Maximizing Tax Savings by Bunching Itemized Deductions

By David Munn, CFP

As the year draws to a close, taxpayers aiming to reduce their 2024 tax liability may consider the strategy of bunching itemized deductions. This approach involves timing deductible expenses to maximize their tax impact in alternating years. Combining this with a donor-advised fund (DAF) for charitable giving can yield substantial tax benefits.

Understanding Bunching of Itemized Deductions

The standard deduction for 2024 is $14,600 for single filers and $29,200 for married couples filing jointly. Many taxpayers find their itemized deductions—such as state and local taxes (SALT), mortgage interest, medical expenses, and charitable contributions—fall below this threshold. Consequently, they opt for the standard deduction, leaving potential tax benefits from itemizing on the table.

Bunching deductions involves strategically consolidating deductible expenses in a single year to exceed the standard deduction. For example, instead of making charitable contributions annually, a taxpayer might contribute a larger amount every other year. Similarly, they might prepay property taxes or schedule elective medical procedures in the same year to maximize deductions.

Charitable Contributions and Donor-Advised Funds

Charitable giving is a key component of itemized deduction, and a donor-advised fund can enhance the effectiveness of a bunching strategy. A DAF is a charitable giving account where donors can make an irrevocable contribution, receive an immediate tax deduction, and recommend grants to charities over time.

When combining a DAF with bunching, taxpayers can make a substantial contribution in a single year, achieving several goals:

  1. Immediate Tax Deduction: Contributions to a DAF are tax-deductible in the year they are made, allowing taxpayers to maximize their deductions in high-income years.

  2. Flexibility in Giving: While the deduction is claimed in the year of the contribution, funds in a DAF can be distributed to charities over multiple years. This ensures consistent support for nonprofits even if contributions are made in larger, less frequent amounts.

  3. Investment Growth: Funds in a DAF can be invested, potentially growing tax-free and providing more resources for charitable giving in the future.

Practical Application of Bunching and DAFs

Consider a married couple with $10,000 in state and local taxes (the maximum deductible amount), $8,000 in mortgage interest, and $10,000 in annual charitable contributions. These deductions total $28,000, just slightly below the standard deduction of $29,200. By employing a bunching strategy, they might contribute $20,000 (or more) to a DAF in one year, bringing their total deductions to $38,000. In alternate years, they take the standard deduction, optimizing their tax benefits over a two-year period, while they use the extra funds in the DAF to maintain their normal giving during the years the standard deduction is claimed..

Bunching may also be applied to medical expenses if they exceed 7.5% of adjusted gross income (AGI), though that is less common. 

Conclusion

Bunching itemized deductions and leveraging a donor-advised fund is a powerful strategy for taxpayers seeking to maximize tax efficiency while supporting charitable causes. With proper planning, this approach can help taxpayers reduce their tax liability, invest in their communities, and make a more significant philanthropic impact over time.


This material is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept for any particular advisor or client.  This material is not intended as any form of substitute for individualized investment advice.  The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own.  Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisors. Munn Wealth Management, LLC, is registered as an investment adviser (RIA) with the United States Securities and Exchange Commission. Registration as an investment adviser does not imply any certain degree of skill or training.  1323GRZ

Protecting an Independent Spouse from Long Term Care Expenses

By David Munn, CFP

When a married couple faces the challenge of one spouse needing long-term care while the other remains independent and living at home, qualifying for Medicaid can be complex. Medicaid helps cover long-term care expenses, but it has strict income and asset limits. However, there are protections in place for the "community spouse" (the spouse living at home) to ensure they are not left impoverished while the other spouse receives care.

Understanding Medicaid’s Eligibility Rules

To qualify for Medicaid in Ohio (and most other states), an applicant must meet specific income and asset thresholds. For 2024, the spouse needing long-term care (the "institutionalized spouse") must have an income below $2,742 per month and countable assets of $2,000 or less. However, for a married couple, only the institutionalized spouse's income is counted, but the couple's combined assets are considered when determining eligibility.

