Tax Cuts & Jobs Act Bill Highlights

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA), HR1, into law. The complex nature and last-minute timing of the bill make year-end strategic decisions challenging to evaluate. Depending on your circumstances, you may want to consult with your accountant to ascertain if any tax-minimization strategies should be completed before December 31of this year. Below, we highlight some of the tax bill's major changes:
 

Tax Rates:

Four major changes to the individual tax code go into effect on Monday, January 1 and end on December 31, 2025 due to sunset provisions: Lower tax brackets, an expanded child tax credit, an increased exemption amount for the alternative minimum tax, and a doubled exemption for estate taxes.

The final version of the TCJA cuts the top tax rate to 37%. The proposed rate had been 38.5% rate in the Senate version of the bill or the 39.6% rate in the House version. While many of the bracket thresholds are adjusted, the TCJA preserves the seven tax brackets:

• 10% retained

• 15% lowered to 12%

• 25% lowered to 22%

• 28% lowered to 24%

• 33% lowered to 32%

• 35% retained

• 39.6% lowered to 37%

Cambridge Insight: To the extent that a standard deduction can be considered a "zero tax bracket," then it should be noted that a "zero tax bracket" under the TCJA can be as large or even larger when considering personal exemptions.

Individual and Family Incentives

• The standard deduction for tax filers moves from $6,350 for singles, $9,350 for heads of Household, and $12,700 for joint filers to $12,000, $18,000, and $24,000 respectively.
  

• The personal exemption (currently $4,050 per eligible exemption) is eliminated.
  

• The Affordable Care Act (ACA, also referred to as “Obamacare”) mandate is eliminated, and no penalty can be imposed on individuals who do not wish to enroll in a health insurance plan effective starting in 2019.

• The TCJA repeals the "kiddie tax" that applies parents' tax rates to the children's unearned income once income reaches a specific threshold. After December 31, 2017, the unearned income of children will be taxed at the trust and estate rates.

• The tuition waiver benefit is preserved by the final bill. The House Bill would have taxed tuition waivers as ordinary income.

Cambridge Insight: Most taxpayers will have no need to itemize with the doubling of standard deductions, simplifying their tax returns and making it easier to file.

Tax credits

• The $7,500 credit for the purchase of an electric car is gone, starting in January 2018.

• The child tax credit is doubled from $1,000 to $2,000 per eligible child. Additionally, the phase-out is increased from $110,000 to $400,000 of adjusted gross income for those who are married filing jointly.
  

Individual alternative minimum tax (AMT)

AMT is retained but with higher thresholds and phaseouts ensuring the wealthy pay some form of tax. Beginning in 2018, the exemption amounts are increased and the phaseout thresholds rise to $1 million for joint filers and $500,000 for all other taxpayers. These figures are indexed for inflation before the AMT reverts back to the current law in 2026.
 

Federal Estate, Gift, and GST Tax

The TCJA doubles the estate and gift tax exemption for decedents dying between January 1, 2018 and December 31, 2025. The increased, inflation- adjusted exemption amounts for 2018 are doubled to $11.2 million for single filers and $22.4 million for joint filers. After December 31, 2025, the exemption amounts would revert to the prior 5 million amounts plus inflation adjustments.
 

Itemized Deductions:

The TCJA make important changes to itemized deductions:

• Mortgage interest deductions are eliminated on home equity loans.

• Mortgage interest on home loans is limited to $750,000 for any home acquisition after December 15, 2017. The provision would expire in 2026.

• Medical expenses: The AGI threshold for deducting medical expenses is reduced from 10% to 7.5%.

• Charitable deductions: The AGI limit on cash contributions is increased from 50% to 60% from 2018 through 2025.

• The state and local tax deduction (SALT): Under the new law, taxpayers are limited to deducting a combined $10,000 in state, real estate, and sales taxes.

Cambridge Insight: Some homeowners will be able to pre-pay some or all of their 2018 real estate taxes if the local tax authority permits and one does not escrow payments with a mortgage. This is a thorny issue so reach out to your accountant or local tax authority for guidance.

