An End-of-Year Checklist

Susan Jung |

This was a difficult year in the markets and the economy; we expect this to continue in the new year as well. We are keeping that in mind as we invest portfolios. We are already positioning portfolios for higher interest rates as well as the risk of recession and will adjust as we go.
On the financial planning front, I always like to share a few items that I think makes sense to consider at year end. This checklist is a helpful summary of items that may be of interest to you.

Income tax

  • Manage income tax brackets
  • Ensure appropriate income tax withholding
  • Evaluate state income/estate taxes
  • Reduce AMT liability
  • Lower taxable income for closely held business owners
  • Consider non-qualified deferred compensation

Investment portfolios

  • Recognize capital gains/losses
  • Review strategies to avoid wash loss sales
  • Consider executive compensation provisions
  • Rebalance portfolios

Retirement planning

  • Fund retirement accounts
  • Contribute to health savings account
  • Fund Roth accounts for children
  • Weigh Roth conversion
  • Review beneficiary designations
  • Take retirement account distributions
  • Review benefit elections for Social
  • Security and Medicare

Wealth transfer and legacy planning

  • Make annual gifts
  • Fund 529 plans
  • Fund charitable giving
  • Elect qualified charitable distribution from IRA
  • Consider advanced estate planning strategies
  • Conduct family meetings/mission statements



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