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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 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


    Transcript Available Here


    The content of this radio show is provided for informational purposes only and should not be considered investment advice or a recommendation to buy or sell any types of securities. Mr. Labrum and Intelligence Driven Advisers/Financial Detox are not responsible for the consequences of any decisions or actions taken as a result of information provided in this radio show and do not warrant or guarantee the accuracy or completeness of the information provided. The information discussed today reflects the views of Mr. Labrum and his guest(s) as of the date of this show and are subject to change without notice.Past performance is no guarantee of future results. Any forward looking statements or forecasts are based on assumptions and actual results may vary from any such statements or forecasts. No reliance should be placed on any statements or forecasts when making any investment decision. Accordingly, listeners should not rely solely on the information provided today in making any investment decision.There is a risk of loss from investing in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor’s financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses.