2023 Year-End Planning Guide

As the end of another year approaches, it’s a good time for people to take stock of their situation. Renew a commitment to a resolution. Confirm deadlines are met. Maybe take steps to save on taxes. Make the appointment with the estate planning attorney they have been meaning to do.

In this guide, we explore an array of planning ideas, arranged thematically. We start with federal income tax planning, investment considerations as related to federal income tax, and state income tax planning. We then turn to retirement planning. In this section, we consider some topics that are timely as year-end approaches – such as maximizing contributions to retirement accounts and taking required minimum distributions.

From there, we turn our focus to wealth transfer planning, and trust planning and administration. We explore gifting strategies, the importance of properly reporting gifts, and the benefits of reviewing the estate plan and the way in which assets are owned. We also discuss the upcoming compliance requirements of the Corporate Transparency Act for families with certain limited liability companies, partnerships, and other closely held entities. In our final section, we look at charitable planning – making charitable contributions that are deductible on this year’s taxes.

Throughout this guide, our goal is to spark conversations that may lead people to refine their planning approach. Sometimes, that’s simply considering a new idea that could possibly save on taxes. Other times, it’s enabling them to better achieve their visions for their legacy. Whichever it may be for you, we hope you find this guide to be a valuable resource.