Fall Financial Planning Tips

As we approach year-end, we suggest you consider the following steps to best position yourself for success in 2023 and beyond:

  • Update your estate plan if any changes in the past year warrant updating your will or other estate planning documents. A complete estate plan includes a last will and testament and planning for incapacity with a financial power of attorney and an advance health care directive. Additionally, like your will, beneficiary designations should be reviewed every few years and especially any time you experience a life-changing event, such as the death of a loved one, divorce, marriage or change in financial status. A beneficiary designation overrides a distribution set forth in your will. If you change or update your estate planning documents and do not also change or update your beneficiary designations on non-probate assets, distribution upon your death may not match your intent.

  • Revisit your asset allocation to help ensure your portfolio is still apportioned among stocks, bonds, cash and other asset classes in alignment with your goals and risk tolerance.

  • Plan for your tax return to minimize the impact of taxation on your portfolio. For example, for those who are still working, consider fully funding your employer-sponsored retirement plan since your contributions can be made on a pre-tax basis.

  • Plan your charitable and holiday giving by setting a budget for planned year-end spending. Those planning to give financial gifts to family members should keep in mind the annual gift tax exclusion limit of $16,000 per individual/$32,000 for couples for 2022 and look to make those gifts before year-end.

 Our Financial Planning team, led by Eric Wiegand, is here to help you with these steps and more. Please call your wealth advisor to discuss your personal situation.

Rebecca McClure