Capital Gains:

There are slight changes to income thresholds for the 0%, 15%, and 20% rates beginning in 2018, and they do not match up with the TCJA tax rate brackets. Under previous tax law, the 0% rate was applied to the two lowest tax brackets, the 15% rate to the next four brackets and the 20% rate was applied to the highest tax bracket.

The TCJA retains the 3.8% Affordable Care Act tax on net investment income for certain high income earners with the same income thresholds.

The awful Senate draft bill “back door" capital gains hike on individual investors did not make it into the final bill. Taxpayers will continue to be able to select which shares of securities they sell or gift using the first in, first out (FIFO) rule from a pool of identical securities with different bases.
 

Business Income Tax:

One of the most significant changes under the TJCA is the tax treatment of businesses. U.S. corporate tax rates are now competitive with many other countries, and it’s expected to spur investment in equipment, buildings, and labor. 

• The TJCA permanently cuts the corporate tax rate from 35% to a flat rate of 21% after December 31, 2017.

• Pass-through entities are allowed a new deduction for the lesser of 20% for qualified pass-through income or 50% of W-2 wages paid with respect to the business income to bring the rate lower. The deduction is not affected whether the owner is active or passive. However, it can get tricky since the deduction is subject to new restrictions and limits.

• Certain service businesses are prohibited from benefiting from the lower rate. Disqualified service businesses are defined as: law, health, investment management, partnership interests, engineers, and architects to name a few.
  
  For a closer look at how the new rules will affect various pass-through entities, check out this piece by Forbes contributor, Kelly Phillips Erb.

The Bottom Line

Going forward in 2018, there are considerable areas of ambiguity in the TCJA that will create planning challenges for many tax filers (and additional revenue for large accounting and tax law firms). As with any sweeping legislation changes, possible amendments to rectify unintended consequences of the new law will evolve as practitioners become familiar with the TCJA.

You should strongly consider what year-end planning opportunities may be possible. Here are a few to contemplate:

• Consider potential changes in income and personal circumstances in light of potential tax law changes.

• Consider bunching itemized deductions.

• Accelerate or prepay deductions in 2017. Why? Higher tax rates this year = more valuable deductions plus potential complete loss of certain tax deductions in 2018.

• Prepay your 2018 property taxes (the new threshold is $10,000) if the local tax authority permits and you do not escrow payments with a mortgage.

• Pay down your home equity line or refinance your home mortgage.

• Consider AMT: Defer or accelerate income and bonuses to the extent possible.

If you would like to read the conference report here (downloads as a large pdf - 1097 pages).

Sources: The Tax Cut and Jobs Act of 2017, H.R.1, 115th Congress; Wall Street Journal Online; Bloomberg News; Forbes.com; CNBC News; The Heritage Foundation.org; Reuters News.

The information contained in this piece is intended for information only and should not be considered investment or tax advice. Please contact your financial adviser with questions about your specific needs and circumstances.

The information and opinions expressed herein are obtained from sources believed to be reliable, however their accuracy and completeness cannot be guaranteed. All data are driven from publicly available information and has not been independently verified by Cambridge Wealth Management, LLC. Opinions expressed are current as of the date of this publication and are subject to change. Certain statements contained within are forward-looking statements including, but not limited to, predictions or indications of future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties.

The Tax Cut Plan: What’s in it for you?

In Brief:

• The proposed Tax Cut and Jobs Act (TCJA), which is making its way through Congress, would be the first major tax reform in over 30 years.
  

• Under TCJA, corporate tax rates would move from 35% to 20%.
  

• Trump’s tax plan called for collapsing seven tax brackets to three. The proposed plan in the House has four tax brackets, and the Senate’s plan still has seven brackets.
  

• Standard deductions are doubled in the both plans, and itemized deductions are eliminated except for charitable and home mortgage interest on loans up to $500,000.
  

• The Affordable Care Act (ACA, also referred to as “Obamacare”) mandate would be eliminated, and no penalty would be imposed on individuals who do not wish to enroll in a health insurance plan.

The sweeping tax code rewrite that President Trump promised during his campaign has finally passed the Senate, and it’s headed for final reconciliation with the House version of the plan. As expected, Republican fiscal conservatives, except for Senator Corker, set aside their principles and gave Trump what he wanted: “massive tax reduction.” While the reduction in the business tax rate is substantial, marginal rates should have been reduced significantly in the Senate version of the plan.

