Fiscal Cliff Financial Planning

Posted by on Dec 11, 2012 in Financial Videos | 0 comments

The fiscal cliff is coming.

Are you prepared for it?

Here’s some fiscal cliff financial planning advice

Are you prepared for the fiscal cliff?

Are you prepared for the fiscal cliff?

You have until Dec. 31 to make changes to your portfolio. Probably the biggest fiscal cliff need is tax planning.

This year is different than others.

If you have taxable gains, many accounting experts are suggesting you take your gains this year because they feel capital gain taxes will increase next year and the foreseeable future.

What we’ve told our clients in the past is to matchup gains with losses. This year is a little bit different.

After what I just said about what the tax experts are saying about expected fiscal cliff capital gain increases next year, the strategy is to take your gains this year and postpone those losses to next year.

That’s because losses will have more value benefit to you next year than this year.

Fiscal cliff preparation involves gifting.

If you’re older and want money to go to your children which will lower the size of your estate, the maximum gift allowed this year is $13,000, going up to $14,000 next year.

Look at your 401(k) account if you haven’t done so already. Make sure you’ve contribute as much as you can allowed by law.

There are differences in the rules and regulations regarding traditional and Roth IRA’s and too numerous to mention in this article.

So I’ll present those to you in my next article in a few days.

In the meantime, if you need immediate help, give me a call. I can be reached at 314-432-0288 or email me at

And be sure to become a free client by signing up on our website form.

Thanks for reading and watching and watch soon for my second part what to be doing now and before the fiscal cliff hits you and your investment and retirement accounts.

The views expressed are by Sheldon Harber and should not be considered legal or tax advice. Please see a qualified attorney or accountant for answers to specific questions.

Investors should carefully consider the investment objectives, risks, fees and expenses before investing. For this and other important information please obtain the investment company fund prospectus and disclosure documents from your Rep/Advisor. Read this information carefully before investing. Diversification and asset allocation strategies do not assure profit or protect against loss.

You’re best served by an experienced financial and tax professional. Asset Strategies, Inc. has been serving clients for over 60 years. Visit us at our website,, call us at 314-432-0288 or email me at

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