Tax planning can be advantageous when done during the year and well in advance of year’s end. Opportunities exist for you to mitigate tax liability, which will leave more income for you and your family.

High Net-Worth executives and those that have been self-employed, can experience common problems in their financial planning journey. Often, they have missed opportunities in their financial planning because they haven’t planned adequately for their retirement even though they make a high income.

The largest overhaul to retirement plans since 2006 is complicated The Setting Every Community Up for Retirement Enhancement Act – the SECURE Act – became law on December 20, 2019. Incorporated into a broader 2020 fiscal year appropriations bill, the SECURE Act is aimed at helping Americans more easily participate in tax-advantaged retirement accounts as well as helping ensure that older retirees do not outlive their assets. But like any changes to the rules on retirement, investors should study the details and potential implications before blindly adopting them.

When you work with a financial professional, then you know how important the year-end review is to the financial planning process. And given that you should be scheduling your year-end review this month, let’s review how you can best prepare.