Guardianships For Adult Children With Disabilities
Tyler and his wife Lauren are the sole caregivers of Meredith, a child from Tyler’s previous marriage. (Tyler’s first wife and the mother of Meredith died ten years ago.) Meredith is a child with disabilities, and she is 6 months away from her 18th birthday.
She attends public school, and she is currently enrolled in the school system’s Individualized Education Program for children with special needs. Tyler and Lauren have consulted physicians, and they are aware that while Meredith is benefitting from the special education program, she will never function above the level of a 10 year old. Tyler and Lauren are concerned about their ability to make decisions for Meredith after she turns 18 years of age and is considered an adult.
Tyler and Lauren should contact an elder law attorney who works routinely with guardianships and conservatorships in the locality in which Meredith resides. Because Tyler is Meredith’s father, Virginia Code § 37.2-1001 allows him to file a petition with the appropriate circuit court requesting the appointment of a guardian, no earlier than 6 months prior to Meredith’s 18th birthday. In this case, Meredith will have no income other than Supplemental Security Income, so the appointment of a conservator is not necessary. Tyler can also petition the court to appoint a standby guardian, for example, Lauren, who can serve if the primary guardian can no longer serve. After Tyler’s attorney files the petition, the circuit court will appoint a guardian ad litem to serve as the eyes and ears of the court. The guardian ad litem will visit with Meredith, Tyler, and Lauren, contact Meredith’s other close family members, and file a report with the court. Tyler’s attorney will ask Meredith’s physician or psychologist to prepare an evaluation report to present to the circuit court. Because the guardianship process may take away many of Meredith’s legal rights, Meredith is entitled to due process, such as notice of the date and time of the hearing, and a jury trial (upon her request), and she may compel witnesses, present evidence, and cross examine witnesses. If, after considering the evidence presented at the hearing, the judge or jury determines on the basis of clear and convincing evidence that Meredith is incapacitated and in need of a guardian, then the circuit court will appoint a suitable person to serve as Meredith’s guardian. In this case, Tyler is the most likely candidate to serve as Meredith’s guardian, and in his petition he requested that he be appointed. After Tyler is appointed by the circuit court, he must qualify before the clerk of court. The qualification process includes: (1) signing an oath promising to faithfully perform his duties, (2) posting bond, and (3) acceptance of educational materials.
After his appointment, Tyler will have control over Meredith’s personal affairs, unless limited by the circuit court in the guardianship order. This includes deciding where Meredith will live, and making her medical, educational, and employment decisions. Tyler will be required to file periodic reports with the local Department of Social Services.
Tyler and Lauren should consult with an elder law attorney to review and, if necessary, modify their own estate plans. Parents who have a child with disabilities should consider establishing a special needs trust for the assets that they intend to leave for the benefit of their child with special needs. The parents also need to ensure that they have their own advance medical directives in place, as well as general durable powers of attorney.
The attorneys at The Estate Planning & Elder Law Firm can assist clients with their estate, financial, insurance, long-term care, veterans’ benefits, and special needs planning issues.
ElderLaw News is a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is brought to you by The Estate Planning & Elder Law Firm, P.C.
To review your financial plan and/or have us speak at an event contact a financial adviser at Ariba Asset Management 1-800-808-7488.
If you are interested in having an Elder Law attorney from The Estate Planning & Elder Law Firm, P.C. speak at an event, then please call them at:
Maryland (301) 214-2229
Virginia (703) 243-3200
Washington DC (202) 223-0270
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Finding Value in a Beaten-Down Market
Description
Buying on the dips is a favorite strategy of some stock investors. But when looking for investment bargains, it’s important to avoid a value trap.
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With Wall Street’s recent seismic shifts, is it a good idea to buy on the dips?
With Wall Street’s recent seismic shifts, true stock jockeys may be tempted to buy on the dips. But this desire raises an important question: Is a low price by itself a true measure of a value stock? If an investor plans to hold a stock for the long term, how can an investor gauge its future potential compared with the broader market?
Value Investing Defined
Value stocks are those that have fallen out of favor in the marketplace and are considered bargain-priced compared with book value, replacement value or liquidation value. Value fund managers typically invest only when they believe the underlying company has good fundamentals. Many value investors think that a majority of value stocks are created because investors overreact to negative events, which can include:
- Disappointing earnings
- A negative outlook for the industry
- A regulatory setback
- Substantive litigation
The idea behind value investing is that stocks of good companies will bounce back in time when a company overcomes a short-term obstacle and investors ultimately recognize fair value. But this recognition may take time or, in some instances, may never materialize.
Comparative Analysis
Investors looking to avoid a value mistake may want to compare a stock’s recent trend with a peer group or with a broad market index. Here are some other suggestions:
- Consider whether a stock has dropped more than the average stock in the S&P 500 during the past three months.
- Examine whether earnings estimates are being revised downward faster when compared with a peer group.
- Compare analyst estimates of future profit margins to historical margins. If expectations for future profits exceed past earnings, the company could end up disappointing investors.
Another technique for potentially avoiding a value mistake is to look for stocks paying dividends. Dividends historically have been seen as a sign of management’s confidence in healthy cash flow over the long term, as well as an indicator that management’s interests align with shareholders. Even if a stock price languishes for a period of time, a dividend provides an investor with something in the way of a return. Note that dividends are not guaranteed, and a company can reduce or eliminate a dividend at any time.
Perhaps the best strategy for avoiding a value mistake is to combine value stocks with growth stocks, international stocks, and other types of equities to pursue diversification. Although there are no guarantees, owning some of each could help to balance an equity portfolio over the long term.1
Source/Disclaimer:
1Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, and may not be suitable for all investors. Investing in stocks involves risks, including loss of principal. Diversification does not ensure a profit or protect against a loss in a declining market.
Because of the possibility of human or mechanical error by McGraw-Hill Financial Communications or its sources, neither McGraw-Hill Financial Communications nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall McGraw-Hill Financial Communications be liable for any indirect, special or consequential damages in connection with subscriber’s or others’ use of the content.
###
© 2011 McGraw-Hill Financial Communications. All rights reserved.
September 2011 — This column is provided through the Financial Planning Association, the membership organization for the financial planning community, and is brought to you by Dan Federman, CFP® , a local member of FPA.
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Estate and Financial Planning: It’s Never Too Early to Start
Far too often, estate and financial planning is something that is postponed until later in life. Individuals assume that they are not old enough or do not have enough assets to warrant this type of planning.
The reality is that estate and financial planning are not just for older individuals or those with substantial assets. It is also for those who are just starting their career or starting a family. People are healthier and living longer than ever before, and these factors require more planning today than in times past.
It is also important to recognize that estate and financial planning should not be neglected until the time that it becomes a necessity. While life transitions are often emotionally and financially stressful, being prepared can help minimize stress and regret. You don’t know what may happen tomorrow. You can, however, make sure that you have a plan in place to protect yourself, your assets, and, most importantly, your family. Being proactive, not reactive, can help to ensure that you or a loved one are satisfied and content with the outcome.
Being prepared, however, is only one part of the equation. Your estate and financial plans must work together to form a comprehensive and cohesive strategy. This is why it is imperative to meet with an attorney who can provide this type of comprehensive approach to your estate and financial planning needs.
The following is a brief overview of several planning tools that should be considered in preparing your estate and financial plan:
Will: A will does more than simply give away your assets – it ties your estate plan together. Accordingly, your will should incorporate the proper tax and financial planning techniques. Your will can also designate a guardian for your minor children, as well as the person who will manage their finances.
Living Trust: A revocable living trust is a useful tool for avoiding probate. In many cases, a living trust can offer you better control of your assets, not only after your death, but also during your lifetime. When using a trust, several options should be considered, such as whether you desire to leave assets to your children in further trust for their benefit instead of passing outright. This type of trust may continue for the life of the child, providing valuable asset protection in case of creditors or divorce. Conversely, the trust can make full or partial distributions of trust principal at certain ages, such as providing half of the trust assets to your child at age 25, and the remainder once the child reaches age 30.
Power of Attorney: A general durable power of attorney is an invaluable planning tool. Often the most important document a person can execute, a power of attorney designates the person you want to manage your assets and personal affairs if you become disabled or unable to manage your own affairs.
Advance Medical Directive: An advance medical directive combines two documents: a living will and a medical power of attorney. A living will sets forth your end-of-life wishes, while a medical power of attorney names the person or persons that will make medical decisions for you when you are not able to do so.
