MAKING CENTS: Money is the root of many family problems

A common goal for most parents and grandparents is family harmony. They hope that the family will stay close and love each other beyond their life times and for generations to come. Unfortunately, these dreams often fail to come true through a combination of their naivety, poor planning and weak communication. The reality is that you don’t need to be from a billion-dollar family for your family to be fighting about financial issues. It happens to families with limited means, to middle-income families and affluent families.

Some of the most common causes of family disharmony start with the aging of a grandparent. As he or she needs care, it is commonly one of the children, and frequently a daughter that provides that care. After an extended period of daily care, it is common for the caregiver to begin resenting the other offspring who have not given up their job or neglected their own family to care for mom. This becomes the beginning of the end of the family harmony that may never repair itself. If you can qualify for and afford the coverage, adequate long-term care insurance will allow the family can hire professional care, and allow the offspring to maintain some normalcy to their day to day life. Another alternative may be to provide compensation for the caregiver offspring through mom’s will or outright cash compensation at the time of providing the care.

Another cause of family disharmony comes from family businesses. It is not common to have all of your children working in the family business. Some have gone on to unrelated careers and may have even relocated to other parts of the country to pursue their dreams. In these cases, it makes sense to somehow equalize your estate to recognize that family is one thing and the business is quite another. It may not be fair to have your son in California inherit half of a business that your daughter will run in Massachusetts after your passing.

A poor will or trust can also cause heartache after your demise. This can happen from unclear instructions regarding personal property, where one heir goes and cherry picks what they want before the others even get a chance to see what mom or dad still had. It can also happen by allowing children to get too much before they are mature enough to handle the new found wealth.

If family harmony is your goal, don’t think that your wonderful parenting skills alone will do the trick. Communicating your intentions and objectives during your lifetime and clearly through your wills and trusts are mandatory. If you want your son who works in the Peace Corps to get favorable treatment in the settlement of your assets because you feel that your daughter doesn’t need it, let them know. And remember, things change. Health, wealth and your children’s needs and family harmony may be different in 20 years than they are today. Plan accordingly, communicate well and allow your words to live forever.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

Securities offered through LPL Financial, Member FINRA/SIPC.
Investment advice offered through U.S. Financial Advisors, a registered investment advisor and separate entity from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with resident of the following states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV. USFA, and U.S. Insurance Brokers, LLC are wholly-owned subsidiaries of U.S. Wealth Management. U.S. Wealth Management companies are not affiliated with LPL Financial.

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

MAKING CENTS: What is volatility and why does it matter?

Source: marketintelligencecenter.com

Unless all of your savings are stored in guaranteed rate instruments like bank accounts, you have probably felt the consequences of volatility somewhere.

Volatility in the investment world attempts to measure the stability or susceptibility of your investment to sudden changes in value. These sudden changes cut both ways.

Volatility can cause the value of an investment to rise precipitously or fall dramatically in a very short period of time. We have all seen a bad news story immediately tank the value of a property or company in a matter of minutes.

A look back at the performance of investment categories in general is a good lesson on volatility. Some sectors of the investment world rose nicely in 2012 while others did not fair so well. And within the specific sectors or categories of investments, there were fantastic winners and some really big losers.

Large capitalization U. S. companies, often referred to as large cap companies are the largest companies in the USA. For some reason, investors like owning very large companies and have told me that they feel safe with these holdings. Upon investigation, rarely are these investors able to articulate why these holdings are in the portfolio, what type of returns or yield is expected, why they may consider holding onto the position or the criteria they may use for selling the position. Unfortunately, taxes and sentiment are frequently a part of the decision process; but usually in a way that prevents the investor from acting rationally.
According to a listing of the best and worst investments of 2012 compiled by Bloomberg, there was quite a range. Of 358 stocks with market capitalizations of greater than $10 billion, the range was from plus 219 percent to a low of minus 49 percent. I suppose that would be good if you were an owner of the company that appreciated by 219 percent, but it would be pitiful if you were an owner of the one that lost 49 percent. Unfortunately for many, the company that depreciated by 49 percent last year is a household name for many owners and followers of large cap U. S. stocks.

Managing volatility is gaining more significance in the portfolios of once passive buy and hold investors. Recent memories of large losses and investors approaching retirement age are leading this desire to manage volatility. Unlike institutions who can sustain sudden drops in value, individuals, especially those nearing retirement cannot. The institution can either add new funds to their investment portfolio or push back their time horizon for achieving a particular financial goal. Individuals cannot either add more money or push back their timelines.

