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Give Thanks, Give Wisely – 12 Year-End Financial Moves
- Ascend Advisory Group
- Nov 11
- 4 min read
Legacy Planning & 12 Year-End Tax Strategies for 2025
By Abram McCarty, Financial Advisor (LinkedIn)
Aligning your wealth with your values this Thanksgiving season
As Thanksgiving approaches, we pause to say thank you — not only for the trust you’ve placed in us, but for the privilege of helping you protect what matters most. Your goals and stories shape the work we do every day, and we’re honored to guide you toward financial confidence, clarity, and legacy.
This season naturally brings reflection — on gratitude, family, and giving. It’s also an ideal moment to review your investment and estate plans to help make sure that they align with what you value most.
The Family Love Letter: Estate Planning with Heart
One of the most meaningful tools we frequently discuss with clients is the Family Love Letter — a guide for organizing your estate, personal wishes, and financial roadmap so your loved ones have direction when they need it most.
Rather than thinking of estate planning as a stack of legal documents, this booklet approach encourages you to write a personal message to your family — sharing hopes, values, and guidance on how your investment plan supports them. Donna Pagano, national speaker and champion of helping families “get their house in order,” wrote The Family Love Letter, which truly brings warmth and meaning to the wealth transfer (featured in the WSJ & Kiplinger’s Retirement Report).
At Ascend, we believe true wealth isn’t just accumulated — it’s articulated. If you haven’t yet received a Family Love Letter guide from your advisor, please ask about it. It’s a simple but powerful way to turn planning into legacy.
Giving Season: Aligning Purpose and Planning
Charitable giving is one of the most rewarding ways to extend your impact. Whether you give time, talent, or treasure, this season is an opportunity to match your generosity with your investment goals.
Our guide, Maximizing Your Impact: 4 Points on Charitable Giving, outlines practical strategies — from donor-advised funds to qualified charitable distributions — that help you give efficiently and meaningfully.
When paired with estate planning, these acts of generosity can create something lasting: a legacy rooted in both values and vision.
12 Tax-Saving Tips for 2025 (Updated with new contribution limits and thresholds)
Below are 12 timely actions to consider with your advisor or tax professional:
1. Meet with your financial advisor.
Review your investment plan and align it with your goals and tax outlook.
2. Maximize retirement contributions.
For 2025, the elective deferral limit for a 401(k)/403(b) is $23,500, with a $7,500 catch-up for those age 50+ and a $11,250 “super” catch-up for ages 60–63 (if applicable).
3. Harvest tax losses.
Offset realized gains and consider deducting up to $3,000 in net losses against ordinary income.
4. Donate to charity.
Strategically bunch contributions or use donor-advised funds to help with greater tax efficiency.
5. Use Flexible Spending Accounts (FSAs).
Spend down remaining balances before year-end unless your plan allows a rollover.
6. Review tax withholdings.
Avoid penalties or large refunds by checking with your employer or accountant.
7. File required business reports.
Small business owners: confirm compliance with the FinCEN beneficial ownership report under the Corporate Transparency Act.
8. Complete Required Minimum Distributions (RMDs).
If you turned 73 this year, be sure your distributions are complete to avoid penalties.
9. Contribute to a Health Savings Account (HSA).
For 2025: $4,300 individual / $8,550 family, plus $1,000 catch-up for age 55+.
10. Explore available tax credits.
Look into the Child Tax Credit, education credits, or clean energy incentives.
11. Fund a 529 plan.
Save for education while potentially receiving state-level deductions or credits.
12. Get organized early.
Gather W-2s, 1099s, receipts, and charitable records before tax season begins.
Your Next Step
At Ascend, we believe investment planning is most powerful when it reflects who you are — not just what you own. This season, take time to revisit your plan, review your giving, and consider writing your own Family Love Letter. It’s one of the most meaningful ways to say “thank you” to those you love.
If you’d like a copy of the Family Love Letter or want to schedule a year-end investment planning review, reach out to your financial advisor. We’d be honored to help you align your plan with your purpose.
Donations are irrevocable charitable gifts. The sponsoring organizations maintaining the fund have ultimate control over how the assets in the fund accounts are invested and distributed. Donor Advised Funds donors do not receive investment returns. The amount ultimately available to the Donor to make grant recommendations may be more or less than the Donor contributions to the Donor Advised Fund. While annual giving is encouraged, the Donor Advised Fund should be viewed as a long-term philanthropic program. Tax benefits depend upon your individual circumstances. You should consult your Tax Advisor. While the operations of the Donor Advised Fund and Pooled Income Funds are regulated by the Internal Revenue Service, they are not guaranteed or insured by the United States or any of its agencies or instrumentalities. Contributions are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Donor Advised Funds are not registered under federal securities laws, pursuant to exemptions for charitable organizations.
Please consider the investment objectives, risks, charges and expenses carefully before investing in a 529 savings plan. The official statement, which contains this and other information, can be obtained by calling your financial advisor. Read it carefully before you invest.
Wells Fargo Advisors Financial Network is not a legal or tax advisor. Be sure to consult your own tax advisor and investment professional before taking any action that may involve tax consequences.