Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84GoodLifeFamilyMag.com NOVEMBER | DECEMBER 2016 55 Charitable Giving THE GIFT OF GIVING BACK NINE END OF YEAR FINANCIAL CONSIDERATIONS As the year comes to a close, make sure you’re maximizing your tax benefits and ready to start the new year. HereareafewimportantconsiderationsfromSFMGWealthAdvisorsbeforeyoustart2017: 1Takefulladvantageofretirementplanslikea401(k)orIRAwhichdeferorminimize taxes over the long term.Your financial advisor can also help you to identify other ways to defer income or accelerate deductions to minimize your tax liability. 2Make charitable contributions according to the guidelines suggested by your advisor (see accompanying article) to maximize your deductions. 3Consider wealth transfer strategies with your advisor to reduce your taxable estate andensureyourassetswillbeutilizedaccordingtoyourwishes. Beawareofestate and gift taxes as you make these important decisions. 4Protectyourselfagainstidentitytheft. Donotrespondtoanyemailsorphonecalls from someone claiming to be with the IRS. Use robust passwords and report any concerns immediately. 5Take into consideration your age, current income level, and future projected income and decide if doing a Roth conversion (converts an IRA to a Roth IRA) by December 31makessenseforyou. 6Use all funds in a flexible spending account (FSA) before the end of the year. 7Review the beneficiaries listed on your insurance policies and retirement accounts. 8Ifyou’vegottenmarried,divorced,orhadchildrenin2016youmayneedtochange your tax withholding on yourW-4 for 2017 9Review your investment portfolio to determine your total realized gains/losses, and if possible, consider tax loss selling to reduce your realized gains in 2016. goodADVICE My uncle grew up poor, but he was determined to go to college. He did, and although he had his financial struggles while he was there, he graduated and went on to do well for himself. Whenever his alma mater solicited donations, he always gave something, as he felt that his donations would lessen the struggles of a present or future student facing similar challenges. Many of us feel that some charitable organization, alma mater, or life experience made a difference in our lives and shaped who we are today. We each exercise our philanthropy in our own unique ways. Some people donate their time. Others feel unable to give a substantial sum of assets while they are alive so they do so in their estate. Other people fund these organizations while they are living and reap tax advantages in the process. But is it possible to give to charity without jeopardizing your income needs in retirement? Yes, it is. Trusts come in many forms and can revocable or irrevocable. Your lawyer, tax professional, and financial planner can guide you through the various options and recommend one or more of that fits your goals and estate. Tax-exempt trusts are irrevocable trusts that render certain internal sales and transfers of assets tax-free. If by Colin Smith | Contributor continued on page 76