2023 Year-End Strategic Financial Considerations

by Brad Stark
October 24, 2023
Year-End Strategy Considerations

As the year draws to a close, it’s time to start thinking about your financial strategy for the upcoming year.

Co-founder Brad Stark and the Strategy Team at Mission Wealth have some valuable insights and considerations to share. Let’s dive into what you should be thinking about as we approach the end of the year.

Tax Planning: Minimize Your Tax Bite

One of the key aspects of year-end planning is tax management. It’s time to fine-tune your trading to book tax losses that can be rolled into the next year. But that’s not all. Here are a few more tax-related considerations:

Required Minimum Distributions (RMD): If you’re in the retirement phase, make sure you’ve taken your RMDs. Remember that the IRS has waived penalties for inherited IRA RMDs in 2023, with additional guidance expected in 2024. You can also directly gift a portion of your RMD to charity, avoiding taxable income on your return.

Charitable and Family Gifting: Consider making the most of the $17,000 per person gift-tax “free” limit. There’s also the option of making unlimited payments directly to educational institutions and healthcare.

Roth Conversations: Explore the benefits of Roth conversions. They might make sense for your financial situation.

Inherited Retirement Plans: If you’re dealing with non-spousal inherited retirement plans after 2020, remember that the 10-year liquidation rule still applies, but you have flexibility in timing if the deceased account owner died before their Required Beginning Date.

Philanthropy: Make an Impact with Donor-Advised Funds (DAF)

Donor-Advised Funds (DAFs) are a powerful tool for philanthropy. They allow you to gift appreciated assets to charity, claim a tax deduction, and avoid taxes on the sale of the asset. Plus, you have control over how and when the money is distributed to charities. If you haven’t explored this option, now might be the time.

Risk Management: Protect What Matters

Insurance is an integral part of your financial plan. If you’re considering insurance reviews or have questions about your coverage, we’ve recently added Allyn Hughes as our Director of Risk Management. We’ll provide more details on this offer in Q1 2024. In the meantime, your Wealth Advisor is here to assist you with any immediate needs.

Estate Planning: Secure Your Legacy

The end of 2025 might seem distant, but when it comes to estate planning, it’s just around the corner. The current unified credit of $12.92 million per person is set to reset around $7 million without new tax laws. Ensure your estate documents, including your Will, Trust, Durable Power of Attorney for Finance, Durable Power of Attorney for Health, HIPAA release, and Health Care Directives, are up to date and provided to your advisor for review.

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Date & Time: Nov 15, 2023, 10:00 AM PT

Cliffwater’s Portfolio Manager, Fran Beyers, joins Mission Wealth’s Chief Investment Officer, Kieran Osborne, to discuss all things Direct Lending.

  • Learn what Direct Lending is, how it fits into the broader spectrum of alternative assets and its role in a diversified portfolio. Explore the mechanics and nuances that make it a compelling investment opportunity.
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At Mission Wealth, we’re committed to helping you make informed financial decisions. Reach out to your Wealth Advisor or contact us for a free consultation. Let’s make the most of the year-end planning opportunities together.

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Guidance For Your Full Financial Journey

Through our comprehensive platform and expertise, Mission Wealth can guide you through all of life's events, including retirement, investment planning, family planning, and more. You will face many financial decisions. Let us guide you through your options and create a plan.

Mission Wealth’s vision is to provide caring advice that empowers families to achieve their life dreams. Our founders were pioneers in the industry when they embraced the client-first principles of objective advice, comprehensive financial planning, coordination with other professional advisors, and proactive service. We are fiduciaries, and our holistic planning process provides clarity and confidence. For more information on Mission Wealth, please visit missionwealth.com.

To meet with a Mission Wealth financial advisor, contact us today at (805) 882-2360.

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