an analyst and accountant for Credit Suisse came out with an excellent report on many stock buybacks over the past decade.  It shows that corporations are just as prone to poor investment behavior with their cash as many investors (maybe even worse).  Looking at one of the largest buyback programs over the eight years of the study, according to the Credit Suisse report, Hewlett Packard (HPQ) averaged an annualized loss of 11.3%!

Many experts are postulating that an increase in dividend taxes, which may occur next year, could lead to an increase in corporate stock buybacks (capital gains could be taxed at a much lower rate than dividends).  Be very skeptical, though, since stock buybacks are no guarantee of generating capital gains!

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The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material.  The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing materials are accurate or complete.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily of RJFS or Raymond James.  Raymond James Financial Services, Inc., Its affiliates, officers, directors or branch offices may in the normal course of business have a position in securities mentioned in this report.  This information is not intended as a solicitation or an offer to buy or sell any security referred to herein.  As of 12/5/12 close, HPQ was trading at $13.82/share.  HPQ is not closely followed by Raymond James Research.

Year End Tax Planning: Capital Gains -- Good or Bad?

 The holiday season is the perfect antidote to the sadness of yet another beautiful fall ending.  Once the last leaves have fallen off of the trees and the smell of them burning in our fire pits has wafted away, it is promptly replaced with good food, family and the smell of something baking in my oven.  The holiday season is an exciting time of the year with many of us frantically buying Christmas presents, and some even planning New Year’s celebrations.   However, in the middle of the holiday hustle and bustle, it is important to stop and put your taxpayer hat on.

Typically from mid-November to the end of the year investment companies must pay out their capital gains distributions.  As you can see from the chart below, the majority of firms tend to distribute in December.

If you own mutual funds in a taxable account and the distributions are anticipated to be large, you should weigh the advantages and disadvantages of owning the investment and incurring the capital gain.  By incurring the capital gain you are increasing your basis in the investment.  This year is a unique year with the complications of the fiscal cliff.  It may be a good time to incur those gains this year to have fewer in coming years!   You will want to consult with your tax advisor and financial planner to determine this for yourself.

Many companies will release estimates in October and November as a service to their shareholders, but not all do.  You can typically find these by checking the company’s website.  So take some time out from all the shopping mall traffic this holiday season and talk to your financial planner today!

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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.  Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.