Community Spouse Resource Allowance (CSRA)

To prevent the community spouse from becoming impoverished, Medicaid allows them to retain a portion of the couple's assets. This is called the Community Spouse Resource Allowance (CSRA). For 2024 in Ohio, the community spouse can keep up to $148,620 of the couple’s combined countable assets. These assets include cash, stocks, bonds, investments, and retirement accounts.

Certain assets, however, are exempt from Medicaid calculations, including:

- The primary home (if the community spouse lives in it)

- One vehicle

- Personal possessions, such as furniture, clothing, and jewelry

- Prepaid burial plans

Income Protections for the Community Spouse

Medicaid also provides income protection for the community spouse. If their income is below a certain threshold (about $3,715.50 per month in 2024), the community spouse can receive a portion of the institutionalized spouse’s income to ensure they can meet their living expenses. This is known as the Minimum Monthly Maintenance Needs Allowance (MMMNA).

Spend-Down Strategies to Qualify for Medicaid

If the couple’s combined assets exceed Medicaid’s asset limits, they must "spend down" those assets to qualify. There are several strategies available to help achieve this while still protecting the financial well-being of the community spouse:

1. Purchase Exempt Assets: The community spouse can spend excess assets on items that Medicaid does not count, such as home repairs, paying off debts, buying a more reliable car, or prepaying funeral expenses. This allows them to reduce countable assets while benefiting from these necessary purchases.

2. Annuities: A Medicaid-compliant annuity can convert excess assets into an income stream for the community spouse. By purchasing an annuity, the couple can reduce countable assets while ensuring the community spouse has a steady income. It’s important to work with a professional to ensure the annuity complies with Medicaid rules.

3. Spousal Refusal (in some states): Although not available in every state, spousal refusal allows the community spouse to refuse to support the institutionalized spouse financially. This shifts the Medicaid eligibility determination to the institutionalized spouse alone. However, Ohio does not currently allow spousal refusal.

4. Medicaid Trusts: Some couples set up irrevocable Medicaid asset protection trusts to transfer certain assets out of their name. These trusts allow them to preserve assets for their heirs while still qualifying for Medicaid. However, the assets must be transferred at least five years before applying for Medicaid to avoid penalties from Medicaid’s "look-back" period.

Conclusion

As in most areas of life, Medicaid planning is most effective when done in advance, especially outside of the five year “look-back” period. But even in emergency cases, there are options available to preserve assets and protect the community spouse. 


 This material is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept for any particular advisor or client.  This material is not intended as any form of substitute for individualized investment advice.  The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own.  Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisors. Munn Wealth Management, LLC, is registered as an investment adviser (RIA) with the United States Securities and Exchange Commission. Registration as an investment adviser does not imply any certain degree of skill or training.  1323GRS

Planning for Long Term Care Expenses

By David Munn, CFP

One of the primary concerns for many retirees is the financial impact of an extended long-term care need. For starters, it is helpful to understand the safety net that is in place if you require long-term care in Ohio and run out of money, as there are several options and government programs that may assist. However, the process can be complex, and it’s important to understand how your finances will be affected and what resources are available to ensure you continue to receive care.

Medicaid as a Safety Net

Medicaid, a federal and state program, is the primary safety net for individuals who need long-term care but cannot afford to pay for it. In Ohio, Medicaid covers nursing home care, home health services, and other long-term care options. However, Medicaid has strict financial eligibility requirements, meaning you must deplete your assets to a certain level to qualify. This process is often referred to as "spending down."

Medicaid Spend-Down Process

In Ohio, for 2024, individuals applying for Medicaid must meet both income and asset limits to qualify for long-term care coverage. The income limit for an individual is $2,742 per month, and they cannot have more than $2,000 in countable assets. Countable assets include bank accounts, stocks, bonds, and certain retirement accounts. However, some assets, such as your home (if it is valued at less than $688,000 and you plan to return to it), one vehicle, personal belongings, and some burial funds, are excluded.

If your income or assets exceed these limits, you must "spend down" your assets before you can qualify for Medicaid. This means using your own funds to pay for your care until you meet Medicaid's eligibility requirements. During this period, many individuals exhaust their savings, sell non-exempt assets, or use long-term care insurance if they have it.

Transfer of Assets and Look-Back Period

One important aspect to be aware of is Ohio’s Medicaid "look-back" period. This rule prevents individuals from giving away or transferring assets to others to qualify for Medicaid faster. Ohio’s Medicaid program has a 5-year (60-month) look-back period. If you transfer assets for less than their fair market value within this period, you may be subject to a penalty, which delays your eligibility for Medicaid. The penalty is calculated by dividing the amount transferred by the average monthly cost of nursing home care in Ohio, resulting in the number of months you’ll have to wait before Medicaid will begin covering your care.

Home and Estate Recovery

If you own a home, Medicaid does not require you to sell it while you’re receiving care, as long as you intend to return to it or if a spouse or dependent is living there. However, after you pass away, Medicaid may seek to recover the costs of your care through estate recovery. This means that your home or other remaining assets could be sold to reimburse Medicaid for the expenses it covered. If your spouse or another qualified individual still lives in the home, estate recovery may be delayed until they pass away or no longer reside there.

Alternatives to Medicaid

In some cases, other options may help cover the cost of long-term care:

- Long-Term Care Insurance: If you purchased a policy before needing care, it can cover some or all of your long-term care expenses, potentially delaying or eliminating the need for Medicaid.

- Veterans Benefits: If you are a veteran, you may be eligible for benefits through the Department of Veterans Affairs to help with long-term care costs.

- PACE (Program of All-Inclusive Care for the Elderly): This is a Medicare and Medicaid program that helps seniors remain in their homes while receiving the care they need. It is new to Ohio in 2024 and will be gradually expanding throughout the state.

Conclusion

If you need long-term care in Ohio that will take a significant financial toll, Medicaid can provide essential support. However, qualifying for Medicaid involves spending down your assets and navigating complex rules, such as the look-back period. Planning ahead with various financial strategies can help protect assets, provide more resources for care, and ease the transition.


This material is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept for any particular advisor or client.  This material is not intended as any form of substitute for individualized investment advice.  The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own.  Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisors. Munn Wealth Management, LLC, is registered as an investment adviser (RIA) with the United States Securities and Exchange Commission. Registration as an investment adviser does not imply any certain degree of skill or training.  1323GRM

The Trade-offs of When to Take Social Security

By David Munn, CFP

Social Security retirement benefits are a vital part of retirement planning for most Americans. Deciding when to claim these benefits can have significant financial implications, not just for the individual retiree but also for their spouse, particularly in terms of survivor benefits. There is no one-size-fits-all answer to the question of when to claim Social Security, as it depends on personal circumstances such as health, financial needs, and longevity expectations. However, understanding the tradeoffs between taking benefits early, at full retirement age (FRA), or delaying them until age 70 can help individuals and couples make more informed decisions.

Understanding the Basics of Social Security Retirement Benefits

Before diving into the tradeoffs, it’s important to understand the basic framework of Social Security benefits:

1. Full Retirement Age (FRA): The age at which you qualify to receive 100% of your Social Security retirement benefit. For people born between 1943 and 1954, the FRA is 66. For those born after that, it gradually increases, reaching 67 for those born in 1960 or later.

2. Early Retirement: You can start receiving Social Security benefits as early as age 62. However, claiming before your FRA results in a permanent reduction in benefits. For instance, if your FRA is 66 and you claim benefits at 62, you will receive 25-30% less per month than you would if you waited until full retirement age.

3. Delayed Retirement: If you wait beyond your FRA to claim benefits, your monthly benefit increases by approximately 8% per year, up until age 70. This is known as the delayed retirement credit. Claiming at age 70 could result in a benefit that is 24-32% higher than the benefit you'd receive at FRA.