Here is a list of some key provisions of the tax cut plan (TCJA) that, if enacted, will have the greatest impact on individual taxpayers:

Brackets & Rates For Married-Joint Filers:

Note: the Senate version of the plan does not reduce the number of tax brackets - a goal of the Congressional plan and President Trump.

Brackets for single files are one-half married taxpayers:

The standard deduction for joint filers moves to $24,000 for married taxpayers and $12,000 for individuals; the personal exemptions will be eliminated.

Capital Gains:

No change: 0,15, and 20% rates

The TCJA retains the 3.8% Affordable Care Act tax on net investment income.

The Senate bill “back door" capital gains hike on individual investors is awful and it should be eliminated. Mutual funds got a carve out and are exempt from first in, first out (FIFO) while individuals will be forced to sell their most highly appreciated assets using FIFO.

Alternative minimum tax (AMT) remains partially in place ensuring the wealthy pay some form of tax.
 

Deductions:

Itemized deductions are eliminated other than charitable and mortgage interest. Most taxpayers will have no need to itemize with the doubling of standard deductions, simplifying their tax returns and making it easier to file.

• There is an increase in the child tax credit. TCJA increases credit to $1,600 but only $1,000 is refundable. TCJA increases income levels at which Child Tax Credit phases out. Credits are complex and do not help simplify tax return filing.

• Property tax deductions are capped at $10,000 annually under both bills.

• Mortgage interest deductions are eliminated on home equity loans. Mortgage interest on home loans is eliminated at $500,000. According to the Home Depot CEO in a recent CNBC interview: “Only 5% of Americans have a mortgage greater than $500,000.”

• The state and local tax deduction (SALT) is eliminated completely in both proposals. This is a very thorny issue and still under intense discussion.
  

Business Income Tax:

As we stated in our January piece entitled, “Trump’s Tax Plan: The Simplified Facts": “Fundamental tax reform is needed to promote economic growth, job creation, and international competitiveness. Our corporate tax rate is 10 points higher than the global average."

U.S. corporate tax rates are now competitive with many other countries, and it’s expected to spur investment in equipment, buildings, and labor. The TJCA cuts the corporate tax rate from 35% to 20%. The corporate alternative minimum tax remains in place although Representative McCarthy of California is calling for a uniform corporate AMT. Technology companies, which benefit from research and development deductions, are hurt the most, hence the recent sell-off in the tech sector.

• Supporters of the Senate plan point out that corporate income is generally taxed twice — once at the company level and a second time when earnings are paid out to shareholders — so the proposal is fair.

• The TCJA will provide a deemed repatriation of corporate profits held offshore at a one-time tax rate of 10%.

• Enhanced expensing for manufacturers and Real Estate Investment Trusts: No surprise here — the new tax law favors Trump and his son-in-law’s business entities. In fact, commercial real estate may be the biggest winner under the proposed plan.

Our tax code will no longer penalize small business owners in America — the backbone of our economy and the real job creators.

• Pass-throughs in the House plan move from a top tax rate of 39.6% to 25%, while prohibiting anyone providing professional services (e.g., lawyers and accountants) from benefiting from the lower rate.

• The Senate plan allows for a 23% tax deduction. Under the Senate plan, the deduction begins to phase out for anyone in a service business except those with taxable incomes under $500,000. Above $600,000, there's no deduction at all.
  

Year-end tax planning:

It’s easy to feel overwhelmed when it comes to the subject of tax planning. While we don’t yet have a clear understanding of the details of the final bill, it's very likely that some combination of the above highlights from the TCJA Plan will become part of our tax law by Christmastime. Therefore, some traditional tax planning strategies may still apply. Here are a few to contemplate:

• Consider changes in income and personal circumstances in light of potential tax law changes.

• Accelerate or prepay deductions in 2017. Why? Higher tax rates this year = more valuable deductions plus potential complete loss of certain tax deductions in 2018.

• Prepay your 4th quarter 2017 state income taxes and 2018 property taxes (the new threshold is $10,000).

• Pay down your home equity line or refinance your home mortgage.

• Harvest tax losses to offset capital gains. Pay attention to the "wash sale" rule and wait 31 days to buy back the same security.

• Consider gifting a portion of your required minimum distribution (RMD) from your IRA direct to a charitable institution by December 31. Note: Charitable gifts to hurricane relief are deductible even for those who do not itemize.

• Delay retirement plan distributions and Roth IRA conversions.

• Consider AMT: Defer or accelerate income and bonuses.

The end goal of tax reform is to make our tax system as fair as possible for everyone and promote growth. While these bills are far from perfect, especially for individual taxpayers, the business tax cuts are expected to spur investment in equipment, buildings, and labor. And that's good for all of us.

We will keep you informed of material changes to our tax laws that may go into effect by Christmas.

Sources: The Wall Street Journal Online; Bloomberg News; Forbes.com; CNBC News; Business Insider; Reuters News.

The information contained in this piece is intended for information only and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances.

The information and opinions expressed herein are obtained from sources believed to be reliable, however their accuracy and completeness cannot be guaranteed. All data are driven from publicly available information and has not been independently verified by Cambridge Wealth Management, LLC. Opinions expressed are current as of the date of this publication and are subject to change. Certain statements contained within are forward-looking statements including, but not limited to, predictions or indications of future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties.

Tax Strategies for Retirees

In Brief:

Managing taxes in retirement can be complex. Thoughtful planning may help reduce the tax burden for you and your heirs.

• Consider the tax implications of different investments—such as municipal bonds and index funds—and maintain a portfolio that fully utilizes the range of tax-efficient strategies available.
  

• Rethink how you allocate investments to—and make withdrawals from—taxable and tax-deferred accounts. Tax-deferred investments have greater earning potential than their taxable counterparts due to compounding, yet withdrawals from tax-deferred accounts are subject to higher taxes than investments held for a year or more in taxable accounts.
  

• You will need to work out a comprehensive estate and gifting plan with competent professionals so you can make the most of your money while you are alive and maximize what you pass on to heirs.

“Nothing in life is certain except death and taxes.”

— Benjamin Franklin

That saying still rings true roughly 300 years after the former statesman coined it. Yet, by formulating a tax-efficient investment and distribution strategy, retirees may keep more of their hard-earned assets for themselves and their heirs. Here are a few suggestions for effective money management during your later years.
 

Less Taxing Investments

Municipal bonds, or "munis" have long been appreciated by retirees seeking a haven from taxes and stock market volatility. In general, the interest paid on municipal bonds is exempt from federal taxes and sometimes state and local taxes as well (see table).1 The higher your tax bracket, the more you may benefit from investing in munis.

Also, consider investing in tax-managed mutual funds. Managers of these funds pursue tax efficiency by employing a number of strategies. For instance, they might limit the number of times they trade investments within a fund or sell securities at a loss to offset portfolio gains. Equity index funds may also be more tax-efficient than actively managed stock funds due to a potentially lower investment turnover rate.

It's also important to review which types of securities are held in taxable versus tax-deferred accounts. Why? Because the maximum federal tax rate on some dividend-producing investments and long-term capital gains is 20%.* In light of this, many financial experts recommend keeping real estate investment trusts (REITs), high-yield bonds, and high-turnover stock mutual funds in tax-deferred accounts. Low-turnover stock funds, municipal bonds, and growth or value stocks may be more appropriate for taxable accounts.
 

The Tax-exempt advantage: when less may yield more

Would a tax-free bond be a better investment for you than a taxable bond? Compare the yields to see. For instance, if you were in the 25% federal tax bracket, a taxable bond would need to earn a yield of 6.67% to equal a 5% tax-exempt municipal bond yield.
Federal Tax Rate	15%	25%	28%	33%	35%	39.6%
Tax-Exempt Rate	Taxable-Equivalent Yield
4%	4.71%	5.33%	5.56%	5.97%	6.15%	6.62%
5%	5.88%	6.67%	6.94%	7.46%	7.69%	8.28%
6%	7.06%	8%	8.33%	8.96%	9.23%	9.93%
7%	8.24%	9.33%	9.72%	10.45%	10.77%	11.59%
8%	9.41%	10.67%	11.11%	11.94%	12.31%	13.25%
The yields shown above are for illustrative purposes only and are not intended to reflect the actual yields of any investment.

