Blog Archive

Retirement

Retirement Planning Tips for Women

Thursday, May 24th, 2018

For our parents, living to 75 amounted to a nice, long life, and Social Security was often supplemented by a pension. The Social Security Administration estimates that today’s average 65-year-old female will live to age 86.6. Given these projections, it appears that a retirement of 20 years or longer might be in your future.

Are you prepared for a 20-year retirement? How about a 30- or 40-year retirement? Don’t laugh; it could happen. The SSA projects that about 25% of today’s 65-year-olds will live past 90, with approximately 10% living to be older than 95.

How do you begin? How do you draw retirement income off what you’ve saved – how might you create other income streams to complement Social Security? How do you try and protect your retirement savings and other financial assets?

Talking with a Kendall Capital advisor may give you some good ideas. We understand the particular challenges that many women face in saving for retirement (time out of the workforce due to childcare or eldercare, maintaining financial equilibrium in the wake of divorce or death of a spouse). As we have that conversation with you, you can focus on some of the must-haves.

Plan your investing. If you are in your fifties, you have less time to make back any big investment losses than you once did. Protecting what you have is a priority. At the same time, the possibility of a 15-, 20-, or even 30- or 40-year retirement will likely require a growing retirement fund.

Look at long-term care (LTC) coverage. Women often have longer average life expectancies than men and can require weeks, months, or years of eldercare. Medicare is no substitute for LTC insurance; it only pays for 100 days of nursing home care and only if you get skilled care and enter a nursing home right after a hospital stay of 3 or more days. Long-term care coverage can provide a huge financial relief if and when the need for LTC arises.

Claim Social Security benefits carefully. If your career and health permit, delaying Social Security is a wise move for single women. If you wait until full retirement age to claim your benefits, you could receive 30-40% larger Social Security payments as a result. For every year you wait to claim Social Security, your monthly payments get about 8% larger.

Above all, retire with a plan. As fiduciary advisors, we see retirement through your eyes to help you define it on your terms, with a wealth management approach designed for the long term.

The Many Benefits of a Roth IRA

Thursday, May 10th, 2018

The Roth IRA changed the retirement savings landscape when it was established in the Taxpayer Relief Act of 1997 becoming a fixture in many retirement income strategies. This analysis offers a closer look at the trade-off you make when you contribute to a Roth IRA versus other types of investment accounts.

When compared to a traditional IRA, the major trade-off of contributing to a Roth IRA means you do not make a tax-deductible contribution that year (assuming you’re in a position to make tax-deductible IRA contributions). Instead, you contribute with after-tax or “take home” money. However, the investments grow tax-deferred in the same way. Meaning, if the account grows 7.5% in a year, you don’t have to pay taxes on any of the growth and thus it compounds into next year, the year after, etc. If you feel a Roth IRA is too restrictive when compared to a regular investment account, read-on, you may be surprised.

In 2018, like 2017, the Roth IRA contribution limit is $5,500, with an additional $1,000 “catch-up” contribution allowed for those 50 and older. (That $5,500 limit applies across all your IRAs, incidentally, should you happen to own more than one.) You can contribute to a Roth IRA so long as you have earned income of at least as much as you plan to contribute but no more than the income limits, which change from year to year.

Also, Roth IRAs do not have Required Minimum Distributions. As a result, unlike a traditional IRA, you can continue to add to a Roth at any age (so long as you earn income) and are never forced to take withdrawals. When you pass away, your heirs will have to take an annual distribution, however, they will be tax-free for them, just as the withdrawals are tax-free for you!

You can also make contributions for a previous year up until the tax filing deadline. In other words, the deadline for a 2017 Roth IRA contribution is April 17, 2018. One important point which is often forgotten is that the tax filing deadline is a hard deadline to make Roth IRA contributions. If you are accustomed to filing an extension and doing your taxes by October, you still need to make contributions by April 17th (or April 15th as usual).

There are pros and cons to making your contributions early in the year or waiting until the next year. If you are close to the income limits, then you should wait to fund your Roth IRA until you’ve gathered your W2 and other income statements early the following year. However, if you are far from those thresholds, you should go ahead and make calendar year (current) contributions early or monthly to take advantages of the market fluctuations throughout the year.

The maximum you can contribute depends on your age, income and whether you are a married or single tax filer. In 2017, contribution phase out range is between $118,000 and $133,000 (the maximum amount you can contribute depends on where your income falls in this range). The phase out range for joint filers is $186,000 – $195,000.