Tradeoffs of Claiming Social Security Early

Claiming Social Security before your full retirement age (FRA) has some distinct advantages, but it also comes with significant drawbacks. Here are the main tradeoffs to consider:

Pros of Claiming Early

1. Immediate Income: One of the most obvious benefits of claiming Social Security at age 62 is that you start receiving money immediately. For retirees who need the income to cover living expenses or healthcare costs, waiting may not be an option.

2. Shorter Break-even Period: If you have a shorter life expectancy due to health concerns or family history, claiming benefits early may result in collecting more over your lifetime. The break-even point, where the cumulative benefits of waiting outweigh the benefits of starting early, typically occurs around age 80. If you expect not to live that long, starting early may be beneficial.

3. Flexibility for Personal Circumstances: Some retirees may wish to claim early and invest the benefits or use them for other financial purposes. Additionally, claiming early can allow greater financial freedom, especially if you're planning to reduce work hours or retire altogether before FRA.

Cons of Claiming Early

1. Permanent Reduction in Benefits: Claiming at 62 means permanently reduced benefits, potentially 25-30% less than what you’d receive at FRA. This reduction will affect your monthly income for the rest of your life, which may significantly impact your standard of living in later years, particularly as healthcare and living expenses rise. If you live a long life, this reduction could cost you hundreds of thousands of dollars. 

2. Temporary Reduction of Benefits if Still Working: Social Security places limits on how much you can earn from working if you begin benefits before your FRA. This is called the earnings test, and it applies until you reach your FRA. If your earnings exceed the limit for the calendar year, your benefits will be temporarily reduced.

Tradeoffs of Waiting Until Age 70 to Claim Social Security

Delaying Social Security benefits until age 70 can lead to larger monthly payments, but it also comes with its own set of tradeoffs. Let’s explore the pros and cons of delaying benefits:

Pros of Waiting Until Age 70

1. Maximizing Monthly Benefits: By waiting until age 70, you can increase your monthly benefit by up to 32% over what you would receive at FRA. This increase provides more financial security, particularly in the later stages of retirement when you might face higher healthcare costs or inflation. The higher monthly payments can make a significant difference if you live into your 80s or 90s and can act as a hedge against the financial risk of a long life, especially if you have concerns about outliving your savings or other retirement income sources.

2. Higher Survivor Benefits for a Spouse: One of the most significant advantages of delaying Social Security is that it increases the survivor benefits your spouse will receive after you pass away. If you wait until 70 to claim, your spouse’s survivor benefit will be based on the higher benefit amount. This could provide them with a much more comfortable income in their later years, especially if they outlive you by many years. This can be particularly important in situations where one spouse earned significantly more than the other.

Cons of Waiting Until Age 70

1. Delayed Gratification: The most obvious downside of waiting is that you have to delay receiving benefits for several years. If you need the income before age 70, waiting might not be feasible.

2. Longevity Uncertainty: If you pass away earlier than expected, you could end up receiving fewer total benefits over your lifetime. While delaying results in a higher monthly benefit, you may not live long enough to fully benefit from the increase. Individuals with poor health or shorter life expectancy may be better off claiming benefits earlier.

Conclusion

Deciding when to claim Social Security benefits involves weighing the immediate need for income against the long-term financial implications for both you and your spouse. While claiming early provides immediate access to funds, it results in a permanent reduction in benefits that can impact your standard of living and reduce survivor benefits for your spouse. Waiting until age 70, on the other hand, maximizes your benefit and enhances survivor benefits but requires delaying income, which may not be feasible for everyone. Ultimately, the best choice depends on individual circumstances such as health, financial needs, and life expectancy. 


This material is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept for any particular advisor or client.  This material is not intended as any form of substitute for individualized investment advice.  The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own.  Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisors. Munn Wealth Management, LLC, is registered as an investment adviser (RIA) with the United States Securities and Exchange Commission. Registration as an investment adviser does not imply any certain degree of skill or training.  1323GRJ

When Should You Refinance into a Lower Interest Mortgage?

By David Munn, CFP

As mortgage rates have started to move lower from their 2023 peak, homeowners who have purchased or refinanced in the last 1-2 years may start to consider the benefits of refinancing. A lower interest rate can mean significant savings over the life of the loan, but there may be other benefits to refinancing as well.

Here are some factors to consider.

1. Interest Rates Have Dropped 

The most obvious reason to refinance is when interest rates drop below your current mortgage rate. A rule of thumb is to refinance if your new rate would be at least 1% lower than your current rate. This also assumes you plan to stay in the home for at least 2-3 years.

For example, if your current balance is $200,000, a 1% lower interest rate will save around $2000 interest/year for the next few years. So if additional closing costs and refinance fees add $4000 to the mortgage balance, you will still break-even in a little more than 2 years. 

2. Interest Rates May Not Continue Falling

There may be a hesitation to refinance even if rates have dropped enough to make it worthwhile, due to the expectation that rates will continue to drop. After all, if you’ll be able to refinance into a 2% lower rate in a few months, why would you refinance into a 1% lower rate today?  

However, this is a common blunder, as there is no guarantee rates will continue falling. In fact, rates could even go back up. The best decision is to refinance when it makes financial sense, and if rates continue falling, you may benefit from refinancing a second and even third time. While multiple refinances will result in additional closing costs and fees, each refinance decision must be evaluated independently on the financial merits, and not in light of previous “sunk costs”. 

3. Your Credit Score Has Improved

Refinancing at a lower rate may be beneficial when your credit score has significantly improved since you took out your original mortgage. Lenders offer better interest rates to borrowers with higher credit scores. If you initially obtained a mortgage with a lower score and have since improved your creditworthiness, you may qualify for better terms today.

4. You Want to Change the Loan Term

Refinancing can be a good opportunity to change the term of your loan to better suit your financial goals. Homeowners who initially opted for a 30-year mortgage may want to refinance into a 15-year mortgage, as the rates are typically around half a percent lower. In some cases, the combination of lower interest rates and a 15-year mortgage can result in a similar monthly payment, but a loan that will be paid off in half the time!

5. You Want to Tap Into Home Equity

If you have significant equity in your home due to appreciating property values, refinancing may offer an opportunity to access cash through a cash-out refinance. This can be especially appealing if you have high-interest debt or need funds for major expenses like home improvements. By refinancing at a lower interest rate, you could potentially borrow against your equity at a lower cost than using other forms of credit.

Conclusion

Refinancing into a lower interest mortgage can provide significant savings and financial benefits, but it’s important to evaluate your personal situation. Consider factors such as how long you plan to stay in your home, your current loan terms, and the costs of refinancing. If the numbers align, a refinance could be a smart way to save money and better align your mortgage with your financial goals.


This material is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept for any particular advisor or client.  This material is not intended as any form of substitute for individualized investment advice.  The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own.  Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisors. Munn Wealth Management, LLC, is registered as an investment adviser (RIA) with the United States Securities and Exchange Commission. Registration as an investment adviser does not imply any certain degree of skill or training.  1323GRG

Retirement Planning in Your 20s and 30s

By David Munn, CFP

While retirement planning may not be a high priority for those who are navigating the financial challenges of their 20’s or 30’s, this is the opportune time to give thought to your long-term future and take action. Following are key steps to take now to avoid the regrets that many face as they approach retirement:

Define Your Retirement Goals

What do you envision your retirement years to be like? Do you dream of traveling, pursuing hobbies, relocating to a different climate, or spending quality time with family? Clearly defining your retirement goals will help you determine how much you need to save and provide motivation to take the necessary steps.

Start Early, Save Regularly

One of the most powerful tools in retirement planning is compound interest. The earlier you start saving, the more time your money has to grow. Automate your savings by setting up automatic transfers from your checking account or paycheck to a retirement account, such as a Roth IRA or 401(k). Even small contributions can make a significant difference over time. 

Consider that an 18 year old who invests only $100/mo will accumulate over $1 million by age 65, assuming a 10% annualized rate of return.  Of course, $1 million won’t have the same purchasing power in 47 years as it does today, so additional savings may be necessary, but the earlier the savings starts the more there will be.

Invest for Growth

A common mistake young savers make is being too concerned with the short-term volatility–or fluctuation–of their retirement funds, even though retirement may be decades away. This can lead either to a portfolio that is too conservative and won’t provide the necessary growth, or attempts to time the market by jumping in and out of the stock market, which may result in worse outcomes, wasted time, and elevated anxiety levels.

Instead, focus on selecting a diversified portfolio of investments with a level of risk you can stomach and an expected growth rate that will meet your long-term objectives.

Consider a Health Savings Account (HSA)

If eligible, an HSA can be a valuable tool for retirement planning. Contributions are tax-deductible, and the money grows tax-free. HSAs can be used for qualified medical expenses throughout your lifetime, providing flexibility and potential tax benefits, even throughout retirement.

Track your Progress

Every year or two, it is beneficial to review your portfolio, revisit your retirement goals, and evaluate your saving progress.  This can help identify if changes need to be made, such as adjusting your savings rate, investment allocation, or the type of retirement account.


This material is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept for any particular advisor or client.  This material is not intended as any form of substitute for individualized investment advice.  The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own.  Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisors. Munn Wealth Management, LLC, is registered as an investment adviser (RIA) with the United States Securities and Exchange Commission. Registration as an investment adviser does not imply any certain degree of skill or training.  1323GRE

The Long-term Solvency of Social Security

By David Munn, CFP

The uncertainty surrounding the solvency of the Social Security system is growing as official reports forecast a long-expected shortfall drawing closer, and prompt important questions for current and future retirees. These concerns are not unfounded, but should also be considered with full context.

Every year the trustees of the Social Security system release a report detailing the financial status of the program. The most recent report predicted Social Security's Trust Fund is on track to be depleted by 2035. If this happens, the program would only have sufficient income to pay around 79% of promised benefits. 

It is crucial to make a distinction between the system running out of money entirely versus the Trust funds being depleted. Social Security's primary source of funding is payroll taxes. As long as individuals continue to work and pay these taxes, the program will have some funding.

The Trust funds are extra savings accumulated when more taxes were collected than were needed to pay benefits. The combination of a declining birth rate, longer life-expectancies and Baby Boomers reaching retirement age have all contributed to the program's fiscal deficit.

That being said, if no changes are made to improve Social Security's financial outlook, there will be a mismatch between incoming revenue and promised benefits. In this scenario, benefit cuts may indeed become a reality unless policymakers take action to address the shortfall.

Several policy measures can help shore up the health of the Social Security system. One approach could involve increasing payroll taxes or the cap on taxable earnings. Another option would be to modify the benefit formula, possibly reducing benefits for higher earners. Additionally, policymakers could choose to gradually raise the full retirement age to account for longer life expectancies. 

While the prospect of mitigated benefits might seem daunting, it's worth noting that over the past decades Congress has never allowed a situation where Social Security could not pay full benefits. Therefore, the probability of the government allowing a drastic reduction in benefits is relatively low considering the social and political fallout such action would precipitate.

Waiting for policy reforms, however, should not deter individuals from taking charge of their retirement planning. It would be wise to consider Social Security as just one pillar of your retirement income. Other sources, such as pensions, 401(k) plans, Individual Retirement Accounts (IRAs), and personal savings, should also play significant roles in your strategy.


This material is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept for any particular advisor or client.  This material is not intended as any form of substitute for individualized investment advice.  The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own.  Before participating in any investment program or making any investment, clients as well as all other readers are encouraged to consult with their own professional advisers, including investment advisers and tax advisors. Munn Wealth Management, LLC, is registered as an investment adviser (RIA) with the United States Securities and Exchange Commission. Registration as an investment adviser does not imply any certain degree of skill or training.  1323GRC