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Year End Planning Reminders

It is hard to believe that 2021 is almost over. The end of the year is a very busy time for everyone, and it’s especially busy for us as we wrap up year-end tax and planning items. With only 6 weeks left in 2021, we wanted to send you a list of things to think about as we near year-end:

RMDs are back! As a reminder, taking a Required Minimum Distribution was not required for 2020 due to the CARES Act. However, RMDs are back and required in 2021. 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 organizations in 2021?

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?