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A Plan to Succeed:

Prepare for the end of the financial year

It is an understatement to say there has been a lot going on this year! Because of the unprecedented uncertainty we’ve all experienced, it is an excellent time to tend to things in your financial life. The six items below are a good starting place.

1.      The CARES act passed earlier this year provided financial relief for many. If you or your employees received unemployment compensation, check with your tax advisor to be sure you are not in for a tax-surprise by not having had enough withheld or set aside.

2.      Stock markets had an unprecedented year of ups, downs, and up and now down again! This volatility may have caused some of your investments to have unusual taxable capital gains. Check with your broker or financial advisor to see if your investments are affected.

3.      If you make charitable gifts start to plan now to avoid the last-minute rush. If you have appreciated stock, you may want to donate that stock. A direct gift from your IRA to a charity can also be a good idea if you qualify. Check with your tax professional and financial advisor to see if you would benefit from either of these strategies.

4.      Review any debt you have and consider a plan to pay that off sooner rather than later.

5.      Begin identifying 2021 financial goals, i.e., updating wills/trusts, insurance reviews, college savings, and retirement accumulation planning.

6.      Meet with your financial advisor to discuss how to take action. They can help develop a financial roadmap and identify other team members that you may need for tax advice, legal guidance or insurance review. Don’t miss out on potential benefits by going it alone.

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