Diversification, although definitely not a guarantee of positive investment returns is one way that investors may limit volatility. Your diversity needs to go farther than a few U. S. asset classes, and could include classes like foreign debt, real estate, commodities or currencies. Having a disciplined sell strategy may be another component in your quest to limit losses and volatility.
This is different than your father’s large cap buy and hold strategy, but this is a different world that may require new ways of managing risk.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

Securities offered through LPL Financial, Member FINRA/SIPC.

Investment advice offered through U.S. Financial Advisors, a registered investment advisor and separate entity from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with resident of the following states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV. USFA, and U.S. Insurance Brokers, LLC are wholly-owned subsidiaries of U.S. Wealth Management. U.S. Wealth Management companies are not affiliated with LPL Financial.

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

MAKING CENTS: Common problems hidden in plain sight a hazard for investors

There are many times in your life where danger is looming and you think you’re ok, until something happens and you realize that you were vulnerable. In your day to day life, a good example is the new car you just bought where the dealer forgot to fill the spare tire with air. You are cruising around happy as a clam until you hit a pothole, then all of a sudden the auto dealer is not on your most favored vendor list.

In the financial world, instances like the spare with no air are extremely common. For some, an instance may surface this weekend by the time they dig the paper out of the snow bank and read this article. It could be tree damage, a treacherous accident or a loss of power that causes your pipes to freeze.

I see this with life insurance regularly. People skirting the need for life insurance to save a few bucks on premiums actually think they are “winning” because of the money they are not spending currently. I can’t argue; they have in fact won from this day looking back. But going forward, these are the same people that try to get coverage after they have a diagnosis that scares them. So rather than trying to win by not covering your need, think in terms of what your family looks like after the loss and what would have to happen to win under that scenario. Do you really want your legacy to go down as the family that had to beg for contributions to get the kids through college?

The same mentality exists within many investment portfolios, and for many reasons. Common problems hidden in plain sight for investors occur with concentrated positions. This can happen from accumulating shares of a company while employed or through an inheritance. The problem of a lack of diversity can easily be masked by good performance or not paying attention. So naturally if you are not watching or the company is performing nicely, you see no problem. But when things turn, and that possible problem from a lack of diversity causes you harm, it is too late to fix the problem.

Index investors felt the same way in 2008. Owning the index is indeed a cost effective way to get exposure to a specific index, such as the Standard and Poor’s 500 index. But when all things in that basket go bad, and your portfolio mirrors that index en route to a 37-percent loss, you may wish that you had greater diversification or a more defensive portfolio even if it costs more than the index.

Suffice it to say that there are millions of people walking the streets of the U.S. today with exposure to financial events that can completely derail their vision for a successful financial future. I guess that is why they call if financial planning rather than sticking your head in the sand and ignoring the realities that may completely alter life for you and your loved ones.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

Securities offered through LPL Financial, Member FINRA/SIPC.Investment advice offered through U.S. Financial Advisors, a registered investment advisor and separate entity from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with resident of the following states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV. USFA, and U.S. Insurance Brokers, LLC are wholly-owned subsidiaries of U.S. Wealth Management. U.S. Wealth Management companies are not affiliated with LPL Financial.

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

MAKING CENTS: Aftermath of Super Bowl is good time to assess

We learned this past week from the national chicken council that more than 1.25 billion chicken wing portions will be served this weekend.

Last year, more than 100 million pounds of wings were consumed during the big game. Countless hours went into the preparation of everything from the venue selection to all of the goodies bought, prepared, consumed and cleaned up after. By 10:30 Sunday night, it is all over except for the lucky man going to Disney World.

What I am proposing is that you hold a financial “super bowl” party in the weeks after this weekend’s party. I suggest that you invest hour for hour, the same amount of time in your financial situation as you did in the big game. And I mean every hour, including the time spent watching commercials.

For many, this may be the most time they have spent on their financial situations in their entire lives.

As you would do for your Super Bowl party this weekend, start with your choice of venue. You need to gather all of your information and put it in one place, whether it be a file, an online program, an old-fashioned yellow pad or an iPad. But get your things together and decide where you will always be able to get your hands on them.

Next, think about what is important to the stakeholders in your financial “super bowl.” Just like you wouldn’t serve meatballs to a vegetarian at your Super Bowl party, you shouldn’t ignore what is important to your financial stakeholders. You, your spouse, your children and your parents all have aspirations that may have price tags and needs for funding attached to them. Find out what makes life worth living for all of those that you care about, then work that information into your forecasts.

