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Year-End Planning for 2024
It is always a good idea to assess your finances and tax liabilities ahead of year-end. This fall, we are recommending that you begin the review process earlier than usual. Upcoming elections may result in significant changes to federal and state tax policies. Give yourself extra time to review your personal and household balance sheet, in tandem with your personal and financial aspirations for the year ahead. This review process will help you to assess what changes, if any, may be needed. Below are a few estate planning strategies to consider in the current environment. As always, we welcome the opportunity to speak with you regarding the potential impact of changes on your financial and estate plan.
10 steps to help you start 2025 in a strong position:
1. Create or review your financial plan – a comprehensive financial plan will help you get a sense of whether you and your family are on track to achieve your personal and financial goals.
2. Discuss your investment strategy with your advisor to ensure that your investment strategy aligns with your goals.
3. Consider year-end tax planning strategies. Some of these strategies, including annual exclusions gifts to family members, realization of tax losses, conversion of traditional IRAs to Roth IRAs, must take place before the year end to be counted toward 2024 tax returns.
4. Review how much cash you are holding to ensure that your savings cover your cash flow needs.
5. Check your account-titling and asset-ownership designations to ensure that they align with your core estate-planning documents.
6. Remember to take required minimum distributions by year end to avoid steep penalties.
7. If your goal is to accumulate capital, make sure that you have used all tax-advantage savings opportunities available to you through your retirement plans. Fully fund retirement accounts to take advantage of tax-deferral benefits.
8. If you are considering gifts to charity before year-end, consider carefully the sources of those gifts. In most cases, gifts made with highly appreciated long-term securities are more tax efficient than cash.
9. Consider using your lifetime exemption now, so that future growth is off your balance sheet – barring potential changes to the U.S. estate and gift tax, thresholds will be greatly reduced at the end of next year.
10. Conduct family wealth education meetings to align values and build financial literacy skills among family members.
We remain ready to ensure you are set up for a successful year ahead. Please reach out to us with any questions.
The material is not to be reproduced or distributed to others without Ingalls & Snyder, LLC’s (“Ingalls” or the “Firm”) express written consent. This material is being provided for informational purposes and any opinions expressed in this material are only opinions at the time of writing. Nothing provided by Ingalls should be considered tax or legal advice, and clients should seek advice from their tax and legal professionals. Bridgehampton is a team at Ingalls & Snyder, LLC, an investment advisor registered with the Securities & Exchange Commission and a FINRA member broker dealer. More information including the firm’s Form ADV Brochure and Form CRS can be found at https://www.ingalls.net/importantinformation.
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Ingalls & Snyder is a registered investment advisor and broker-dealer based in New York City. We provide investment management and related services to private clients and institutional investors.
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