top of page

Tis the Season for Year-End Planning

2020 has certainly been a year of unexpected changes and challenges. While we know everyone is eager to flip their calendar and start a new year, we wanted to send you a list of things to think about as we near year-end:

CARES Act and RMDs As a reminder, taking a Required Minimum Distribution is not required for 2020 due to the CARES Act that was passed earlier this year. However, that doesn’t mean that you can’t take a distribution from your IRA, especially if you rely on the money for living expenses. It may also make sense to take a distribution if you know your tax bracket will be higher in the future. Everyone over the age of 72 should have already discussed this with us but if you haven’t, please feel free to give us a call to discuss your options. Gifts and Charitable Donations Are you thinking about making additional gifts to family or charitable donations in 2020? If so, please let us know as soon as possible. Once we have the paperwork in hand, transfers are typically completed within two to three business days. Given the high volume of gifts around the holidays, we need to have the paperwork by December 21st at the latest to ensure that the transfers happen before the end of the year. If you are over the age of 72, you should also consider ways to make charitable donations directly from your retirement accounts. Capital Gains and Tax-Loss Harvesting Do you have large gains or losses outside of your accounts with Adams Financial? If not, there is nothing you need to do. If you do, please let us know because this might be a good time to