Essential Estate Planning Documents• A living will• A durable power of attorney for financial affairs• A durable power of attorney for medical decisions• Last will and testament• Last will and testament with a revocable living trust

(more common for states with a burdensome probate process)

International Headquarters:The Raymond James Financial Center880 Carillon ParkwaySt. Petersburg, FL 33716800.248.8863 raymondjames.com

One of the biggest misconceptions about estate planning is that it’s only for the extremely wealthy. But the truth is, anyone with investments, a home, a small business, or any assets he or she would like to pass on should have an estate plan.

An estate plan is much more than a will. It is a plan designed to safeguard your estate, smoothly transfer assets upon your passing and care for the ones you love. It is the best way to ensure your assets will be handled as you wish and your legacy is preserved. And it can provide important tax advantages, too.

An estate plan doesn’t need to be complicated. In fact, there are just five steps to developing a successful estate plan:

1 Simply starting. Jump right in and commit to creating an estate plan. Meet with your financial advisor and begin the process.

2 Following through. Complete all the components pertinent to your estate plan, and consider including each of the five key estate planning documents most people have (see sidebar).

3 Empowering. Appoint an appropriate fiduciary to oversee the estate plan, someone you trust to carry out your wishes when you are no longer able to.

4 Sharing. Communicate the plan with everyone it impacts. Let them know your intentions so there are no misunderstandings.

5 Maintaining. Update your plan regularly, especially whenever events in your life warrant changes.

Take that first step and talk to your financial advisor today about creating your estate plan and turning your life’s work into your legacy. ■

Everyone needs an estate plan

WINTER 2014 - 2015

FINANCIALPERSPECTIVEST I M E LY I N S I G H T S E X C L U S I V E LY F O R C L I E N T S O F R AY M O N D JA M E S F I N AN C I A L ADV I S O R S

FINANCIALPERSPECTIVES TIMELY INSIGHTS EXCLUSIVELY FOR CLIENTS OF RAYMOND JAMES FINANCIAL ADVISORS

Getting ready for tax timeWith 2014 behind us, now is a great time to begin your tax

preparations. Here is some important information to help

you get started:

Tax document mailing schedule – Raymond James will

begin mailing IRS Forms 1009-R and 5498 on February 2

and Composite Statement of 1099 Forms on February 17.

A second mailing for delays caused by specific holdings will

take place on March 2, 2015, and a third mailing to address

further income reallocation will occur by March 16, 2015.

Please be aware that even after delaying mailings to account

for these events, amended 1099 statements can still ensue.

E-delivery of tax forms – New for 2014 is the ability to

choose paperless delivery of tax documents, including the

IRS Composite Form (1099-B, -DIV, -INT, -MISC, -OID)

and IRS Forms 1099-R and 5498. To receive your 2014 tax

forms electronically, visit Investor Access at

raymondjames.com/investoraccess.

A new look – IRS requirements have resulted in various

changes to the IRS Composite Form. Learn more about

what’s new by visiting raymondjames.com/taxreporting.

Cost basis reporting changes – Due to regulations

stemming from legislation enacted in 2008 as part of the

Emergency Economic Stabilization Act, Raymond James is

now required to report more detailed cost basis information

to the IRS on certain bonds and options, if purchased in

your account after December 31, 2013. For details, visit

raymondjames.com/costbasis. ■

Save more for your retirement

Time for your yearly beneficiary checkup?A lot can happen in a year. Births, deaths, weddings, divorces, graduations, new jobs, retirements. That’s why it’s a good idea to review the named beneficiaries in your estate plan, retirement accounts, banking accounts, insurance policies and trust documents at least annually.

One of the best ways to make a beneficiary check part of your routine is picking a consistent date to do it every year. But it’s also wise to review your beneficiaries during or immediately following significant life events, such as:

• A change in marital or health status

• Death or incapacity of your spouse or child

• The birth or adoption of a child or grandchild

• A significant change in net worth

• Nearing retirement

• The impending sale of a family business

• Changes in tax laws

Whenever you review your beneficiaries, be sure to involve your financial advisor to ensure all your assets are considered and that you don’t overlook opportunities to protect your estate and your loved ones. ■

The Internal Revenue Service recently announced its annual

adjustments to the limits on how much individuals can

contribute to their retirement savings accounts for the

2015 tax year.

$18,000 New contribution limit for all 401(k),

403(b) and most 457 retirement savings

plan participants (an increase of $500)

$6,000 New catch-up contribution limit for

individuals 50 years of age and over

(an increase of $500)

$24,000 New overall contribution limit for

individuals 50 years of age and over

Contribution limits for traditional and Roth IRAs,

however, will remain the same for 2015 – $5,500 for annual

contributions and $1,000 for catch-up contributions for

individuals age 50 and older. ■

JANUARY 2015

Thursday, January 1 – Happy New Year! (markets and Raymond James offices closed)

Thursday, January 1 – Open enrollment for Medicare Parts A and B begins.

The annual disenrollment period for Medicare Part C starts.

Thursday, January 15 – Fourth quarter estimated tax payments due, if required.

Monday, January 19 – Martin Luther King Jr. Day (markets and Raymond James offices closed)

PLANNING TO DOS

Pay your holiday bills as soon as they arrive. By not waiting, you avoid high credit card interest rates.

Download your tax-form information at IRS.gov.

FEBRUARY 2015

Monday, February 2 – Raymond James will begin mailing IRS forms 1009-R and 5498.

Saturday, February 14 – It’s Valentine’s Day. Who do you love? Let them know!

Saturday, February 14 – It’s the last day of the annual Medicare Advantage (Part C)

disenrollment period.

Monday, February 16 – Presidents Day (markets and Raymond James offices closed)

Tuesday, February 17 – Raymond James begins mailing composite statement of 1099 forms.

PLANNING TO DOS

Organize your tax documents as they arrive, so when it’s time to file, everything will be in order.

Review your insurance policies, including property and casualty, liability, health, disability and life insurance.

MARCH 2015

Monday, March 2 – Raymond James mails amended 1099s and original 1099s delayed due to specific holdings.

Sunday, March 15 – If you have a healthcare flexible spending account that allows a grace period,

it’s time to use or lose the remainder of your funds.

Monday, March 16 – Final mailing of any original 1099s delayed due to further income reallocation.

Tuesday, March 31 – This is the last day of Medicare Parts A and B open enrollment period.

Make sure you’ve enrolled when first eligible, or else you may face higher premiums if you need these services later.

PLANNING TO DOS

Ensure you have prepared all necessary tax paperwork to avoid a panic when you file.

As an incentive to conserve energy at home, the government offers tax credits to homeowners who purchase energy-saving

appliances. Talk to your tax professional to see if your recent purchases qualify.

APRIL 2015

Wednesday, April 1 – Last day to take 2014 required minimum distributions for those who turned 70½ in 2014.

Friday, April 3 – Good Friday (markets and Raymond James offices closed)

Wednesday, April 15 – Tax day. The deadline to file your taxes or request a tax filing extension.

Also last day to contribute to IRAs for 2014.

PLANNING TO DOS

If needed, consult with your tax advisor to discuss the possibility of filing an extension

with the IRS, particularly if you hold securities subject to income reallocation.

Ensure your portfolio’s asset allocation is aligned with your goals and overall financial plan.

WINTER 2014 - 2015

Keep your finances on track throughout the year with this helpful month-by-month calendar. As you consider the items on this list, be sure to work closely with your financial advisor. Please note, items in bold on the timeline indicate key tax-related dates.

FINANCIAL PLANNING TIMELINE

Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

©2014 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. ©2014 Raymond James Financial Services, Inc., member FINRA/SIPC.

Investment products are: not deposits, not FDIC/NCUA insured, not insured by any government agency, not bank guaranteed, subject to risk and may lose value.

Raymond James® is a registered trademark of Raymond James Financial, Inc. 14-BDMKT-1646 EB/EK 12/14

FINANCIALPERSPECTIVES TIMELY INSIGHTS EXCLUSIVELY FOR CLIENTS OF RAYMOND JAMES FINANCIAL ADVISORS

Economic dashboardThe 2015 economic outlook has four broad themes: concerns about geopolitical tensions and growth outside of the U.S.; the positive impact of a sustained decrease in oil prices; the initial steps in the normalization of monetary policy; and potential developments from the new Congress. On balance, the U.S. economy appears to be in good shape, with few imbalances. Growth is likely to be moderately strong. However, there are a number of issues that will bear watching in the early part of the year. Fed rate hikes, when they finally arrive, are likely to be accepted by the markets as a natural consequence (that is, based on economic conditions gradually returning to normal).

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GROWTHThe U.S. economy is expected to expand further in 2015, aided by a drop in oil prices, but still reflecting a gradual recovery from a severe financial crisis. We’ve made a lot of progress, but still have a way to go.

CONSUMER SPENDING

Weak growth in average wages has been a limiting factor, but continued job growth and lower gasoline prices should support consumer spending growth in the first half of 2015. Labor compensation growth should eventually pick up as labor market conditions tighten, but probably not until later in the year.

HOUSING AND CONSTRUCTION

Limited by supply constraints and affordability issues in 2014, housing is poised for improvement in 2015. Moreover, the balance should be better (less speculative buying, better consumer fundamentals).

MONETARY POLICY

With QE3 coming to a gradual end in 2014, the question is when the Fed will begin raising short-term rates. That decision will be data-dependent, but the Fed should not be in any hurry and is expected to move gradually.

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INVESTMENTCorporate profits and cash flows are supportive, but elevated geopolitical tensions and concerns about global growth may restrain capital spending in the near term. Some gains are likely for smaller firms.

FISCAL POLICYState and local government is now contributing to overall growth. There could be a showdown over the federal budget or debt ceiling in 2015, but investors are more likely to take any disruptions in stride (been there, done that).

GLOBAL ECONOMY

Geopolitical tensions haven’t gone away and could escalate. The euro area is in a potentially more dangerous phase in its crisis, with a threat of deflation and an extended period of stagnation (but the U.S. benefits from low inflation).

Economic IndicatorStatus Comments

The planner’s desk: Truly living in retirement

While many investors’ biggest fear may be outliving their wealth,

there are other aspects of life in retirement that can pose just as

great a challenge. Finances of course should remain a significant

part of the equation when planning a meaningful retirement, but

researchers at the MIT AgeLab, a multidisciplinary program dedi-

cated to improving the quality of life of older people and those who

care for them, say there are additional factors we should give equal

consideration as we endeavor to live longer and better.

Living comfortably where we want – We take for granted our

ability to perform daily tasks, but will we be able to change light

bulbs, maintain the yard, cook and clean to live comfortably, and

safely, in our homes as we age? What services exist or renovations

can be made to make living easier?

Maintaining our independence – Life is about enjoying the little

things that make us happy, even when the little things become

more challenging as we age. How will you do the things that make

you happy if driving or getting around in general becomes more

challenging?

Maintaining social connections – Being socially active is impor-

tant at any stage of life, but it can be particularly life affirming as

many of our social circles tend to shrink naturally as we transition

out of careers and into retirement. How will you keep in touch with

friends and loved ones as you age?

When it comes to your retirement planning, it’s important to think

about how well you will live and not just how much you’ll need to

live. Your financial advisor can help you connect all these aspects

of your life as part of your plan to live well in retirement. ■

SCOTT BROWN Chief Economist, Equity Research