Estate & Giving

Review key market dates and timely financial planning tasks.

Market Closures

Nov. 23: Thanksgiving Day

Dec. 25: Christmas Day

Dates to remember

For deadlines that fall on a weekend, action may need to be taken by the preceding weekday.

Oct. 1: Last day to establish a SIMPLE IRA plan or a safe harbor 401(k) to be effective for 2023.

Oct. 15: Open enrollment for Medicare Parts C and D begins. Make any changes to your coverage by Dec. 7.

Oct. 15: The final day to file a 2023 income tax return for those issued an extension.

Nov. 30: Observe Information Security Day – keep your personal information secure by updating your operating system; visit ready.gov/cybersecurity for more tips.

Dec. 31: New Year’s Eve is the year-end charitable gift deadline for check and wire transfers.

Dec. 31: Last day to take annual required minimum distribution, unless you turned 72 in the current year.

A legacy of generosity - National Philanthropy Day is Nov. 15. To take the celebration a step further than writing a check, consider how you can teach the joy of giving to the next generation. If you want your charitable spirit to have more influence in your estate plan, connect with your advisor.

Things to do

Confirm cost of living: Next year’s Social Security adjustment is typically announced in October.
Adjust your coverage: Ready your documents for Medicare open enrollment, if eligible. If you’re working and your employer offers benefits, take the time to understand them.
Refresh your plan: It’s important to review your retirement and investment accounts regularly and make adjustments to insurance and estate plans as needed. The holidays can be a good time to do this if you want to discuss what you’re planning with close friends or relatives.
Fend off fraud: Start by tracking and reviewing all of your bank and credit card statements for irregular activity. You can also request a copy of your consumer credit profile and stay on the lookout for scams asking you to confirm or update your account information via email.
Tend to your portfolio: If you’re invested in mutual funds, don’t forget about capital gains distribution dates that typically fall in December. Consider balancing your realized capital gains with losses where appropriate. Talk to your advisor about whether this strategy might help lower your tax liability.
Engage in smart giving: As deadlines for year-end gift and charitable contributions approach, make a strategy for your philanthropic goals. Consult with your advisor if you’re interested in donating appreciated stock or bunching a few years’ worth of donations in a donor advised fund to help you meet the threshold for itemizing on a tax return.
Revisit your resolutions: Before beginning your New Year’s celebrations, review the financial planning you did for the past year. Did you make progress toward your goals?

Withdrawals from tax-deferred accounts may be subject to income taxes, and prior to age 59 1/2 a 10% federal penalty tax may apply. Investment products are: not deposits, not FDIC/NCUA insured, not insured by any government agency, not bank guaranteed, subject to risk and may lose value. © 2023 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. © 2023 Raymond James Financial Services, Inc., member FINRA/SIPC. Raymond James financial advisors do not render legal or tax advice. Please consult a qualified professional regarding legal or tax advice.