Which Securities to Tap First?

Another major decision facing retirees is when to liquidate various types of assets. The advantage of holding on to tax-deferred investments is that they compound on a before-tax basis and therefore have greater earning potential than their taxable counterparts.

On the other hand, you'll need to consider that qualified withdrawals from tax-deferred investments are taxed at ordinary federal income tax rates of up to 39.6%, while distributions—in the form of capital gains or dividends—from investments in taxable accounts are taxed at a maximum 20%.* (Capital gains on investments held for less than a year are taxed at regular income tax rates.)
 

The Ins and Outs of RMDs

The IRS mandates that you begin taking an annual RMD from traditional IRAs and employer-sponsored retirement plans after you reach age 70½. The premise behind the RMD rule is simple—the longer you are expected to live, the less the IRS requires you to withdraw (and pay taxes on) each year.

RMDs are now based on a uniform table, which takes into consideration the participant's and beneficiary's lifetimes, based on the participant's age. Failure to take the RMD can result in a tax penalty equal to 50% of the required amount. TIP: If you'll be pushed into a higher tax bracket at age 70½ due to the RMD rule, it may pay to begin taking withdrawals during your sixties.
 

Estate Planning and Gifting

There are various ways to make the tax payments on your assets easier for heirs to handle. Careful selection of beneficiaries of your money accounts is one example. If you do not name a beneficiary, your assets could end up in probate, and your beneficiaries could be taking distributions faster than they expected. In most cases, spousal beneficiaries are ideal, because they have several options that aren't available to other beneficiaries, including the marital deduction for the federal estate tax.

Also, consider transferring assets into an irrevocable trust if you're close to the threshold for owing estate taxes. In 2017, the federal estate tax applies to all estate assets over $5.49 million. Assets in an irrevocable trust are passed on free of estate taxes, saving heirs thousands of dollars. TIP: If you plan on moving assets from tax-deferred accounts, do so before you reach age 70½, when RMDs must begin.

Finally, if you have a taxable estate, you can give up to $14,000 per individual ($28,000 per married couple) each year to anyone tax free. Also, consider making gifts to children over age 14, as dividends may be taxed—or gains tapped—at much lower tax rates than those that apply to adults. TIP: Some people choose to transfer appreciated securities to custodial accounts (UTMAs and UGMAs) to help save for a grandchild's higher education expenses

Strategies for making the most of your money and reducing taxes are complex. Your best recourse? Plan ahead and consider meeting with a competent tax advisor, an estate attorney, and a financial professional to help you sort through your options.

Source/Disclaimer:

1. Capital gains from municipal bonds are taxable and interest income may be subject to the alternative minimum tax.
2. Withdrawals prior to age 591/2 are generally subject to a 10% additional tax.
* Income from investment assets may be subject to an additional 3.8% Medicare tax, applicable to single-filer taxpayers with a modified adjusted gross income of over $200,000 and $250,000 for joint filers.

Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. 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 Wealth Management Systems Inc. be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the content. Cambridge Wealth Management updated the federal estate tax exemption. © 2016 DST Systems, Inc. Reproduction in whole or in part prohibited, except by permission. All rights reserved. Not responsible for any errors or omissions.

Investors should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions. The information contained in this piece is intended for information only, is not a recommendation and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances. All data are driven from publicly available information and has not been independently verified by Cambridge Wealth Management, LLC. Certain statements contained within are forward-looking statements including, but not limited to, predictions or indications of future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties.

Trump's Tax Plan: The Simplified Facts

“We have what it takes to take what you have.”

— Suggested IRS motto

In Brief:

• The current bullish case for a Trump presidency is that corporate tax cuts will unleash animal spirits and spur investment in equipment, buildings, and labor. Investors are drawing parallels with Reagan’s “trickle-down economics.”
   
• Trump wants to collapse 7 tax brackets to 3 brackets. The tax brackets are similar to those in the House GOP tax blueprint.
   
• Repeal of the death tax: Trump has stated that he wants to repeal the estate tax. It’s not clear whether he would also propose to repeal the gift and generation-skipping transfer tax.

