Blog Archive

Taxes

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.

 

Kendall Capital is a wealth management firm providing retirement planning in Montgomery County, MD to individuals and families with assets of more than $500,000.

Montgomery County’s Revenue Decline: What It Means for Everyone

Tuesday, April 10th, 2018

It’s been awhile since the U.S. economy has been as strong as it is right now. GDP growth is up, unemployment is down and the stock market is booming.

In the midst of all this economic good news, though, Montgomery County is facing a serious revenue shortfall. The county is projecting a $120 million shortfall in the fiscal 2018 operating budget. Even more startling, county officials have revised the six-year revenue forecast down by more than $400 million due to lagging income tax revenue.

How Did We Get Here?

How did our county find itself in this kind of financial predicament given the strength of the economy? At a recent meeting, county finance officials attributed the revenue shortfall mainly to wealthy households reporting significantly less capital gains in anticipation of tax reform.

In 2016, the top 50 taxpaying households in the county realized 50 percent less in capital gains ($600 million) than they did in 2015 ($1.2 billion). This resulted in $21 million less in income tax revenue for the county.

But in 2016, most people expected that Hillary Clinton, not Donald Trump, would be President. And few people expected significant tax reform under a Clinton administration, much less the kind of reform that would prompt the wealthy to withhold realizing capital gains.

Unfortunately, now that tax reform is a reality, the county’s fiscal situation could get even worse. The county’s budget director stated in a memo to the county council that the changes enacted to the federal tax code by the Tax Cuts and Jobs Act — more specifically, changes to federal, state and local tax deductions — could accelerate the revenue decline even more.

And income taxes aren’t the only kind of revenue that’s falling in Montgomery County. The forecast for energy tax revenue was reduced by $100 million over the next six years due to possibly warmer weather and the construction of more energy-efficient buildings. And the forecast for property tax revenue was reduced by $35 million over the next six years due to low inflation, which keeps property values (and thus taxes) from rising.

How Residents Are Affected

Revenue shortfalls like this have a very real impact on the services delivered by the county to residents. For starters, County Executive Ike Leggett has called for 2 percent cuts at county departments this year while departments have been asked to identify 3 percent cuts for fiscal year 2019. Public safety agencies, including local police and fire departments, have been asked to trim their budgets by 1.5 percent.

In late January, the county council approved a plan to trim more than $53 million from the 2018 operating budget. Nearly half of this, or $25 million, will be cut from Montgomery County Public Schools, while $4.4 million will be cut from Montgomery College. In addition, the county council president has indicated that priorities like expanding early childhood education could be put on hold or trimmed back due to the revenue shortfalls.

We’re a Wealthy Community …

Montgomery County is a strong, vibrant community and one of the wealthiest counties in the nation. The county currently has the 11th highest median household income in the country: $94,965.

Digging deeper into the statistics, there are more than 140,000 households in the county that earn at least $100,000 per year, more than 54,000 households that earn at least $200,000 per year, and more than 10,000 households that earn at least $500,000 per year.

These high-earning households pay the vast majority of county taxes: Those earning at $100,000 per year account for 80% of total net taxable income, those earning at least $200,000 per year account for 57% of total net taxable income, and those earning at least $500,000 per year account for 31% of net taxable income.

These statistics confirm what County Council Senior Legislative Analyst Jacob Sesker stated in a recent article in The Sentinel: “We are significantly dependent on income tax revenue over a very small number of county taxpayers.”

… But How Do We Stay This Way?

All of this brings to mind a quote attributed to Nelson Mandela: “A nation should not be judged by how it treats its highest citizens, but it’s lowest ones.”

As noted above, any community is dependent on its wealthiest citizens to pay a large portion of the taxes that support vital services used by everyone. However, the top 50 taxpaying households in our community have either left the county or are not realizing tax income and capital gains as they did previously.

Whatever the reason, it’s in the best interest of our community to continue to attract and retain these wealthy individuals and families to Montgomery County if we want to keep our community financially healthy. Otherwise, everyone — including the least among us — will suffer.

 

Kendall Capital is a wealth management firm providing financial advisor in Montgomery County, MD to individuals and families with assets of more than $500,000.

Tax Efficient Retirement Planning

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.

