As the end of the calendar year draws near, there's still time for you to implement four smart and timely financial strategies.
- Maximize Your Charitable Contributions: Year-end donations can provide significant tax benefits. Exploring strategies like donor-advised funds (DAFs) as a vehicle for charitable giving or donating appreciated assets like stocks, for example, can help you avoid capital gains taxes while receiving a tax deduction.
- Employ Tax-Efficient Investment Strategies: Reviewing your investment portfolio for tax-loss harvesting opportunities can be a great way to offset capital gains by selling underperforming assets. Additionally, rebalancing your portfolio to align with your long-term goals while taking advantage of unrealized losses is another way to optimize tax savings.
- Consider Roth IRA Conversions: While converting traditional individual retirement account (IRA) funds into a Roth IRA triggers income taxes in the current year, the benefit is tax-free growth and withdrawals in the future. This can be a useful strategy if you're anticipating higher future taxes or looking to reduce your taxable estate and leave a more tax-efficient inheritance to your heirs.
- Review Family and Partnership Trusts: The end of the year can be a good time for you to review any trusts you've established. This will allow you to establish whether the terms you have in place for business succession plans, gifting of assets, and wealth transfers are still aligned with your estate planning goals and current tax laws.
What is your daily why in your work?
Financial advising is meaningful work that allows me to make a lasting positive impact in the lives of those I serve. Compassionate guidance and clear, tailored advice can bring clients peace of mind, especially during challenging times like the loss of a spouse or family member, divorce, or a late-life career change, including retirement. By educating clients and providing them with clear, strategic guidance and direction, I'm able to help them build a foundation for long-term success, improve financial well-being and, by extension, quality of life.
Why did you choose financial advising?
I enjoy empowering individuals and families to make informed decisions as we partner together and work toward helping them achieve financial independence and security. Seeing my clients enjoy their retirement or fulfill lifelong goals and dreams due to the strategies I've helped them implement is deeply fulfilling.
What are you passionate about in the Lebanon community?
I am passionate about helping to make Lebanon better by taking an active role in organizations with a common interest of improving our city and county and the lives of its residents.
As I am prompted to reflect on what I am thankful for this season regarding my work, I appreciate the trust my clients place in me to guide important financial decisions while helping them achieve their financial goals. The meaningful relationships I develop are a bonus, my clients have become like extended family. I have attended family gatherings, birthday parties, graduations, weddings, even funerals.
Lyn Williams, Financial Advisor | Edward Jones
228 West Main Street, Suite A, Lebanon, TN
Office: 615-549-0015 | Email: Lyn.Williams3@edwardjones.com
Consult your tax professional to determine if any of these techniques are appropriate for your circumstances.