The markets have experienced a euphoric rally and are currently betting that fiscal conservatives will set aside their principles and give Trump what he wants when it comes to tax cuts. The collision of hope and reality is likely to happen as soon as March, when the suspension of the ceiling on the federal debt ends. Republicans in Congress who used the debt ceiling as a weapon against Obama are unlikely to rollover.

President Trump’s vision, according to his website, is to “reduce taxes across-the-board, especially for working and middle-income Americans who will receive a massive tax reduction.”

Here is a list of the key provisions of the Trump tax plan that, if enacted, will have the greatest impact on individual taxpayers:

Brackets & Rates For Married-Joint Filers: 12, 25, 33%

Less than $75,000: 12%
More than $75,000 but less than $225,000: 25%
More than $225,000: 33%
*Brackets for single filers are one-half of these amounts
 

Capital Gains:

No change: 0,15, and 20% rates
The Trump plan will retain the existing capital gains rate structure (maximum rate of 20%). Carried interest will be taxed as ordinary income.

The 3.8% Affordable Care tax on net investment income will be repealed, as will the alternative minimum tax under Trump’s tax plan. The House Republicans’ plan proposes lowering the effective top tax rate applicable to capital gains, interest and dividends to 16.5%
 

Deductions:

Standard deduction for joint filers moves to $30,000 from $12,600; $15,000 from $7,500 for single filers. The personal exemptions will be eliminated

Itemized deductions capped at $200,000 for married-joint filers; $100,000 cap for single filers. Most taxpayers will have no need to itemize, simplifying their tax returns and making it easier to file. This limitation would impose a significant restriction on the use of the charitable deduction. The House Republicans’ proposal eliminates all itemized deductions other than the deduction for home mortgage interest and charitable gifts.
 

Business Income Tax:

Trump’s plan cuts the corporate tax rate from 35% to 15% and eliminates the corporate alternative minimum tax. This rate is available to all businesses, both small and large, that want to retain the profits within the business.

• It will provide a deemed repatriation of corporate profits held offshore at a one-time tax rate of 10%.
   
• Enhanced expensing for manufactures: Firms engaged in manufacturing in the US may elect to expense capital investment and lose the deductibility of corporate interest expense.
   
• Small businesses would also have the option of continuing to pay their taxes through the individual side of the code, as they do today, or elect to file their taxes as if they were incorporated, whichever is more advantageous for them. The House Republican’s current plan proposes the top rate applicable to the business income of individuals who earn this income directly or receive it from pass-through entities to 25%.

Our view is that Trump, the deal maker, will ask Congress to meet him half-way and split the difference between his plan's corporate tax rate of 15% and the current 35% tax rate. Subsequently, we think that the market, being a forward-looking discounting mechanism, has already priced in a 25% tax rate which equates to an 8 -10% increase in corporate America's 2017 earnings. Only time will tell if markets have become overly optimistic about anticipated tax cuts.

The Bottom Line:

Fundamental tax reform is needed to promote economic growth, job creation, and international competitiveness. Our corporate tax rates are 10 points higher than the global average. The business and investment income of individuals is now subject to a tax rate as high as 43.4% versus the corporate tax rate of 35%! Simply put, our tax code is unfair and penalizes the small business owners in America — the backbone of our economy. The Trump Tax Plan would lower that top tax rate to 33%.

While we don’t yet have yet have a clear understanding of the details of his proposals, it is very likely that some combination of the Trump Tax Plan and the House Republicans’ Plan will become part of our tax law sometime this year. We will keep you informed of material changes to our tax laws as we journey through the uncharted territory of a Trump Presidency.

Sources: Donald J. Trump.com, The Wall Street Journal Online; Bloomberg News; Forbes.com; CNBC News; Reuters News.

The information contained in this piece is intended for information only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances.

The information and opinions expressed herein are obtained from sources believed to be reliable, however their accuracy and completeness cannot be guaranteed. All data are driven from publicly available information and has not been independently verified by Cambridge Wealth Management, LLC. Opinions expressed are current as of the date of this publication and are subject to change. Certain statements contained within are forward-looking statements including, but not limited to, predictions or indications of future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties.