Good Financial Reads: Year-End Advice & Gifting That Saves on Taxes

2 min read
December 09, 2022

A Roundup of End-of-Year Financial Planning Items

by Michael Reynolds, Elevation Financial LLC

The end of the year is often a time to focus on wrapping up projects, finding time to rest, and planning for next year.

It also comes with some opportunities in our financial lives. There are deadlines and milestones that can be useful to pay attention to as well as areas of planning that often warrant some review.

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How Holiday Gifting Can Save on Taxes

by Jeremy Eppley, Silverstone Financial

Gifting assets to your heirs throughout your lifetime can save significantly on taxes. Even for those not subject to estate taxes.

For those subject to estate taxes 

The Federal government taxes inheritances up to 40% on assets above the estate tax exemption. After 2025, the estate tax exemption will revert back to the $5.49 million exemption (adjusted for inflation), unless Congress makes the rates included in the Tax Cuts and Jobs Act of 2017 permanent. Many states also impose their own estate and inheritance taxes with various levels of exemption. Some states have exemptions as low as $1 million (see our Inheritance Resources to learn more about your state).

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A Holiday Gift List for Your Future Self

by Massi De Santis, DESMO Wealth Advisors, LLC

We make gift lists for friends and loved ones, so why not a list of gifts for our future selves? At its heart, financial planning is a list of things you can do today to improve your future. So this year, include your future self on the list of loved ones and give yourself a gift.  Sit down with a glass of prosecco, eggnog, or your favorite drink and think about what you’d like to accomplish next year and beyond. Then browse through the ideas below for actions you can take over the holidays. Simply pick what inspires you. If you are not sure, start with the first item below; it will motivate you to tackle other ones on the list!

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Financial Planning - Year-End Checklist

by Brett Spencer, Impact Planning

As we approach year end, it’s a great time to re-visit planning strategies while there is still time to implement and benefit.

For a summary of our top year-end planning considerations, see our checklist and write up below:

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You Should Probably Exercise Your ISOs in January

by Aaron Agte, Graystone Advisor

Well, with Incentive Stock Options, there really isn’t any good blanket advice for everyone.  There are too many factors related to your household income, tax situation, risk tolerance, company stage, etc. for any one piece of advice to apply to everyone.  So the title should be:

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Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.