Jimmy J. Williams, CPA/PFS, CFP® | Live a Life By Design

Are You Confident in Managing Your Investments for the Future

Posted on May 13, 2019May 10, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

One of the most frequent mistakes committed by near–retirees is to attempt to manage their own retirement assets without the appropriate background, or even worse, by listening to pundits on TV. Many people have met with us to review their current financial condition in preparation for retirement. Similar to a physician, we performed a comprehensive review of the various financial and other data to determine if these individuals’ expected course of action was possible.

After adjourning our introduction meeting, we quickly analyzed the information and determined that the goals established by many of them were not going to be realized based on their current financial condition. Generally, other important matters need urgent attention instead of their finances – most often this could be a significantly ill spouse. To provide our clients with perspective and vision toward the future, we perform our analysis and request a meeting to discuss our findings. This is a strategic review meeting and we ask the individuals to bring their spouse.

Is it plausible to believe that women and men think differently about finances? Even more critical, could a spouse’s definition of “happiness in life” differ from their mate? The answer is an emphatic “YES”! Many of the people we guide to, and through, retirement experience a different opinion from their spouses. By reconciling these opinions and providing perspective to the most important of life’s challenges, our clients find solutions that contribute to a more rewarding and enjoyable lifestyle.

Don’t people retire to allow themselves time for those things in life that they had not been able to enjoy during their careers? Most marriages, in our experience, are not equally balanced with input from both partners in deciding financial decisions. To complicate matters, with medical advancements, it is conceivable that many people may live longer in the retirement phase of life than their career spanned! This simply means that one should be prepared for a considerable amount of time in which financial stability and consistency would provide confidence and clarity to the family.

By focusing on our clients, our goal was clear, we seek to provide a plan for retirement that addresses both spouses’ goals and guides them through retirement with practical advice that maintains their desired lifestyle. After carefully defining and understanding our clients’ risk tolerance and cash flow needs, we assist our clients in creating a retirement plan that brings smiles to both of their faces.

To simply plan for appropriate funding of retirement is not considering all the factors that may occur in life. One should always plan for contingencies. Our substantial history as CPAs and Certified Financial Planner practitioners has taught us to live by the phrase – “Plan for the worst and hope for the best”. By simply focusing on one aspect of life, you may set yourself up for some difficult days at a time in life in which you are least capable of surviving financially.

Do yourself a tremendous favor. Seek out a second opinion that your complete financial picture is, in fact, what you think you possess to live life by your design. You may learn from others’ mistakes by utilizing someone who specializes in the needs, desires and challenges of retirees. What have you got to lose? If you are financially “healthy”, wouldn’t it be a relief to know this fact? Conversely, if you knew you weren’t prepared properly for the future, this is news that would give you great confidence in life.

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The Power of Habits

Posted on May 6, 2019May 3, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Habits are much easier to form than to change. Good or bad, habits are formed by all of us, sometimes subconsciously. For example, which leg do you place in your trousers each morning while dressing for the day? Do you even think about the process of dressing or is it simply a routine that you follow because you have performed the same process for many years?

What do habits have to do with your finances? Everything! Many of the habits involving finances are passed down from generation to generation. Did you know that by simply saving $200 per month and investing it prudently for a period of 25 years, one could amass one million dollars? My personal habit of saving started when I was a young child. Granted, money was a little more difficult to accumulate in the 60’s and 70’s but I digress.

Analyze your living expenses and keep in mind the following phrase: “If your lifestyle exceeds your income, your outlook will be bleak.” One habit that should be learned by everyone is the habit of saving. For example, lets assume both spouses are working and the family has excessive (or discretionary) cash flow each month. Why not assign that excess to a savings plan for future needs? We inform many of our clients that their income needs in retirement will be approximately 80% – 90% of the pre-retirement income. Many are shocked with this statement! Think about what is happening during the retirement phase of life. Are you simply going to stop driving your car, eating regularly, utilizing electricity and other utilities in your home? Of course not.

Another habit we hope you will consider is the habit of exercise. By “investing” in your physical fitness, you will reap generous benefits later in life. Mobility and wellness are easily maintained in our 70’s and 80’s rather than being developed in the same time period. Start now to develop the habit of quitting, yes, quitting. Quit drinking sugar-loaded drinks and consume water instead. Limit your caffeine intake each day. Stop eating processed foods and refined sugar. If you find your willpower lacking, seek out an accountability partner. These simple steps will start you on a path of fitness that will create adventures unsurpassed in your retirement years.

By combining your new habits of saving for the future and maintaining your physical fitness, you have conquered a tremendous number of these hardships experienced by most retirees. Don’t fear being in the minority of retirees who maintain their mobility, mental health and financial security. We believe life is far more than money. Actually, to us, true wealth is all those things that money can’t buy and death can’t take away. If you seek to reach your potential in life, seek out a specialist that works with retirees and understands the challenges faced by this amazing group of citizens.

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How Do You Define Risk?

Posted on April 29, 2019April 26, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Danger! Danger! Red flashing lights! Sirens breaking through the still night awakening you from a deep sleep! These are simple, yet effective, methods of alerting you to risks that arise in life. Don’t you wish investment risk were that simple to alert you when you are about to face an inanimate action that has the power to destroy your life savings?

We accept certain risks in life everyday. Once you leave the safety of your bed, you may be subject to risk. Let’s focus on one type of risk – financial risk. You can control the level of risk in your financial life by taking prudent steps to minimize risk when possible. For example, if you are 80 years of age, it may be too risky to invest in a new tech startup with 50% of your retirement portfolio. If you were 24 years of age, this may be viewed more as an opportunity.

As specialists in retirement planning, we believe it is critical to properly measure and mitigate risk when possible. Many of our clients come to us with portfolios that are highly illiquid or invested in a manner that is not in their best interest. When we ask questions pertaining to their acceptable level of risk, the client will generally be moderate or conservative in their approach to investing their hard-earned money.

However, after a careful analytical analysis of their portfolio we inform them of their current investment risk level and their eyes pop open like they are watching a scene from a horror movie. To mitigate the risk, we believe several factors must be considered in their portfolio design:

Consider liquidity needs
Research suitable and appropriate types of investment positions
Determine the tax-effect of the proposed investments
Properly diversify the portfolio to control the level of risk acceptable by the client.

Simply investing the portfolio in its initial allocation does not resolve the client’s risk issues. Proper monitoring of the performance and appropriate rebalancing of the asset allocation to its original target are critical to maintaining the client’s risk level in the portfolio. The financial planning required for an advisor to fully understand the client’s long- and short-term needs and goals entails significant education, experience and knowledge of the economy.

Certified Financial Planner practitioners are professionals that maintain one of the highest credentials as a witness to their competency and ethics. Don’t risk your lifetime savings to risk. What you don’t know could truly ruin your future. Ask for a second opinion regarding your retirement portfolio. Better to find out early if there is a problem in your future.

Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee or future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loass, including total loss of principal

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Living Life With Purpose

Posted on April 15, 2019April 10, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Planning for a major change in your life, such as retirement, requires a considerable amount of thought and planning. Up to this point in your life you have been contributing most of your energy, thoughts and resources to your chosen career. Your family has also played a big role in your day.

There are two important days in your life that should be given ample attention: the day you retire and the day you decide how you wish to spend the rest of your life! For many of our clients, the decision to change lifestyle from work focused to life focused is one that requires a tremendous amount of study. Can you play golf every day? Can you fish every day? How about simply sleeping in bed until noon each day?

Odds are that you are someone who needs a little more structure and the satisfaction that you are contributing to your community. Below are five strategies to help you continue to grow intellectually, spiritually and financially during retirement:

Continue or start reading books. Many of the great minds of modern times attribute their knowledge, and continued growth past their active careers, to reading good books. The library has a great program for a cheap price – FREE! Yes, you can read some of the great classics by completing a library card application. What a great world we live in!
Join a civic group. Man was meant to be active and provide charity to those less fortunate. Many communities have wonderful civic groups to help those in need. I am partial to the International Association of Lions Clubs. Helping others also helps you become a better person and it takes the focus of yourself.
Attend the church or synagogue of your choice. Active participation and consistent attendance in spiritual worship creates a more fulfilling life. Many of our clients attend church every time the doors are opened. These individuals’ lives are more peaceful, tranquil and fulfilled due to the study of Holy Scriptures.
Become a mentor to younger professionals. One of my dearest friends serves as a mentor to younger professionals in his career field. His forty years of experience helps the younger generation of leaders make better decisions. He often tells me, “Just because you are not working for pay, doesn’t mean you quit working.” Wise words from a very wise gentleman.
Keep a journal of your activities. For many years I have recorded life’s highs and lows in my journals. This activity gives my mind the opportunity to think clearly about challenges and develop solutions. Perhaps you could start a journal to leave your wise words to your family that will help them in times of need. This is a private book that you write in any manner you choose.

