Change of Seasons


Isn’t it crazy how time flies? It seems as though we were just gearing up for Memorial Day weekend and heading out to Lake Michigan to soak up the summer sun. Unfortunately, the leaves are beginning to change and fall is upon us. In West Michigan, we celebrate the season of fall by enjoying Art Prize, cheering for our favorite football team and taking in the beautiful color nature provides. However, despite all of the fun events fall brings we know deep down the holidays and winter will soon be here.

So, what does this mean in terms of wealth management? The beginning of the fourth quarter provides an opportunity to check on your financial situation and see if any year-end planning should be done. Listed below are a few of the most common items that can be addressed prior to the ball drop!

  • Be sure to harvest capital losses to offset any realized gain in taxable accounts
  • Review charitable contributions and look to donate appreciated securities rather than cash
  • Increase your 401k and retirement account contributions
  • Ensure that you have taken your Required Minimum Distribution for 2016
  • Utilize the annual exclusion gift to transfer wealth to children and/or grandchildren
  • Spend down any unused funds still in your Flexible Spending Account

These are just a few ideas to make the most out of 2016 and set yourself up for a great 2017. If you happen to get stuck along the way and would like a second opinion, the advisory team at Legacy Trust is a dependable source for answers and advice.