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Planning for the Future


With the recent market downturn, you might consider applying some tried-and-true tax mitigation strategies.

RECOGNIZING GAINS AND LOSSES If you sold securities at a loss, you can use them to offset capital gains on your tax returns. Just keep in mind the wash sale rule's 61-day window.

IRA REPOSITIONING The tax hit from converting a traditional IRA to a Roth IRA is less severe in a down market. This is also a good time to review your IRA beneficiary decisions and make any adjustments.

STOCK OPTIONS The recent market decline demonstrates the difference between stock and stock options. With options, if the stock price falls below the grant price, the option is "underwater" and holds no intrinsic value. Your advisor can help you incorporate options into your broader plans.


Estate plans should be reviewed regularly, especially given the many provisions in recent tax legislation.

GIFT TAX EXEMPTIONS The Tax Cuts and Jobs Act (TCJA) established an $11,580,000 lifetime exemption against gift and estate taxes – an exemption that reverts to $5 million (adjusted for inflation) in 2026. Any gifts that surpass $15,000 per recipient per year taps into that lifetime exemption.

GRANTOR-RETAINED ANNUITY TRUSTS A GRAT is an irrevocable trust with a fixed expiration date that makes an annual payment — plus interest — to its creator. After it expires, any remaining funds go to the beneficiaries without gift or estate tax consequences, making GRATs a useful tool for those who already exhausted their exemptions.

CHARITABLE GIVING Under the CARES Act, taxpayers who don't itemize — which is an estimated 90% of all U.S. tax filers — can now deduct up to $300 of their cash donations to qualifying organizations.

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