Couverture de Episode 15: Year-end tips & pitfalls

Episode 15: Year-end tips & pitfalls

Episode 15: Year-end tips & pitfalls

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 Wit, Wisdom, and What Matters Most Episode 15 Year-end tips & pitfalls Kyle: Investment advisory services offered by Moneta Group Investment Advisors, LLC, an investment adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The information discussed in this podcast is for informational and educational purposes only. You should consult with an appropriately credentialed professional before making any financial, investment, tax, or legal decision And welcome to another edition of Wit, Wisdom, and What Matters Most. It’s a podcast by Moneta’s Gast Freeman Troyer Racen Team. My name is Kyle Luetters, an advisor on the team. I am joined by Danton Troyer, one of the partners. And Danton, it is very, very difficult to believe, and I know we say this every year, but it’s very difficult to believe we are at the end of another year; 2025 is coming to an end. And what a year it was, especially in Q1 and Q2. Danton: Yeah, it’s kind of crazy to think about all the different things we’ve kind of seen and gone through. From tariff talk to, obviously, leading into a presidential term, and we’re at the end of it. So it’ll be interesting to see. But we want to talk about some of the year-end planning tips that we typically talk through with clients, but also some of the pitfalls we see in trying to implement those. Kyle: 100%. And to add a caveat into that, tariffs, Liberation Day trades, and then, by the way, we just really overhauled large bits of the tax code, literally on the 4th of July. I remember reading the summary of what they passed at the pool this summer going, this is going to make for some unique year-end planning opportunities. And we’re going to kind of go through some of those. So first and foremost, I think we should talk about why it’s crucial to have a plan, why it is crucial to be organized going into this time of year. Danton: Yeah, we’ve seen lots of mistakes made, especially heading into year-end because there is a very definite deadline to a lot of these things and it’s December 31st. And so if we’re not getting these things done by that date, they don’t count, they don’t happen. So there is a hard stop in a lot of these. So being organized to your point and getting started earlier than later are all things that can help not run past that deadline. And once you’re passed, you’re passed. Kyle: And I think another thing, too, to back that up as well in this line of thought is 12-31 is the deadline for a lot of this. And if you’ve ever been to the DMV on the last day of the month, you know that it is not the most opportune time to try to get something done. In fact, many of our custodial partners will actually tell us that by about mid-December, anything submitted after a certain date is on a best- efforts basis. They will do their best, but they only have, there’s only so much manpower. There’s only so many hours left in the year in order to get these things done. And then also too, if you think about it from like our perspective as well too, it’s the holiday season and taking a look at the holiday schedule this year, Christmas is on a Thursday. You’re probably going to be reduced manpower the day after and probably the following week. So it really starts to back up when some of these things need to be done into late November, early December. And that’s why the timing and having a plan around this is crucial. We actually, several members on our team, started this work right after Labor Day of pulling together spreadsheets, figuring out what needed to be done, making sure that we talked to clients well enough in advance because there’s not a lot of people that really want to talk numbers with their financial planner at the Thanksgiving table. They want to talk about it with their brother-in-law. That was a joke. But anyway, so going through the why and the importance of it a little bit, but we’re just going to go through and break down some things that you should probably be considering. And I’m going to be unashamed and say that this is prime time for tax planning. I mean, it’s year end. Uh, we harvested, uh, hopefully some losses earlier this year when the markets were down. Uh, one of the things – do we need to offset some gains? Danton: Yeah. I remember the 2018, we had a market correction right there at year end. And it’s not like you can go place those trades on January 1st and say, I want those losses back for me. You got to get it done by December 31st. So, that was a fun holiday, uh, surprise. Kyle: I was late to church on Christmas Eve that day because of that. My wife will never forget that. Danton: Yeah, I think it’s burned in everybody’s mind. It was at least around here. We’re all hands on deck trying to get clients that loss, that no one saw it coming. And then all of a sudden the market was down significantly...
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