End of Year Financial Checklist + Market Update

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The Story:

We’re closing in on the end of the year, which is a great time to catch up on a little rest and relaxation. Before you do that, there are some financial items you should review before the calendar turns to January. We’ll run through a list of five planning considerations on this show, and we’ll also get Don’s thoughts on the recent surge in the market.

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The Show:

We’ve finally reached the last month of 2020 and we’re all ready to turn the page over to 2021, right?

Well before we reach the new year, there are some planning considerations you should be making. Hopefully your financial advisor has run through these with you, but we talked about a handful of these items on last week’s show. To help you understand them a little more, we wanted to follow up with an episode that goes a little deeper into each of these planning topics.

  1. Roth Conversions
  2. Coronavirus-related IRA distributions
  3. Qualified Charitable Distributions
  4. Year-end gifting to family
  5. Estate Planning

Much of what you’ll be doing as the year wraps up falls into the tax planning category, and that’s a key piece to the overall retirement plan. Taking a little extra time now will help you minimize your tax obligations down the road.

This year might even be more important than ever because most experts believe taxes are only going up in the future. With appropriate planning, you can take advantage of the lower rates and save yourself money down the road.

The other big news as we close out 2020 is the surge in the stock market. Many people expected November to be a messy month for investors because of the election and the pandemic, but the markets finished up 10%. Don will share his thoughts on this uptick and what he’s watching.

Listen to the entire episode or click on the timestamps below to skip to a particular section.

[1:14] – Holiday update

[5:29] – Market up nearly 10% in November, surprising?

[7:16] – How much is vaccine and treatment related?

[8:25] – Value vs Growth companies

[13:46] – Roth conversions

[16:07] – IRA hardship distribution

[17:07] – Qualified Charitable Distributions

[18:49] – Estate Planning




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Additional Resources:

Phone: (732) 784-2867

Email: don@donaldcash.com

Website: http://www.donaldcash.com/

About Don:

Donald W. Cash – CPA, CFP® is an independent advisor. Don began his career in 1985 as an accountant after graduating Rutgers University. In 1990 he entered the field of Estate Planning with a concentration in long term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs. He advocates a holistic approach to Estate and Financial Planning as has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers. Don is married to Cathy and have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

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