Important Reminders for Our Clients

As the seasons shift to autumn, it’s an excellent time to get your financial ducks in a row. Being proactive about financial planning well before year-end can save time, reduce headaches, and position you well for the upcoming tax season.

At K&B, we’re advising our clients on several important items at this time of year. The following topics are front-of-mind for us and the families and individuals we serve.

Retirement distributions

In the final months of the year, we field a growing number of questions about requirements surrounding retirement distributions. Some retirement account holders are required to withdraw a certain amount from their account in order to avoid a 50% penalty. We help clients determine the Required Minimum Distribution (RMD) to withdraw given the market value of their funds from the prior year and the requirements of various account holders, and we help each client determine make his/her appropriate distribution by year-end.

Gift-giving

Philanthropy is a core tenet of the K&B philosophy, and it’s an essential part of most of our clients’ financial planning strategies. We work with clients to determine how much they can and should give to family members, friends, and charitable organizations.

At this time of year, it’s helpful for clients to compose a list of charities they hope to support before year-end. Charitable giving requires substantial paperwork, and the philanthropic process is smoother if clients can compile necessary materials earlier.

Housekeeping

Early fall is an excellent time of year to do some housekeeping on your accounts before the clamor and craze of the holiday season and tax preparation. Now is the time to review beneficiaries on retirement accounts, designate trusted contacts, and review and discuss your overarching financial goals with your family and your financial advisor.

We work closely with our clients throughout the year to ensure they can live their best financial lives—and that requires periodic check-ins, tweaks, and modifications. At K&B, we’re always ready to lend a helping hand and a listening ear to help answer our clients’ burning questions, reduce stress, and plan appropriately for the months and years ahead.

This communication has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. All information or ideas provided should be discussed in detail with an advisor, accountant, or legal counsel prior to implementation. Investing involves risk including the possible loss of principal. Past performance is not a guarantee of future results or success. Actual results could differ materially with each client.