Do you think your financial situation may change in the next year? If so, now makes for a great time to think about the past year and plan for the future ahead.

A year end strategy review helps you identify opportunities to step into 2023 more confidently. If you haven’t yet taken advantage of reviewing all possible planning options for this year, there’s still time to fit in a meeting with your estate planning attorney, your CPA and your financial planning expert.

If your marginal tax rate is expected to decrease or stay the same in 2023, you may use strategies like accelerating deductions or deferring income. If your marginal tax rate is going to increase however, you may want to defer deductions and accelerate your income. There are also significant opportunities around major income events, such as a big work bonus, real estate investments or the sale of a business. Some of these taxes may apply to you, such as the additional Medicare tax, the alternative minimum tax or the net investment income tax.

Working with a qualified financial professional helps you identify these opportunities early and to determine the best planning opportunities for how you can leverage your own financial situation now and in the future.

Set aside a time to meet with your estate planning lawyer in CA to discuss whether any previous documents still make sense given your personal goals.



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