9 Expert Tips for Year-End Financial Planning

Delphi Wealth Management Pros Also Provide Advice for 2020

Delphi Wealth Management Group
1234 West Chester Pike, Second Floor
484.928.1700, DelphiWMG.com

Kevin McDermott


  • Each financial goal should have a distinct asset allocation relative to investment time frame and risk tolerance.
  • As the new year approaches, check investments to see if any losses can be deducted on tax returns.
  • Rebalance portfolio(s) to ensure they’re allocated according to specific goals.


  • Make sure to take advantage of employers' 401(k)/403(b) matching contribution as well as the higher contribution limits for 2019.
  • If eligible, ensure to take advantage of annual Roth IRA contribution.
  • For those older than 50, take advantage of the "catch-up" contributions available in 401(k)/IRAs.


  • Make a New Year’s resolution to update wills, living wills and durable power of attorneys.
  • Double-check beneficiaries on 401(k)s, IRAs, life insurance policies and annuities.


  • Secure a comprehensive “umbrella” liability policy as an important aspect of every financial plan.
  • Protect assets, in addition to passing on some assets tax-free to heirs, with hybrid life/long-term care in case of a health event.

2020 TIPS:

  • Lump and Clump: Consider opening a Donor Advised Fund (DAF) if making sizable charitable contributions and not receiving tax credit for them due to the heightened standard deductions.
  • Up until the tax reporting deadline (April 15, 2020), check eligibility for contributing to a deductible traditional IRA or Roth IRA. Consider repositioning after-tax assets into these categories for tax-preferred growth long-term.

John Kane 


  • For tax year 2020, strategize how to best generate retirement income by utilizing tax-deferred, tax-free and after-tax assets.
  • Use deductible expenses and/or resources to reduce Adjusted Gross Income (AGI) to keep Medicare Part B premiums at the lowest level ($135.50).
  • AGI that's more than $85,000 single or $170,000 joint elevates Medicare Part B expense.


  • Consider "second to die" life insurance policies to pass wealth to heirs tax-free.
  • If looking to reduce the value of one's estate, considering gifting to heirs (annual $15,000 max per person).
  • Charitable Remainder Trusts provide a unique opportunity to access assets tax efficiently, leave money to charity and reduce inheritance tax burdens.


  • If holding highly appreciated stock, be aware of the "step up in cost basis" that occurs upon the passing of the owner.
  • Ensure to complete a "Trusted Contact Form" with parent’s financial adviser so everyone can speak to each other in case of emergency or health crisis.
  • If a grandparent, consider opening 529(s) for grandchildren’s educational needs (now eligible to be used for K through 12 as well as post-secondary education).

2020 TIPS:

  • Consider capitalizing on Roth IRA Conversions prior to attainment of age 70 ½; this manages tax bracket ahead of required minimum distribution (RMD) inception.
  • If older than 70 ½ years old, consider using Qualified Charitable Distributions (QCD) to 1) satisfy RMD; 2) reduce taxable income; and 3) support favorite charities.

Kevin McDermott and John Kane are registered representatives of Lincoln Financial Advisors Securities and advisory services offered through Lincoln Financial Advisors a broker/dealer (Member SIPC) and a registered investment adviser. Insurance offered through Lincoln affiliates and other fine companies. Delphi Wealth Management Group is not an affiliate of Lincoln Financial Advisors. CRN2774249-101419 

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