The key to living a successful life is to live it on your own terms. Define clearly what makes you happy. How can you help others find happiness? Don’t think of retirement as the end of a career, think of it as “reFIREment”- the start of another chapter in life.

One of my favorite roles is to help pre-retirees find their goals in the next phase of their life. If you truly want to live life to its fullest, it doesn’t simply take money. You are the secret ingredient! Go out today and change someone else’s life for the better. The one that receives the most benefit may just be you.

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Five Last-Minute Tax Savings Ideas for 2018

Posted on March 23, 2019March 28, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

If you are like many people, you are procrastinating the filing of your 2018 individual income tax returns. Don’t worry, you still have time to reduce your 2018 income tax burden. Below are five ideas to reduce your taxes for last year:

Contribute to an Individual Retirement Account (IRA). If you qualify, you may contribute $5,500 (or $6,500 if age 50 or older) to an IRA prior to April 15, 2019, and claim the deduction on your 2018 individual income tax return. This is a wonderful deduction in which you gain a benefit and continue to control your money.
Contribute to a Health Savings Account (HSA). Many families have increased the amount of their health insurance deductible to offset the increase in policy premiums in recent years. If your policy qualifies as a “High-Deductible Plan”, you may open and contribute up to $3,450 for a single person, or $6,900 for family coverage, to a Health Savings Account. Similar to an IRA, this is an effective method of lowering your tax burden while you continue to control your funds. Remember, these accounts can only be used to pay for qualified medical expenditures. Your contribution must be performed prior to April 15, 2019.
Establish and fund a Simplified Employee Pension (SEP) Plan. One of the most generous tax deductions, a SEP Plan is similar to a 401(k) plan in that it allows larger contributions annually than an IRA. This type of plan is available to individuals, corporations and partnerships with self-employment income. If you qualify, you may contribute a maximum of $55,000 to an SEP Plan prior to the filing of your income tax return and take the deduction in 2018. This is a unique opportunity for those individuals who can’t file their returns by April 15, 2019. You may contribute to this plan up to the extended due date for filing your return. Although a little more complicated than an IRA, the larger contribution limit allows significant tax savings and, more importantly, greater opportunity to grow your retirement savings.
Contribute to the Oklahoma 529 Colleges Savings Plan. If you wish to benefit your children, and yourself, consider contributing to their college needs before April 15, 2019. You may contribute up to $10,000 per year filing as an individual or $20,000 per filing as a married couple. Based on Oklahoma’s current tax rate, this contribution may save you $500 to $1,000 of Oklahoma income tax for 2018. Another positive attribute about these plans is the right to transfer the funds among family members and utilize the growth of the account without taxation as long as the funds are spent on qualified educational expenses.
Immediate Expensing of Qualified Business Assets. For many self-employed individuals, this section of the Internal Revenue Code is utilized to control their income tax liability in a significant way. For example, if you are self-employed and bought tangible personal property (an IRS term that simply means, “not land or buildings”), you may be availed a tremendous deduction against your income. The limit for this deduction for 2018 is $1,000,000. For most small businesses, this is an opportunity to invest in your business and take a tax deduction for doing so. Certain types of property must be purchased and limitations apply.

Don’t take chances with your income taxes. Consult a CPA or Certified Financial Planner practitioner to determine if you qualify for the above deductions. Remember, every dollar you save in taxes can be used by your family for something of your choice.

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Working After Electing SSA Benefits

Posted on March 21, 2019March 28, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Many Social Security benefits recipients continue to work, if not full-time, at least part-time. Confusion surrounds the taxability of their SSA benefits when it is time to file their income tax returns. The worst-case scenario is the call you receive from your CPA and she informs you that “you owe a few thousand dollars due to your SSA benefits”.

How can you prevent such a conversation? It is simple but you must proactively plan for the elimination or mitigation of the applicable taxes. For example, let’s assume you have elected to receive your SSA benefits at age 62. You continue to earn a portion of your annual salary working part-time. How much can you earn and not be taxed on your SSA benefits? If you are taxed, how much of your SSA benefits is taxed? And by which taxing agency?

Let’s tackle the nagging question of “how much can I earn?” per tax year and not pay tax on my benefits. The IRS established the base amount of household income, defined as adjusted gross income plus nontaxable interest and one-half of your SSA benefits, a taxpayer can receive to determine the applicable taxable portion of SSA benefits. The limit for a single filer is $34,000.

Assume you receive $12,000 of W-2 income from your employer, SSA benefits of $25,000, taxable interest and dividends of $5,000 and nontaxable interest income of $5,000. Your household income for purposes of determining the taxability of SSA benefits, as a single person, would be $34,500 [$12,000 + $5,000 + $5,000 + $12,500 ($25,000/2)]. In our example, since your combined household income exceeds the limit by only $500, you would be taxed on 85% of your SSA benefits.

This doesn’t seem “fair” to many beneficiaries as they wrestle with the concept that they were “taxed” on their paychecks to contribute to the SSA benefits program. However, the theory is that your contributions have earned income that is currently being paid to you in the form of your benefits and, therefore, a portion would be taxable.

The maximum amount of your SSA benefits taxed by the IRS is 85%. Good news, right? Even better news is that the State of Oklahoma does not tax your SSA benefits at all! Now that I have placed a smile on your face, lets clear up a big SSA benefits misconception.

Many rumors abound that individuals can “earn” all the money they want and not withhold FICA and Medicare contributions from their earnings after reaching age 70. This is perhaps a little misconstrued by most people. To clarify, you may earn as much “earned” income as you desire, while drawing your SSA benefits, after age 70 and not be subject to the requirements to return a portion of the SSA benefits for earning above the allowed income limits set by the SSA.

If you elect to take your benefits at age 62 and continue to work, you may earn $17,640 in 2019 and not repay any benefits. However, for every $2.00 you earn over the limit, SSA deducts $1.00 from your benefits.

If you elect to take your benefits at FRA (full retirement age) and continue to work, you may earn $46,920 in 2019 and not repay any benefits. The SSA will deduct $1.00 in benefits for every $3.00 you earn above the limit.

Don’t play games with your retirement income. Seek professional assistance from a CPA or Certified Financial Planner practitioner. Live your life with confidence and control your future tax liability.

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How to Qualify for SSA Benefits

Posted on February 25, 2019March 12, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

One of the largest and most impactful U.S. Government Programs for citizens is the Social Security Administration. Benefits administered by this agency affect most Americans. Let’s look at the various means to realizing these important benefits.

First, there are several ways to qualify for Social Security Benefits:

You can qualify on your own work history.
You may be eligible based on someone else’s work history.
You may be eligible before reaching age 62.

To qualify on your own work history, you generally must have worked (and paid in to the

SSA system) for a period of 40 quarters (3-month periods of employment). Your employer withholds 7.65% of your earnings and remits them to the IRS for allocation to the SSA. (Stay with me; this can get a little confusing.) Your employer is required to match your contribution with 7.65% for a total payment to the SSA of 15.3%.

The component of the withholding that pertains to your Social Security Benefit is limited in 2019 to the first $132,900 of earned income. The remaining 1.45% of the withholding is designated for the Medicare System which will provide hospitalization, health and prescription benefits, if you elect, when you retire.

To earn one (1) credit, which is applied towards your total of forty (40) credits needed to qualify for benefits, you must earn $1,360 in a three-month period to earn one credit. A maximum of four (4) quarters may be earned in a calendar year.

Another means of qualifying for benefits is being married to an individual who paid in SSA benefits during their work history. Assume your spouse worked in a position that provided greater salary than you. During their work history, she earned far more than you. You both are the same age and elect to file for SSA benefits at full retirement age of 66 years.

In our example above, assume your spouse’s benefits are the maximum allowed under the SSA payout formula, $2,861. Your benefits are calculated at $1,000 per month. At first glance, you may not realize that you have an election to make under the SSA regulations. If you have been married to your spouse for ten (10) years or more, you may receive benefits based on their earnings history. To simplify this option, you may be entitled up to one-half (½) of the benefits credited to your spouse or your actual benefits, whichever is higher. In our example, you would have earned $1,000 per month but will be allowed to receive $1,430 per month! This provides your household a 43% increase in your earned benefits.

Lastly, you may receive benefits prior to reaching age 62. This may occur if your spouse predeceased you and your age is 60 (or age 50, if disabled). To mitigate the loss of your spouse’s income, your children may qualify for benefits, too. The children must be younger than 18 years of age or between 18 and 19 years of age while continuing to attend secondary school as a full-time student or age 18 or older and disabled (provided the child was disabled before age 22).

The programs administered by the SSA are complicated to understand for most people. It is critical that you make informed decisions that will provide the greatest impact for your family. Seek out the assistance of a CFP practitioner or a CPA who specializes in these benefits. What you don’t know, can hurt you.

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Top 5 Steps to Retire with Confidence

Posted on February 19, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

Don’t be a follower! Too many people fail to plan properly for retirement and when it arrives – BAM!! – they don’t know what to do. This is far more common than I would like to admit. Just recently, a couple came to our office to discuss their retirement plans. Before we discussed their resources available for retirement, I simply asked, “What are your plans to keep your mind sharp, your body fit and your marriage exciting during retirement?” You could have knocked them down with a feather.

People will spend more time planning a week’s vacation than they do deciding the important factors necessary for a life in retirement that is worry-free. The reason for such a dilemma is that the reward (retirement) is far removed from their immediate gratification sensory than the next few weeks (vacation). I have a simple solution to keep your life on track to enjoy the present and plan for the future. It only involves five simple steps.

Know your time. This is one asset that many people fail to recognize and, resultingly, squander aimlessly through life. Time is the only asset you can’t control. You should understand that medical advances have created a longer lifespan than we experienced in the 1970s. You may conceivably live as many years in retirement as you did in your career. Wow! That will shed some light on the importance of understanding and utilizing time as a leverage to plan for a confident retirement.
Know your lifestyle. Recently, a gentleman sat down with me and informed me that he wished to retire at the age of 62 and did not want his lifestyle to change dramatically. On the surface this seems like a reasonable request of anyone wishing to retire. However, when we discussed his needs for retirement life and reviewed his resources, we discovered a significant deficit. He had not planned well and his assets to be used for funding his lifestyle after his career were inadequate to say the least. He wasn’t happy when we projected his income streams from his current assets.
Create a vision for life after work. To make a life-changing decision such as retirement, one should spend considerable time prior to retirement creating a vivid, specific plan for what the next phase of life looks like to her. What hobbies do you wish to pursue? Do you wish to travel? Where do the grandchildren live? Are you planning on locating to a state without income tax? All of these factors play a role in your life and are vital to enjoying retirement.
Eliminate all indebtedness. Prior to launching into retirement, we recommend our clients eliminate or significantly reduce all indebtedness. In particular, we believe it is far less worrisome to live in a home without mortgage payments. This may require the sale of the large, family home and relocate to a smaller home or condominium with less maintenance and lower utility bills.

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Your Health — The Greatest Asset You Own

Posted on January 14, 2019February 11, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

If you are concerned about running out of money during retirement, there are several steps you can take now to avoid this catastrophe. Healthcare costs continue to rise at an alarming rate in the United States. Based on estimates provided by The Centers for Medicare and Medicaid Services (CMS), total health care spending grew by an average of 4.6% in 2017, reaching nearly $3.5 trillion. Prescriptions are arbitrarily sacrificed by some retirees as if they had a choice in taking this life-extending medicine. The reason for such a drastic decision is the required choice some people make to purchase food, shelter and car fuel instead of their medications.

To mitigate the rising cost of healthcare, start making a few small changes in your lifestyle. One simply has to look around to notice many of us carry far too much weight on our body. This result was not realized overnight. We suffer, or enjoy, the results from our choices we make.