 

Kendall Capital is a wealth management firm providing retirement planning services in the Washington, DC area to individuals and families with assets of more than $500,000.

The Tax Cuts and Jobs Act of 2017: How Will the Bill Effect You?

Tuesday, December 19th, 2017

The Tax Cuts and Jobs Act of 2017 hasn’t been formally ratified by the U.S. House and Senate, but with votes scheduled for the House this afternoon and the Senate late tonight, the bill will likely be sent to the President’s desk by tomorrow morning. As you probably know, the House and Senate versions were somewhat different. What does the new bill look like now?

The new bill maintains seven different tax rates: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Most people will see their bracket go down by one to four percentage points, with the higher reductions going to people with higher income, and the new tax brackets will be indexed for inflation, meaning that the “real” income brackets will remain approximately the same from year to year.

The new brackets break down like this:

Single Taxpayers

Income $0-$9,525 – 10% of taxable income

$9,526-$38,700 – $952.50 + 12% of the amount over $9,526

$38,701-$82,500 – $4,453 + 22% of the amount over $38,700

$82,501-$157,500 – $14,089.50 + 24% of the amount over $82,500

$157, 501-$200,000 – $32,089.50 + 32% of the amount over $157,500

$200,001-$500,000 – 45,689.50 + 35% of the amount over $200,000

$500,001+ – $150,689.50 + 37% of the amount over $500,000

 

Married Filing Jointly Taxpayers

Income $0-$19,050 – 10% of taxable income

$19,051-$77,400 – $1,905 + 12% of the amount over $19,050

$77,401-$165,000 – $8,907 + 22% of the amount over $77,400

$165,001-$315,000 – $28,179 + 24% of the amount over $165,000

$315,001-$400,000 – $64,179 + 32% of the amount over $315,000

$400,001-$600,000 – $91,379 + 35% of the amount over $400,000

$600,000+ – $161,379 + 37% of the amount over $600,000

 

Taxes for trusts and estates were also changed to:

$0-$2,550 – 10% of taxable income

$2,551-$9,150 – $255 + 24% of the amount over $2,550

$9,151-$12,500 – $1,839 + 35% of the amount over $9,150

$12,501+ – $3,011.50 + 37% of the amount over $12,500

Other provisions of the bill include: a basically doubled standard deduction to $12,000 (single) or $24,000 (joint), $18,000 (head of household), and in an interesting provision, persons who are over 65, blind or disabled can add $1,300 to their standard deduction. The bill calls for no personal exemptions for 2018, and the Pease limitation, a gradual phase out of itemized deductions as taxpayers reached higher income brackets, has been eliminated.

Despite the hopes of many taxpayers, the dreaded alternative minimum tax (AMT), remains in the bill. The individual exemption amount is $70,300; for joint filers it’s $109,400.  But for the first time, the AMT exemption amounts will be indexed to inflation.

Interestingly, the new tax bill retains the old capital gains tax brackets—based on the prior brackets. The 0% capital gains rate will be in place for individuals with $38,600 or less in income ($77,200 for joint filers), and the 15% rate will apply to individuals earning between $38,600 and $452,400 (between $77,400 and $479,000 for joint filers). Above those amounts, capital gains and qualified dividends will be taxed at a 20% rate.

For many taxpayers who itemize deductions, the adjusted gross income number will be higher under the new tax plan, because many itemized deductions have been reduced or eliminated.  Among them: there will be a $10,000 limit on the deduction for state and local income tax and property tax payments. Before you rush to write a check to the state or your local government, know that a provision in the bill states that any 2018 state income taxes paid by the end of 2017 are not deductible in 2017, and instead will be treated as having been paid at the end of calendar year 2018.

The mortgage deduction will be limited to $750,000 of principal (down from a current $1 million limit); any mortgage payments on amounts above that limit will not be deductible. However, the charitable contribution deduction limit will rise from 50% of a person’s adjusted gross income to 60% under the new bill.

What about estate taxes? The bill doubles the estate tax exemption from, currently, $5.6 million (projected 2018) to $11.2 million; $22.4 million for couples. Meanwhile, Congress maintained the step-up in basis, which means that people who inherit low-basis stock will see the embedded capital gains go away upon receipt.

Public “C” Corporations saw their highest marginal tax rate drop from 35% to 21%, the largest one-time rate cut in U.S. history for the nation’s largest companies, and pass-through entities like partnerships, S corporations, limited liability companies and sole proprietorships will receive a 20% deduction on taxes for “qualified business income,” which explicitly does NOT include wages or investment income.

As things stand today, all of these provisions are due to “sunset” after the year 2025, at which point the entire tax regime will revert to what we have now.

End-of-the-Year Money Moves

Wednesday, December 13th, 2017

What has changed for you in 2017? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your finances before this year ends and 2018 begins.

Even if your 2017 has been relatively uneventful, the end of the year is still a good time to get cracking and see where you can plan to save some taxes and/or build a little more wealth.

Do you practice tax-loss harvesting? That is the art of taking capital losses (selling securities worth less than what you first paid for them) to offset your short-term capital gains. If you fall into one of the upper tax brackets, you might want to consider this move, which directly lowers your taxable income. It should be made with the guidance of a financial professional you trust.

In fact, you could even take it a step further. Consider that up to $3,000 of capital losses in excess of capital gains can be deducted from ordinary income, and any remaining capital losses above that can be carried forward to offset capital gains in upcoming years. See our recent blog about tax-loss harvesting for more information about this practice.  

Do you itemize deductions? If you do, great. Now would be a good time to get the receipts and assorted paperwork together. Besides a possible mortgage interest deduction, you might be able to take a state sales tax deduction, a student loan interest deduction, a military-related deduction, a deduction for the amount of estate tax paid on inherited IRA assets, an energy-saving deduction – there are so many deductions you can potentially claim, and now is the time to meet with your tax professional to strategize how to claim as many as you can.   

Could you ramp up 401(k) or 403(b) contributions? Contributions to these retirement plans lower your yearly gross income. If you lower your gross income enough, you might be able to qualify for other tax credits or breaks available to those under certain income limits. Note that contributions to Roth 401(k)s and Roth 403(b)s are made with after-tax rather than pre-tax dollars, so contributions to those accounts are not deductible and will not lower your taxable income for the year. They will, however, help to strengthen your retirement savings.

Are you thinking of gifting? How about donating to a charity or some other kind of 501(c)(3) non-profit organization before 2017 ends? In most cases, these gifts are partly tax deductible. You must itemize deductions using Schedule A to claim a deduction for a charitable gift.

If you donate appreciated securities you have owned for at least a year, you can take a charitable deduction for their fair market value and forgo the capital gains tax hit that would result from their sale. If you pour some money into a 529 college savings plan on behalf of a child in 2017, you may be able to claim a partial state income tax deduction (depending on the state).  

Of course, you can also reduce the value of your taxable estate with a gift or two. The federal gift tax exclusion is $14,000 for 2017. So, as an individual, you can gift up to $14,000 to as many people as you wish this year. A married couple can gift up to $28,000 to as many people as they desire in 2017. Unfortunately, the I.R.S. prohibits a current-year income tax deduction for the value of a non-charitable gift.

While we’re on the topic of estate planning, why not take a moment to review the beneficiary designations for your IRA, your life insurance policy, and workplace retirement plan? If you haven’t reviewed them for a decade or more (which is all too common), double-check to see that these assets will go where you want them to go should you pass away. Lastly, look at your will to see that it remains valid and up-to-date.

Should you convert all or part of a traditional IRA into a Roth IRA? You will be withdrawing money from that traditional IRA someday, and those withdrawals will equal taxable income. Withdrawals from a Roth IRA you own are not taxed during your lifetime, assuming you follow the rules. Translation: tax savings tomorrow. Before you go Roth, you do need to make sure you have the money to pay taxes on the conversion amount. If you go Roth this year and change your mind, the I.R.S. gives you until October 15, 2018 to undo the conversion.

Can you take advantage of the American Opportunity Tax Credit? The AOTC allows individuals whose modified adjusted gross income is $80,000 or less (and joint filers with MAGI of $160,000 or less) a chance to claim a credit of up to $2,500 for qualified college expenses. Phase-outs kick in above those MAGI levels.

What can you do before they ring in the New Year? Talk with a financial or tax professional now rather than in February or March. Little year-end moves might help you improve your short-term and long-term financial situation.

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.

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.