Next, start shopping. Once you have a vision for what you are trying to achieve, go out and understand your options for achieving them. Will it be by choosing investments, hiring an adviser, trimming spending or tracking matters more carefully? Whatever is on your shopping list, start the process by knowing and evaluating your options.

After you bring home all of the goods, it’s time to start cooking up the plan. Know how much you can spend, what you need to save, and what happens if the oven breaks?

For this Sunday, you’ll need a contingent cooking plan. For your financial plan, you may need a contingent plan for everything, because stuff always happens, and I doubt very much that your plan will match your forecast precisely. Be prepared to alter your course during trying times and inflection points in your life, the markets and the economy. Just like a good football game plan, your financial plan will need adjustments and modifications on a regular basis.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

Securities offered through LPL Financial, Member FINRA/SIPC.Investment advice offered through U.S. Financial Advisors, a registered investment advisor and separate entity from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with resident of the following states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV. USFA, and U.S. Insurance Brokers, LLC are wholly-owned subsidiaries of U.S. Wealth Management. U.S. Wealth Management companies are not affiliated with LPL Financial.

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

MAKING CENTS: Estate plans do more than avoid tax hit

Many people equate estate planning to death tax savings or avoidance, and because most people have less than $5.25 million in assets, they assume that estate planning isn’t for them. Nothing could be further than the truth.

An estate plan is a plan that takes care of you, your family and your assets, both money and stuff when you are either incapacitated or dead. It centers on legal documents, the core of which may not be your will. A will for example, doesn’t help if you are severely disabled or incapable of making your own financial decisions. For incapacity, a durable power of attorney or owning your assets in a trust where a co- or successor-trustee is appointed at the time you sign the trust may serve you better than a will.

For most people, the core of their estate plan should be a living trust. This means that you would own most of your assets in your trust now, with you in control as trustee and beneficiary. Beyond the living trust, a pour over will which would then direct anything that you forgot to title in the trust over to the trust after your passing. The pour over will works, but it will also cause your estate to go through the probate process.

Two other necessary documents include a durable power of attorney and a living will or health care proxy. The durable power of attorney allows your appointee to act on your behalf for everything financial. A live and potentially risky document; only give this power to someone in whom you have immense faith and trust. Everyone over age 18 should have a separate document for selecting an agent to direct health care decisions in the event you are unable to decide for yourself.

Even if your estate is less than $5.25 million, other taxes can clip the value of your inheritance. Depending on where you live, a state death tax may be involved. Any estates larger than $1 million in Massachusetts will pay approximately 10 percent in state tax on the amounts over $1 million.

There may also be income taxes due from a retirement account, such as a 401K or IRA, and from the inheritance of any annuities.

Other significant reasons for an estate plan are: provisions to prevent a 22-year-old beneficiary from blowing it all, provisions for divorce-proofing assets for future generations and protecting assets from health care, creditors or other unforeseen problems.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

Securities offered through LPL Financial, Member FINRA/SIPC.Investment advice offered through U.S. Financial Advisors, a registered investment advisor and separate entity from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with resident of the following states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV. USFA, and U.S. Insurance Brokers, LLC are wholly-owned subsidiaries of U.S. Wealth Management. U.S. Wealth Management companies are not affiliated with LPL Financial.

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

MAKING CENTS: Think twice before declining long-term care coverage

Many times over the years I’ve written about long-term care insurance, and it still blows me away how many people say that this coverage is a waste of money. 

Pic courtesy of avamere.com

The only ones who want LTC coverage are the families who have been squeezed by very difficult decisions in providing long-term care for a loved one or the agents who sell the policies.

The issues surrounding caring and paying for long-term illnesses are far more significant than issues that we think about when evaluating the purchase decision. The factors surrounding the purchase decision are frequently the odds of needing the coverage, fear of the cost and alternative ways to get care if needed. When you are feeling great and healthy, purchasing long term care insurance is an easy decision to put off until next year.

Consider forecasting your retirement under two scenarios. First is with the cost of paying for coverage and the second would be the consequences of a full-blown long-term health emergency. More likely than not, the later forecast will be gloomier and cause you to investigate further.

Statistics show that family caregivers on average hit the wall after about six months of playing nurse. At the same time, their lives and everything else that they do takes a back seat. That may sound acceptable to your daughter today. But she may to have a different opinion after she sees how challenging that caregiver’s role can be.

