Tips for Year-End Planning (And a recipe for spiced tea to sip while you’re thinking about it!)
Hello everyone,You probably haven’t given any thought to your year-end financial planning. It’s only early October, right? But, we all know, it’s a scientific fact that time speeds up during the holidays, and before you know it, it’s the new year. Of course, I’m kidding but for those of you who might want to get a jump on things this year, here are some tips. Oh, and speaking of the holidays, I’ve included an easy recipe for a delicious hot drink to enjoy when the weather turns chilly. Tip #1: Take a few minutes to think about the following. Have you experienced some or any of the following during 2022? If so, consider reviewing and updating your estate plan accordingly.
- Marriage
- Divorce
- New additions to the family
- Job loss, change, or retirement
- Death of a spouse or parent
- Inheritance of assets
Tip #2: An often overlooked part of estate planning is beneficiary designations on IRAs, Retirement Plans, and Life Insurance. If you lost a loved one this year who was your beneficiary, these documents should be changed. Even if you didn’t, from time to time, it is a good idea to verify that these designations are still as you want them to be. While you have these documents out, confirm whether your current life insurance coverage is adequate for your current needs and circumstances. Tip #3: If your estate planning indicates a potential estate tax liability, consider making gifts before year-end to reduce your estate and to minimize and, in some cases, eliminate estate taxes. You can give away $16,000 a year to any one person ($32,000 if you are married and your spouse participates) free of gift tax. These tax-reducing gifts also make great holiday presents for your children and grandchildren. Now is the time to think about it and keep in mind that every year that goes by without making these gifts is a lost opportunity and a gift to our government. Tip #4: Consider making tax-deductible charitable contributions before the end of the year to reduce income and estate taxes and fulfill charitable deeds or commitments you may have established. We are approaching the end of the year, so why not take the time now, before the holidays are upon us, to think about it and perhaps take action? Some things may need the assistance of an estate planning attorney; others won’t. Feel free to reach out to discuss your estate planning updates. I’d be happy to help. 513-399-7526. And now, here’s the easy recipe for a seasonal spiced tea sure to please. It’s a crowd-pleaser for a festive hot drink on a cold day.
SPICED TEA (Serves 16-18)IngredientsJuice of 2 lemons (1/2 cup)Juice of 4 oranges (1 1/3 cup)2 sticks of cinnamon2 teaspoons whole cloves2 cups sugar16 cups of water6 tea bagsDirections: Heat 8 cups of water to boiling; add tea bags and spices. Boil for 4 minutes; steep covered for 4 minutes. Cool, strain and add remaining 8 cups of water, sugar and fruit juices. Serve warm; add cinnamon stick and small orange slice as garnish if desired.