Financially Fit for the New Year

Financially Fit for the New Year

Did you resolve to get in shape this year? Getting and staying in shape requires planning, commitment and an acute focus on your long-term goals. Just as a personal trainer helps you hit fitness targets, Busey Wealth Management can help you achieve your financial goals in 2021.

Here are a few issues you may want to consider in the new year:

Tax Planning. Use this time to maximize tax deductions across the board and plan your tax strategy for 2020. If you are self-employed there are a number of legitimate business expenses that can be deducted or amortized to lower your taxable income, including equipment, advertising, travel and research.

Charitable Contributions. If you made a resolution to do good in the New Year, plan your charitable contributions now. Charitable giving can also benefit your overall financial plan by decreasing current and future income taxes, as well as reducing potential estate taxes and helping to provide retirement income. Whether you plan to gift during your lifetime or through your estate plan, it is important to understand your options.

College Planning. You have a range of opportunities to save for your children and grandchildren. Coverdell Education Savings Accounts and 529 plans can provide family members with a convenient vehicle for gifts, can potentially offer tax breaks, and most plans let you save over $250,000 per beneficiary.

Retirement Planning. For some, the new year is a time to evaluate when you will be able to retire and enjoy the life you have dreamed of throughout your career. Working with your advisor to align your spending, saving and investment strategies can help you reach your goal of a carefree retirement.

Wealth Transfer. Your resources allow you to open doors for yourself, those you love and the organizations you support. Effective estate planning can help preserve your assets, reduce taxes paid by your heirs and help unlock opportunities for future generations.

Start the conversation today with our Busey Wealth Management professionals to get—and stay—financially fit throughout 2020 and beyond.

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