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Don’t Forget These Year End Financial Must Dos

Jason and Alex welcome IDA’s newest wealth adviser, Cari Leamy to the show for her first time. Also back on the show is Director of Portfolio Management at

Author : William Novak

August 24, 2022

Jason and Alex welcome IDA’s newest wealth adviser, Cari Leamy to the show for her first time. Also back on the show is Director of Portfolio Management at IDA, Andrew Grant. Andrew starts off the show talking about a technical year end must do, evaluating potential capital gains exposure. These capital gains are something that mutual funds pass on to investors on their record dates. They become relevant at the end of the summer but becomes especially important when deciding to buy or sell mutual funds this time of year because buying a fund right before the date may not make sense. The show then transitions into the spirit of giving that the holiday season tends to bring to all of us. Alex talks about how you can donate to your favorite charities via a direct qualified contribution from your IRA. This strategy fits very well for those who are being forced to take RMD and could use this strategy instead of donating cash from the bank. The tax savings can be substantial when done correctly. Another donation strategy if RMD is not a consideration would be to donate highly appreciated investments from your nonretirement accounts. These year end decisions could save you significant amounts of taxes while giving back to those less fortunate than you. Jason elaborates on the tremendous lifetime impact of front-loading donations in the case of major liquidity events that business owners may have achieved this year. Donor advised funds, family foundations and other special trusts can create generational tax benefits. Cari closes out the show talking about the importance of year end financial planning with the future in mind. The value that financial planning brings to individuals and families is a huge passion of hers and she shares stories of the impact that planning has had on clients in her professional experience.

In this show you will learn about:

  • Making charitable donations from your investment or retirement accounts and the tax benefits associated with doing so
  • A reminder to take RMDs from retirement accounts (401(k), IRA, Inherited IRA & Inherited Roth, etc)
  • Strategies to mitigate taxes that take place on the record dates for Mutual Fund Capital held in non-retirement accounts
  • The power of good financial planning

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