Regarding the costs of providing care, there are direct costs such as doctors, nurses and therapists, but also the indirect costs of lost wages for family caregivers.

In recent years, I thought that LTC insurance will be as ubiquitous as health insurance is today. But for seniors, that is not true. Premiums have been rising materially throughout the past decade and underwriting has become more stringent. Most policies leave the door open for future rate increases, which scares buyers.

Options to contain the cost of LTC coverage are quickly dissipating. Limited pay policies have become very rare in the marketplace with only a few companies still willing to underwrite that risk. Return of premium policies still exist, but require a much larger premium outlay in order to generate the cash to fund the guarantee.

Insurance markets are constantly changing and evolving. The outlook for LTC insurance still calls for rising premiums, and should cause anyone concerned about the impact of long term illnesses to take another look.

 

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

Securities offered through LPL Financial, Member FINRA/SIPC.
Investment advice offered through U.S. Financial Advisors, a registered investment advisor and separate entity from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with resident of the following states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV. USFA, and U.S. Insurance Brokers, LLC are wholly-owned subsidiaries of U.S. Wealth Management. U.S. Wealth Management companies are not affiliated with LPL Financial.

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

MAKING CENTS: Cliff realities in plain English

You can debate and argue all you want over whether the cliff situation was resolved or the can was just kicked down the road. But your reality is that there are new provisions in the tax code that will impact your cash flow starting with this week’s paycheck that you need to understand.

The first change is an increase of 2 percent in the amount of taxes that every wage earner shall pay toward FICA, or basically the entitlement systems under the Social Security umbrella. It is estimated that this increase for all Americans will raise approximately $125 million in revenue for the feds. This cost will be most felt by those who earn less than the 2013 FICA maximum of $113,700.

The most talked-about provisions are those impacting high-wage earners. For single wage earners earning over $400,000 and married taxpayers earning over $450,000, the top tax rates will rise to 39.6 percent for earnings above those threshold amounts. These same taxpayers will also experience an increase in the basic capital gains tax rate from 15 percent to 20 percent. But wait, there’s more. If you are lucky enough to earn more than those amounts and have a capital gain in 2013, you get to pay a special 3.8 percent surcharge to fund the Affordable Care Act, bringing your total rate for the gain to 23.8 percent. For wage earners under the new limits, the rate for capitals gains has been permanently set at 15 percent.

The silver lining for equity investors may be the new tax rate on dividend income. There had been fears that the rate could rise as high as 43.4 percent, but it has gone to a base rate of 20 percent plus the 3.8 percent surcharge, for a total of 23.8 percent.

Another change is the restoration of limits on deductions for higher-earning Americans. For this phase-out, however, Congress wasn’t too generous. For single wage earners making more than $250,000 and married couples earning more than $300,000, deductions for home mortgage interest, charitable contributions and state income taxes and personal exemptions for children and other dependents will be phased out. The significance of reopening these Clinton-era limitations on deductions may rear its head during the next two months of spending negotiations. Keep an eye out for future limits placed on deductions as the spending battle looms.

The estate-tax exemption has been made permanent at the $5 million level, indexed for future inflation, but the top rate has increased from 35 percent to 40 percent. Counting your home state, it is possible that you are once again in the 50 percent estate-tax bracket. The good news is that there are still ways to plan for mitigation or complete elimination of the estate tax for the wealthiest taxpayers interested in planning their affairs to maximize the inheritance for their heirs or charities instead of the federal taxing authorities.

The next shoe to drop, of course, is the spending battle. In this agreement, some $100 million in planned spending cuts were postponed until Feb. 29. Keep an eye on the ball, as the possible outcomes are sure to keep markets volatile.

John P. Napolitano is CEO of U.S. Wealth Management in Braintree, Mass., and 2012 president of the Financial Planning Association of Massachusetts. He may be reached at jnap@uswealthcompanies.com or on Facebook as JohnPNapolitano and US Wealth

John Napolitano is a registered principal with and securities offered through LPL Financial. Member FINRA/SIPC. He can be reached at 781-849-9200.

Securities offered through LPL Financial, Member FINRA/SIPC.

Investment advice offered through U.S. Financial Advisors, a registered investment advisor and separate entity from LPL Financial. The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with resident of the following states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, NC, ND, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV. USFA, and U.S. Insurance Brokers, LLC are wholly-owned subsidiaries of U.S. Wealth Management. U.S. Wealth Management companies are not affiliated with LPL Financial.

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.