In 2018, those ranges increase slightly by $2000 for single filers and $3000 for married filers. It’s important to understand that your AGI is your income after retirement plan contributions. If you contribute to a 401k or 403b, those contributions reduce your income which may make you eligible to contribute to a Roth IRA. Also, if your spouse doesn’t work you could still fund a Roth IRA for him or her thereby doubling the amount of money you can add in a given year.

When it comes to taking money out of your Roth IRA, it’s important to distinguish earnings from contributions. Distributions of earnings from your Roth IRA, are tax-free as long as you are age 59½ or older and have owned the Roth IRA for at least five tax years. The IRS calls such tax-free withdrawals, qualified distributions.

Even if you can only set aside $1000 this year, you should open a Roth IRA to start that 5 year schedule. If you withdraw earnings before you turn 59 ½, they are treated as taxable income, and there may be an additional 10% early withdrawal tax penalty. There are many exceptions to this rule which determine whether you avoid the penalty, tax or both on withdrawals for medical expenses, a first-time home purchase (up to $10,000), disability or education expenses for yourself or your children.

However, if you withdraw an amount equivalent to your total Roth IRA contributions, that withdrawal is tax-free and penalty-free for any reason, even if you’re under 59 ½!  If you know the rules of the Roth, you see it’s not as restrictive as you might think. If you’re interested in learning if contributing to a Roth IRA makes sense for you, please give us a call. If you’re already retired, we can discuss Roth conversion strategies instead.

A Tax Efficient Retirement

Wednesday, March 21st, 2018

Will you pay higher taxes in retirement? Do you have a lot of money in a 401(k) or a traditional IRA? If so, you may receive significant retirement income. Those income distributions, however, will be taxed at ordinary income tax rates.  If you have saved and invested well, you may end up retiring at your current marginal tax rate or even a higher one. The jump in income alone resulting from a Required Minimum Distribution(s) could push you into a higher tax bracket.

Given these possibilities, affluent investors might do well to study the tax efficiency of their portfolios; not all investments will prove to be tax-efficient. Both pre-tax and after-tax investments have potential advantages. 

What’s a pre-tax investment? Traditional IRAs and 401(k)s are classic examples of pre-tax investments. You can put off paying taxes on the contributions you make to these accounts and the earnings these accounts generate. When you take money out of these accounts, you are looking at taxes on the withdrawal. Pre-tax investments are also called tax-deferred investments, as the invested assets can benefit from tax-deferred growth.

What’s an after-tax investment? A Roth IRA is a classic example. When you put money into a Roth IRA, the contribution is not tax-deductible. As a trade-off, you don’t pay taxes on the withdrawals from that Roth IRA (so long as you have had your Roth IRA at least five years and you are at least 59½ years old). Thanks to these tax-free withdrawals, your total taxable retirement income is not as high as it would be otherwise.

Should you have both a traditional IRA and a Roth IRA? It may seem redundant, but it could help you manage your marginal tax rate. It gives you an option to vary the amount and source of your IRA distributions considering whether tax rates have increased or decreased.

For many Middle Class Millionaires, we recommend Roth conversions in their 60s approaching retirement and before they begin collecting Social Security. By converting some of their traditional IRA balance to their Roth IRA each year they will receive a tax break in the long run by being able to distribute money from their Roth IRA tax free in the future versus paying ordinary income tax on distributions from their traditional IRAs. 

Smart moves can help you reduce your taxable income & taxable estate. If you’re making a charitable gift, giving appreciated securities that you have held for at least a year may be better than giving cash. In addition to a potential tax deduction for the fair market value of the asset in the year of the donation, the charity can sell the stock later without triggering capital gains for it or you.

The annual gift tax exclusion gives you a way to remove assets from your taxable estate. In 2018, you may give up to $15,000 to as many individuals as you wish without paying federal gift tax, so long as your total gifts keep you within the lifetime estate and gift tax exemption. If you have 11 grandkids, you could give them $15,000 each – that’s $165,000 out of your estate. The drawback is that you relinquish control over those dollars or assets. 

Are you striving for greater tax efficiency? In retirement, it is especially important – and worth a discussion. A few financial adjustments could help you lessen your tax liabilities. If you would like help with implementing strategies for better tax efficiency within your accounts, please give us a call today.