As a teenager, I enjoyed a hearty breakfast of eggs, bacon, biscuits, gravy, hash browns, fruit, pancakes and, sometimes, chocolate gravy (more on this delightful dish later). I consumed, at least, four thousand calories per day and could not gain weight. Oh, to be young again. Eating this breakfast today would be tantamount to physical torture for my knees, hips and feet. A more sensible approach to eating must be subscribed to at the age of 54. Now, I eat high fiber, low fat meals that are limited to 1,500 calories or less per day.

Another area of choice is activity. Unless you are physically incapable of walking, this form of movement is one of the easiest and best exercises anyone can perform. You can lose a pound of weight for every 3,500 calories you burn walking. Simply calculated, if you burn 350 calories a day, you would lose one pound every 10 days by doing nothing more than walking.

How does this relate to retirement planning? As a retirement expert, we use a factor of 20% of the person’s retirement income for medical purposes. This may seem like a lot of money but the rising cost of healthcare could require significantly more of your income in retirement than you think. Included in the 20% factor would be medicine, physician costs, dental costs, nurses aide expenditures, and, potentially, nursing home needs.

Oh, back to the chocolate gravy. This southern dish consists of Hershey’s Chocolate Baking Powder, sugar (lots of sugar), flour and pure vanilla extract. Mix in a big stew pot on the stove, add water and stir until it boils. Take from the stove, add a hot, home-made biscuit with lots of butter and you have a rib-sticking delight that is out of this world. Also, this is obviously not healthy. So, I only allow myself this treat for breakfast at Christmas. To offset the effects of the calories and sugar, I run a 5-K or complete a CrossFit Workout of the Day (WOD). Don’t tell my doctor!

If you wish for your money to last longer than you, make some simple changes in your lifestyle. Consult your physician before starting any eating or exercise programs. Hope to see you out walking and exercising in our Southeast Oklahoma outdoors!

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Help for those that are “Suddenly Single”

Posted on January 11, 2019February 11, 2019 by Jimmy J. Williams, CPA/PFS, CFP®

The sudden realization that you alone are responsible for all of your household, financial and health matters can be a shock. Life changes even the most detailed of plans for the future. Many people suffer financial discourse during times of life change due to a lack of preparation. Not to discount the emotional trauma resulting from a sudden loss of a spouse, divorce or the incapacity of your partner, but confidence can be gained by understanding a few simple strategies to maintain your lifestyle.

Start today by discussing with your spouse/partner the complete financial picture of your family. Include such mundane tasks as identifying your insurance agent, where to pay utility bills and the location of the safe deposit box key. I have experienced too many client situations in my career where one spouse has controlled the finances for the family without much input from the other spouse.

Next, obtain copies of all of your bank statements and review the disbursements from your account. Do you know the company/person to whom the payment was tendered? Do you know why you pay this company/person? Look for any “automatic drafts” that occur without your knowledge and determine if it is a continuing valid need.

In matters of divorce, it is critical to correct beneficiaries on life insurance policies, retirement accounts, etc. once the divorce has settled. One horror story comes to mind. A client of ours divorced and when we inquired about his life insurance beneficiary designations, we were informed that he “had taken care of the matter and changed them to his current spouse”. The client unexpectedly died about two years later and during the process of administrating his estate, the life insurance policy and beneficiary designation form was discovered. He had not changed the beneficiary to his current spouse! Imagine the difficulty of explaining to your current spouse why the decedent’s former spouse is receiving $1,000,000 of tax-free life insurance proceeds.

Property titles should be correctly titled after the loss of a loved one through divorce or death. Estate documents must be reviewed and amended for your current situation. This process may seem overwhelming but it is, in fact, very simple. See out a Certified Financial Planner registrant or attorney that can guide you through the changes and execution of the documents. You will be glad you did.

Action #1: Know where your income is deposited and where your money is spent.
Action #2: Review all IRA, qualified plans and life insurance statements for proper beneficiary designations.
Action #3: Consult an attorney or CFP^® practitioner to confirm your property titles correctly reflect the appropriate individuals or entities.

Ignoring the situation is the worst action to take in these matters. What you don’t know, can truly hurt you.