Year-end Reminders

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The end of the year is a good time to review the following financial items as well as make needed adjustments. As always do not hesitate to reach us for specific discussions.

  • Review wills, trusts, healthcare proxy, and other estate planning documents.
  • Consider family gifting before year end. Annual gift tax exclusion for 2023 is $17,000 ($34,000 for a married couple).
  • Review beneficiary designations on retirement accounts and insurance policies especially if you have experienced big life events like marriage, divorce, or having a child.
  • Max out contributions to 401(k)s. Although not due until April 15th, also consider maxing out contributions to IRAs, SEPs, Simple IRAs and other retirement accounts.
  • Prepare an income tax projection to assess tax withholding and avoid any underpayment.
  • Explore tax loss sale opportunities to offset future investment gains.
  • Reevaluate cash holdings. Money markets and government bonds are currently paying a higher rate of interest than bank deposits. It is also a good time to look at liquidity needs for next year.
  • Review your health insurance, disability, life insurance, P&C coverage and umbrella policies to make sure you are properly insured and not overpaying.
  • Review HSA contributions. If eligible in December, you can make a full year’s worth of contributions until April 15th. The limit for 2023 is $3,850 ($7,750 for family coverage).
  • Make sure you spend Flexible Savings Account (FSA) remaining balances. Also a good time to consider increasing or decreasing how much to set aside for next year.
  • Review and execute your charitable gifting strategy. Utilize a donor advised fund as appropriate.
  • For your kids and grandkids, consider 529 contributions and possibly opening a Roth IRA for those that have earned income.
  • Pull your credit reports to help prevent and monitor potential fraudulent activity.


This material is provided by Gryphon Financial Partners, LLC  (“Gryphon”) for informational purposes only.  It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product.  Facts presented have been obtained from sources believed to be reliable.  Gryphon, however, cannot guarantee the accuracy or completeness of such information.  Gryphon does not provide tax, accounting or legal advice, and nothing contained in these materials should be taken as tax, accounting or legal advice. 

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