The word ‘review” has a long list of synonyms:  analysis, audit, one-over, reconsideration, rethink, reassessment, fresh look, second look.  Webster’s dictionary defines “review” as “a formal assessment or examination of something with the possibility or intention of instituting change if necessary.” Strategic Wealth Planning is a planning firm. As such, we have prepared a wide-ranging list of review items for your consideration.  We encourage you to take time to examine the following important matters.

  1. Appointment Review
    Review those documents, which appoint the persons who will act on your behalf while you are living and after your death. Do you need to make changes?
    • The attorney in fact named in your medical and health care powers of attorney.
    • The executors and guardians named in your Will.
    • The trustees you named in your Trusts.
  1. Beneficiary Review
    Who are the beneficiaries and contingent beneficiaries named in the following documents who will receive property upon your death?
    • Wills
    • Revocable trusts
    • Life insurance policies
    • Retirement plans
    • Bank accounts left “Payable on Death”
  1. 2022 Gifting Review For 2022, the annual gift-tax exemption has increased to $16,000 per donor, per recipient.
  2. 2022 Retirement plan contribution review
    Calculating the amount of retirement contributions you can make in 2022 can be complex.  For detailed information visit
  3. RMD and QCD Review
    The Secure Act made major changes to the Required Minimum Distribution (RMD) rules. If you reached the age of 70½ in 2019 the prior rule applied, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72. For inherited IRA’s the rules are complicated especially if the beneficiary is not a spouse or if the spousal beneficiary is more than 10 years younger than the deceased spouse.

A Qualified Charitable Distribution (QCD) is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the calendar year.

While many IRAs are eligible for QCDs – Traditional, Rollover, Inherited, SEP (inactive plans only), and SIMPLE (inactive plans only) – there are requirements:

    • You must be 70½ or older to be eligible to make a QCD.
    • QCDs are limited to the amount that would otherwise be taxed as ordinary income. This excludes non-deductible contributions.
    • The maximum annual amount that can qualify for a QCD is $100,000. This applies to the sum of QCDs made to one or more charities in a calendar year. (If, however, you file taxes jointly, your spouse can also make a QCD from his or her own IRA within the same tax year for up to $100,000.)
    • For a QCD to count towards your current year’s RMD, the funds must come out of your IRA by your RMD deadline, generally December 31.
    • Contributing to an IRA may result in a reduction of the QCD amount you can deduct. (The aggregate amount of deductible IRA contributions you make to your IRA after you turn 70 1/2 will reduce the amount of the QCD that is not includible in your gross income.)
  1. Federal Withholding Review
    Mid-year is a good time to review your federal withholding make sure you are not having too little or too much Federal  tax withheld from your pay check.  (For clients who live in states with a state income tax, you should review state income tax withholding as well).  Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if you should make a withholding change.

As always, please contact us with any questions you may have and we will be happy to discuss them with you.

The SWP Team