3 conversations to have before your year-end

I was a financial advisor for 12 years prior to starting Provision Family Office Solutions - of which my two year anniversary in business is 10/5! - and something that always perplexed me is how on or around November 1st, the messaging from clients & prospects alike was “let’s pick back up on this after the holidays.” I understand that mentality all too well, but that is what it is…a mentality…and if it is yours, then I challenge you to have an incredibly productive October! If that isn’t yours, then take this as three conversations to consider by year-end.

• With your financial advisor…

  • Tax Loss Harvesting

  • Rebalancing portfolio

  • Gifting

    • Annual Exclusion Amount ($18,000 for 2024)

    • Appreciated stock to charity/children

  • Reviewing company-granted stock options

  • Retirement Planning

    • Maximize contributions to employer retirement accounts

    • Check beneficiary designations

    • Take Required Minimum Distribution (consider Qualified Charitable Distributions)

    • Roth Conversions

      • From traditional IRAs

      • From overfunded 529 accounts to Roth IRA for the benefit of the children (conditions apply)

  • Financial Goals for 2025

• With your estate planning attorney/trustee…

  • Gifting from lifetime exemption - expiration of current law set for after 2025

  • Sending Crummey notices, if applicable

  • Making year-end distributions from non-grantor trusts

  • Shifting future appreciation out of estate

• With your CPA/tax advisor…

  • Filing for those who extended for 2023 due 10/15.

  • Accelerating or deferring income, deductions and tax credits for 2024

  • Estimated Tax Payments - Safe Harbor

  • Corporate Transparency Act due 1/1/2025 (see blog post from last week!) - CPA may not file on your behalf but can assist with information needed to file.