Elizabeth Bennett, MBA CFP™
Certified Financial Planner™
Intercoastal Wealth Planning
With the season of giving quickly approaching, Certified Financial Planner™ (CFP®), Elizabeth Bennett has some important advice for those who are philanthropically inclined: “If you are of required minimum distribution age, (RMD), which is currently 73-years old plus, you may want to have your RMD sent directly to the charity of your choice, so you do not have to recognize that distribution as taxable income.”
When asked about the volatility in the market, Bennett offered these insights: It is important for you and your advisor to be looking at Tax Loss Harvesting as the second half of the year arrives. Given there is volatility in the market, Tax Loss Harvesting in years like this helps to offset years like we had in 2023 and 2024. Many people owed taxes this year. This was because many accounts were up 20% last year, which is the good news. The bad news is that if you’re making money, of course, you must pay taxes. So, in a year where there’s volatility, it could present an opportunity for Tax Loss Harvesting to help carry forward some losses into years when you have gains in your nonretirement accounts.”
Bennett adds, “I can offer the most comprehensive advice when we address both your taxes and investments together. By looking at both areas simultaneously, we can create a strategy that aligns with your goals and maximizes your financial growth.”
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Securities offered through J.W. Cole Financial (JWC) member FINRA/SIPC. Advisory Services offered through J.W. Cole Advisors, Inc. (JWCA). Financial planning, insurance, and tax services offered through Bay Financial Planning and Tax Services, LLC DBA Intercoastal Wealth Planning a Registered Investment Adviser, Bay Financial Planning and Tax Services, LLC and JWC/JWCA are unaffiliated entities.