Life Insurance: Life insurance can be an extremely useful planning tool, especially for younger individuals and those without substantial assets. Life insurance is a great way to ensure that your child or surviving spouse will receive financial support in the event of your untimely death. One of the most common mistakes when using life insurance, however, is purchasing inadequate coverage. According to a 2009 report by the U.S. Department of Agriculture, the average cost of raising a child through age 17 is just slightly over $200,000. When the cost of college is included, this substantially increases. An experienced estate and financial planner can assist you in determining the amount of life insurance needed to provide your loved ones with the financial assistance they will need.
Once you have made the decision to begin preparing, it is imperative that you approach your estate and financial planning from a comprehensive perspective. Otherwise, you may have all of the pieces in place, but the pieces may not fit together in the way that you intended. For example, certain financial accounts allow the policy owner to designate the beneficiary of such policy. These beneficiary designations control who receives those assets, not your will or trust. This is why it is crucial that your plan is comprehensive, with all elements working together to achieve your desired result.
The attorneys at The Estate Planning & Elder Law Firm can assist clients with their estate, financial, insurance, long-term care, veterans’ benefits and special needs planning issues.
Courtesy of ElderLaw News, a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is distributed by The Estate Planning & Elder Law Firm, P.C. If you are interested in a free subscription to the Elder Law News, then please e-mail them at office@lifecareplanning.com, telephone them at (703) 243-3200, or fax at 703-841-9102.
For more information contact Ariba Asset Management at 1-800-808-7488
Estate and Financial Planning: It’s Never Too Early to Start Far too often, estate and financial planning is something that is postponed until later in life. Individuals assume that they are not old enough or do not have enough assets to warrant this type of planning. The reality is that estate and financial planning are not just for older individuals or those with substantial assets. It is also for those who are just starting their career or starting a family. People are healthier and living longer than ever before, and these factors require more planning today than in times past. It is also important to recognize that estate and financial planning should not be neglected until the time that it becomes a necessity. While life transitions are often emotionally and financially stressful, being prepared can help minimize stress and regret. You don’t know what may happen tomorrow. You can, however, make sure that you have a plan in place to protect yourself, your assets, and, most importantly, your family. Being proactive, not reactive, can help to ensure that you or a loved one are satisfied and content with the outcome. Being prepared, however, is only one part of the equation. Your estate and financial plans must work together to form a comprehensive and cohesive strategy. This is why it is imperative to meet with an attorney who can provide this type of comprehensive approach to your estate and financial planning needs. The following is a brief overview of several planning tools that should be considered in preparing your estate and financial plan: Will: A will does more than simply give away your assets – it ties your estate plan together. Accordingly, your will should incorporate the proper tax and financial planning techniques. Your will can also designate a guardian for your minor children, as well as the person who will manage their finances. Living Trust: A revocable living trust is a useful tool for avoiding probate. In many cases, a living trust can offer you better control of your assets, not only after your death, but also during your lifetime. When using a trust, several options should be considered, such as whether you desire to leave assets to your children in further trust for their benefit instead of passing outright. This type of trust may continue for the life of the child, providing valuable asset protection in case of creditors or divorce. Conversely, the trust can make full or partial distributions of trust principal at certain ages, such as providing half of the trust assets to your child at age 25, and the remainder once the child reaches age 30. Power of Attorney: A general durable power of attorney is an invaluable planning tool. Often the most important document a person can execute, a power of attorney designates the person you want to manage your assets and personal affairs if you become disabled or unable to manage your own affairs. Advance Medical Directive: An advance medical directive combines two documents: a living will and a medical power of attorney. A living will sets forth your end-of-life wishes, while a medical power of attorney names the person or persons that will make medical decisions for you when you are not able to do so. Life Insurance: Life insurance can be an extremely useful planning tool, especially for younger individuals and those without substantial assets. Life insurance is a great way to ensure that your child or surviving spouse will receive financial support in the event of your untimely death. One of the most common mistakes when using life insurance, however, is purchasing inadequate coverage. According to a 2009 report by the U.S. Department of Agriculture, the average cost of raising a child through age 17 is just slightly over $200,000. When the cost of college is included, this substantially increases. An experienced estate and financial planner can assist you in determining the amount of life insurance needed to provide your loved ones with the financial assistance they will need. Once you have made the decision to begin preparing, it is imperative that you approach your estate and financial planning from a comprehensive perspective. Otherwise, you may have all of the pieces in place, but the pieces may not fit together in the way that you intended. For example, certain financial accounts allow the policy owner to designate the beneficiary of such policy. These beneficiary designations control who receives those assets, not your will or trust. This is why it is crucial that your plan is comprehensive, with all elements working together to achieve your desired result. The attorneys at The Estate Planning & Elder Law Firm can assist clients with their estate, financial, insurance, long-term care, veterans’ benefits and special needs planning issues.
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ETFs for the Active Trader
Description
For the active individual investor, exchange-traded funds (ETFs) are multifaceted tools that offer opportunities to execute sophisticated investment strategies, such as hedging through options, short-selling, and temporarily equitizing a cash position.
Synopsis:
For the active individual investor, exchange-traded funds (ETFs) are multifaceted tools that offer opportunities to execute sophisticated investment strategies. For investors who prefer active trading to buy and hold, for example, ETFs may be an appropriate alternative to individual securities because they offer targeted yet diversified exposure. Investors may also consider trading options on ETFs to generate immediate income and try to take advantage of anticipated swings in market prices. Covered calls, bull call spreads, and bear put spreads are option tactics investors might choose. Following are some other investment strategies active traders may employ to make the most of ETFs
Short-selling and margin trading: Through short sales and margin trading, investors use ETFs to help take advantage of short-term changes in the overall markets.
Precious metals, commodities, and currency: Investors can gain exposure to commodity sector stocks, gold bullion, and, within the next few years, silver and currency markets.
Equitize a cash position: Individual investors also use ETFs as a place to park cash while they make longer-term decisions.
Capture losses for tax purposes: ETFs may allow investors to avoid the IRS wash-sale rule. However, the rules governing wash sales are complicated, so before employing this strategy, investors should consult a tax advisor.
Investors exploring sophisticated ETF strategies (particularly those involving short-selling) should consider the liquidity of the underlying securities in the portfolio, as well as trading volumes on the ETF. In addition, although ETFs are marketed as a cost-effective alternative to mutual fund investing, active traders must pay commissions on each of their transactions. Frequent trades, therefore, may negate the overall cost advantage of ETF investing over traditional funds. Despite this risk, however, ETFs provide a new multipurpose tool for an active trader’s toolbox.
Key Points
- What Is an ETF?
- Shifting Focus
- Hedging With Options
- Other ETF Strategies
- Considerations
- Points to Remember
For the active individual investor, exchange-traded funds (ETFs) are multifaceted tools that offer opportunities to execute sophisticated investment strategies, such as hedging through options, short-selling, and temporarily equitizing a cash position.1
What Is an ETF?
An ETF is similar to a mutual fund in that it offers investors the opportunity to own shares in a broad portfolio of securities. But unlike mutual funds, ETFs are traded throughout the day on exchanges such as the New York Stock Exchange.
Generally, ETFs are managed to mirror the performance of a particular index, such as the S&P 500 or the Dow Jones Industrial Average. In many cases, an ETF manager may choose a selection of representative securities rather than the entire spectrum of securities in the model index. Investors can find ETFs that track not only the broader U.S. market, but also specific sectors, geographic regions, and investment styles as well.
Shifting Focus
For investors who prefer active trading to buy and hold, ETFs may be an appropriate alternative to individual securities because they offer targeted yet diversified exposure. Sector rotators, for example, can find ETFs in financial services, technology, utilities, and consumer staples. Investors shifting focus among management style and market capitalization will find offerings in growth, value, small-cap, mid-cap, and large-cap stocks. Tactical asset allocators can choose among ETFs focusing in different asset classes, including equity, fixed income, and real estate.
Hedging With Options
Option contracts on ETFs offer investors a variety of opportunities to potentially enhance portfolio returns. A call option gives the purchaser the right to buy ETF shares at a stated price — known as the exercise or strike price — at any time before the option’s expiration date. By contrast, a put option gives the purchaser the right to sell shares of an ETF at the strike price. In each case, the option seller has an obligation to either sell (in the case of a call) or buy (in the case of a put) shares of the ETF.
Option investors may experience a range of potential outcomes, depending on how they expect the price of the ETF to move. By combining an option contract with an existing position in the underlying ETF, an investor can help hedge a portfolio against loss while maximizing return potential. Following are some examples.
Covered Call Writing: With this strategy, the investor owns shares of an ETF and wants to hold on to them, but also wants to use them to generate some immediate income. She sells a call on the ETF for which she receives cash (or a “premium”). In return, she promises to sell her shares if the strike price is reached on or before the expiration date. Her belief, however, is that the price will remain unchanged during the time frame. If this is true, the call will expire unexercised and the investor will walk away with the premium. A variant of this strategy is to write a slightly “out-of-the-money” call. This is one in which the strike price is only slightly higher than the current price. An investor selling this type of call is sacrificing future upside potential in return for current income.
Bull Call Spread: In this case, an investor expects an increase in the price of ETF shares he is holding and wants to try to generate extra return while limiting risk. This investor would purchase a call at a stated price, paying the premium, while selling another call option at a higher strike price, receiving a smaller premium amount. If the price of the ETF shares doesn’t reach the lower strike price on the exercise date, the investor’s loss is limited to the difference between the two premiums. If his expectations come to fruition, then he can purchase the additional shares when the price rises and sell them when the price rises higher, generating additional return.
Bear Put Spread: On the other hand, if the investor expects the price of his existing ETF holding to decline, a bear put holding can help protect the value of the portfolio while reducing the cost of hedging. Here, the investor purchases a put option and then sells another put with a lower exercise price. As with the bull call spread, the maximum loss on the option position is the difference in the premiums paid, if the ETF price does not fall as expected. The maximum potential gain is the difference in the strike prices. Investors may use bear put spreads to temporarily hedge against a modest price decline; however, keep in mind that if the ETF price falls below the lower exercise price, the gain on the option position will not fully offset the loss on the underlying share price.
Note that many niche ETFs may not have options linked to them, or in cases where they do, the options may be thinly traded. Investors will want to carefully consider whether ETF option-trading tactics are right for their needs.
Other ETF Strategies
Following are some other investment strategies active traders may employ to make the most of ETFs.
Short-selling and margin trading: Both professionals and individual investors use ETFs to help take advantage of short-term changes in the overall markets. For example, if an investor expects that a particular sector of the stock market will dip due to increasing interest rates, he or she may short-sell ETF shares that represent that market. Selling short is when an investor borrows shares to sell, then buys them back later at a lower price, resulting in a profit. In addition, unlike traditional mutual funds, investors who expect ETF shares to experience an imminent rise can purchase ETF shares on margin.
Precious metals,2 commodities,3 and currency4: Investors can gain exposure to commodity sector stocks, such as materials and energy companies with ETFs focused on these specific areas. Today, there are even ETFs that track the prices of gold, silver and commodities such as oil (rather than company stocks), as well as currencies.
Equitize a cash position: Individual investors also use ETFs as a place to park cash while they make longer-term decisions. ETFs track all kinds of indexes, from low-risk government bonds to sector stocks, so investors looking for a temporary holding place for cash should be able to find one that suits all levels of risk and return requirements.
Capture losses for tax purposes: Another common strategy for ETFs is that they may allow investors to capture losses to help defray income tax obligations without running afoul of IRS rules. (The IRS wash rule states that investors can’t cash out of a holding and then buy back in within 30 days.) Investors who want to cash out mutual fund shares for a loss for write-off purposes may do so, while maintaining a similar position in the market by simultaneously investing in a comparable ETF. (The rules governing wash sales are complicated, so before employing this strategy, investors should consult a tax professional.)
Considerations
Investors exploring some of these strategies (particularly those involving short-selling) will want to consider the liquidity of the underlying securities in the portfolio, as well as trading volumes on the ETF. In addition, although ETFs are marketed as a cost-effective alternative to mutual funds, active traders must pay commissions on each of their transactions. Frequent trades, therefore, may negate the overall cost advantage of ETFs over traditional funds. Despite this risk, however, ETFs provide a multipurpose tool for an active trader’s toolbox.
Points to Remember
- For the active individual investor, exchange-traded funds (ETFs) are multifaceted tools that offer opportunities to execute sophisticated investment strategies.
- For investors who prefer active trading to buy and hold, ETFs may be an appropriate alternative to individual securities because they offer targeted yet diversified exposure.
- Investors may consider trading options on ETFs to generate immediate income and try to take advantage of anticipated swings in market prices.
- Other active trader strategies with ETFs include short-selling and margin trading; investing in precious metals and commodities; equitizing a cash position; and facilitating the capture of tax losses.
- Investors may want to consult a financial or tax professional before employing sophisticated strategies with ETFs.
Source/Disclaimer:
1“Short selling” is a strategy that involves selling something that you do not already own. Short selling is extremely risky. Be cautious of claims of large profits from short selling. Short selling requires knowledge of securities markets; requires knowledge of a firm’s operations; and may result in your paying larger commissions. Short selling on margin may result in losses beyond your initial investment.
2Investing in the precious metals sector involves special risks, including those related to fluctuations in the price of precious metals and increased susceptibility to adverse economic and regulatory developments affecting the sector. It may also be subject to the risks of currency fluctuation and political uncertainty associated with foreign investing.
3Exposure to the commodities market may subject investors to greater volatility as commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity.
4Changes in foreign currency exchange rates will affect the value of currency investments. Foreign investments may entail greater risks than domestic investments due to currency exchange rates; political, diplomatic, or economic conditions; and regulatory requirements in other countries. Financial reporting standards in foreign countries typically are not as strict as in the United States, and there may be less public information available about foreign companies. These risks can increase the potential for losses.
Because of the possibility of human or mechanical error by McGraw-Hill Financial Communications or its sources, neither McGraw-Hill Financial Communications nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall McGraw-Hill Financial Communications be liable for any indirect, special or consequential damages in connection with subscriber’s or others’ use of the content.
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© 2011 McGraw-Hill Financial Communications. All rights reserved.
September 2011 — This column is provided through the Financial Planning Association, the membership organization for the financial planning community, and is brought to you by Dan Federman, CFP® , a local member of FPA.
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Banks Have New Target for Fees: Debit Cards
Description
A number of major financial institutions are testing or implementing new programs that will levy monthly fees on consumers who use their debit cards.
Social Media Message:
Is your bank planning to charge a monthly fee for your debit card? Find out here.
A number of major financial institutions, including Wells Fargo and JP Morgan Chase, are testing or implementing new programs that will levy monthly fees on consumers who use their debit cards.
The banks are trying to recoup revenues lost when the Dodd-Frank Wall Street Reform and Consumer Protection Act took effect in 2010. The new regulation capped overdraft fees and charges banks could assess to credit card customers.
The new fees are assessed when consumers use their debit cards for purchases. They range from $3 to $5 per month, depending on the bank.
- Wells Fargo will begin testing its $3 monthly charge in October for customers in five states: Georgia, Nevada, New Mexico, Oregon, and Washington. Wells will also eliminate its debit card rewards program effective in October.
- Regions Bank will institute an across-the-board debit fee of $4 per month on certain accounts beginning in October.
- Earlier this summer, SunTrust started levying a whopping $5 per month fee to its Everyday Checking account holders.
Consumers Beware
Many industry experts expect more banks to launch fees on debit cards in the coming years. Pay attention to what your financial institution sends you in the mail — both separately and with your statements. If you have questions, call your bank for an explanation.
If your bank has already sent you a communication signaling that changes are on the way, you do have one very valuable option: shop around. While many of larger banks may be tempted to charge a fee for debit card usage, many smaller banks and credit unions probably won’t follow suit. You can always move your account to another institution that still offers free services. However, if you have multiple accounts with one institution or don’t have any other banks near you, this may not be the most practical or convenient option.
Also, be sure to review your bank’s new terms carefully. You may satisfy certain requirements to keep your services free or you may be able to switch to a different type of account to avoid any charges.
Because of the possibility of human or mechanical error by McGraw-Hill Financial Communications or its sources, neither McGraw-Hill Financial Communications nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall McGraw-Hill Financial Communications be liable for any indirect, special or consequential damages in connection with subscriber’s or others’ use of the content.
###
© 2011 McGraw-Hill Financial Communications. All rights reserved.
September 2011 — This column is provided through the Financial Planning Association, the membership organization for the financial planning community, and is brought to you by Dan Federman, CFP® , a local member of FPA.
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