Attention Retiring Federal Employees – It’s Time to Retire Your Thrift Savings Plan

Tuesday, March 13th, 2018

Being a fiduciary wealth manager means two things in practice. First, I’m obligated to serve my clients’ best financial interests. Second, I give big-picture advice. This could be a recommended action (where to invest, for example), or a simple word of caution: Don’t.

I recently offered that word of caution to a federal employee who’s nearing retirement. His plan was to leave his $1 million Thrift Savings Plan (TSP) account with the government to maintain the ease and convenience that had helped him accumulate the $1 million in the first place. He isn’t the first client to tell me this, and I’m willing to bet many federal employees in and around Montgomery County are planning to leave their TSP money where it is after they retire. If you’re considering doing the same, I urge you to reconsider.

Strict Limitations Can Impose Hardships

TSPs have rigid distribution rules.  If you want to spend some of your money, you have one chance to take a lump sum.  After that, you’ll either have to agree on some monthly dollar amount or annuitize your TSP over your lifetime which will prevent your account from growing.  If you don’t need your money, you can let it grow until you are 70 ½ and they will calculate your Required Minimum Distribution (RMD) to send to you.  However, they’ll also include your Roth account balances as well which normally don’t count towards RMDs.  In fact, they include the Roth balance in any distribution made which means you lose out on future tax-free growth of those contributions.

Many people don’t mind these rules because they like the security of a monthly payment. That’s fine, assuming you have additional savings for that new car purchase or once-in-a-lifetime travel opportunities. But if the bulk of your retirement savings resides in a TSP, lump-sum withdrawals even for health emergencies, won’t be available to you.

In addition, your TSP could be a burden to those you love. Surviving spouses who inherit TSP accounts are free to keep the accounts intact. But for subsequent beneficiaries, there is no “stretch” option to roll over shares to inherited IRAs; the entire TSP balance must be distributed and taxable in that year.

I recently spoke with adult children facing this scenario—their other parent, the TSP beneficiary, having passed away—and they were frustrated knowing they were about to get hit with $300,000 in taxable income putting them in the highest tax bracket. They would have preferred an inherited IRA, which would have allowed them to spread out the taxes over many years, keeping them in the lower bracket.

Consider the Costs (and Potential Losses)

Limited access to TSP funds is only part of the story.   While the expenses are low because the TSP offers only a few broad index funds, your opportunity costs can be high.  By limiting you to five options, you can’t take advantage of the universe of products and vehicles that offer comparable rates of return with less risk.  You’ll also miss out on a variety of wealth management strategies—Roth conversions, penalty-free 72(t) distributions prior to age 55, qualified charitable distributions, etc.—that can significantly reduce your tax burden.

Cyber security, or a lack thereof, is another important consideration. The G Fund, where 43% of all TSP participants have 100% of their money, is worth over $200 billion. Without basic security protocols such as two-factor authentication and security monitoring (which most retail brokerages offer), the G Fund is a particularly attractive and vulnerable target.

If someone were to hack into your TSP account to steal funds, there is no guarantee you’ll get it back, at least not in a timely manner. In 2011, over 120,000 TSP accounts were hacked and personal and banking information was stolen. However, IRA accounts held at any brokerage firm (Charles Schwab, TD Ameritrade, etc.) are covered by the Securities Investor Protection Corporation (SIPC) up to $500,000.  If your money is stolen under their watch, they are accountable.

My Advice: Opt for Freedom and Flexibility          

If there’s one thing you need over the course of a 20- or 30-year retirement, its full control over your assets. You need the freedom and flexibility to enjoy opportunities as they come, and be able to pay for unexpected, large expenses.

By rolling your assets over to IRAs, you can manage, move, and spend your money as you see fit.  You can still use low-cost index funds.  But, you can take advantage of strategies like the ones we employ for our Middle Class Millionaire clients, to continue building your wealth, manage and potentially reduce your taxes, and ensure a tax-deferred inheritance for your beneficiaries.  Most importantly, you can rest easy knowing your account is secure.

Target Date Funds

Monday, March 12th, 2018

Clark shares his thoughts on target date funds.

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Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.

Please be aware that you are leaving www.kendallcapital.com and will be redirected to a third party website. Kendall Capital has no control over information at any third party site accessed from www.kendallcapital.com. Kendall Capital makes no representation and is not responsible for the quality, content, nature, or reliability of any linked site. The inclusion of any link does not imply endorsement, investigation, verification or monitoring by Kendall Capital. In no event shall Kendall Capital be responsible for your use of a third party site. Thank you for visiting Kendall Capital's website.