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Enjoying the Ride: A time for giving

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There is a chill in the air, snow has started to fall in the mountains and holiday lights, decorations and shopping has begun not only here in the Gallatin Valley but across the country and the globe. Yup, it’s that holiday cheer time of the year again.

I trust that for most of you and your families, 2021 was an improvement over 2020. Thanks to wide-spread vaccine distributions, school and employment re-openings, the return of travel, retail shopping and dining out it certainly feels a lot better than it did a year ago. 

With that said, there is no doubt COVID-19 continues to be a hurdle for families, businesses and the global economy but it feels like we continue to march toward a return to a more normal environment. Cheers to an even better 2022 ahead!

In the spirt of the season, I thought it would be nice talk a little bit about gifting. ‘Tis the reason for the season after all. If you’re fortunate enough to consider making a monetary gift to family members or friends, remember that the annual gift tax limit for 2021 is $15,000 per person or up to $30,000 per couple. Grandparents could also consider gifting college funds to grandchildren. If you gift to a 529 plan, the IRS allows up to five years’ worth of contributions at once with the potential to avoid gift tax consequences. An individual could contribute $75,000 or a couple could contribute $150,000 to a beneficiary in one lump sum.    

For those of you who are philanthropically inclined, don’t forget those valuable and hard-working 501(c)(3)s on your list. Although a cash contribution is always welcome, a donor can also choose to gift appreciated publicly traded stock owned for more than 12 months and the donor reports the donated value as the fair market value at the time of the transfer which may create a nice tax benefit.

Finally, do not forget to make room for a gift for yourself. It’s not too late to increase your contributions to your 401(k) or other employer or self-directed retirement plans. Furthermore, you can plan to fully fund your Roth or Traditional IRA for 2021 prior to Tax Day on April 18, 2022.

You may also consider the gift of fitness by purchasing a gym membership, work out equipment or just carve out some time for yourself to get outside and exercise. Never forget that the gift of learning a new skill or subject is always a winner as well.

With gifting in mind, I hope you all receive the gift of health and happiness this holiday season and that you and yours Enjoy the Ride!

The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.

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