My List

Carolanne Chavanne, CFP®

It seems hard to believe it's October already and time to start planning for year end. As the winter season approaches, now may be a good opportunity to look back at what has happened during the past nine months and, more importantly, to begin to prepare for 2023. In the song My List, country singer Toby Keith talks about his to-do list, singing, "Under an old brass paperweight is my list of things to do today. Go to the bank and the hardware store, put a new lock on the cellar door. I cross 'em off as I get 'em done, but when the sun is set, there's still more than a few things left I haven't got to yet." 

With the idea of list-making in mind, we wanted to take this opportunity to share with you our Year End Checklist. Many of these categories are on the agenda of our Year End Prosperity Planning Sessions held with clients between the months of September and December each year. Here's this year's list -    

Financial Planning

  • Consider Consolidating Bank or Investment Accounts
    Make your financial life more efficient by combining like-registration accounts. This can make filing taxes in the spring that much easier and could even better align your investments with your financial plan and risk tolerance. Schedule your Investment Review appointment with us here.

  • Review and Update your Will and Trust
    We recommend reviewing your estate plan with your attorney every five years or whenever there is a material change to your personal situation. This would include marriage, birth/death, relocation, the sale of a home or property, etc. We also recommend reviewing your account beneficiaries and trusted contact information annually.

  • Consider a Roth IRA Conversion
    Roth IRA conversions allow you to "lock in" the tax rate paid on tax-deferred assets (such as a Traditional IRA). There are a variety of other benefits. Click here to watch our Supercharge Your Finances video on this topic.

  • Analyze your Insurance Coverage
    As property values and inflation have gone up in recent years, reviewing your insurance coverage could be beneficial. Life insurance benefits and primary residence replacement values are the big ones to review now.

  • Strategically Save More 
    Maximizing contributions to your 401k and Health Savings Accounts have a big impact. If you're already maximizing, consider 'Superfunding' your 401k with after-tax dollars or contributing to a 529 College Savings Plan for your child or grandchild.

  • Review Your Employer's Open Enrollment Benefits 
    Have you thoughtfully reviewed your open enrollment options for 2023 employee benefits? Choosing the right level of life insurance and the most appropriate medical plan for you and your family matters.

  • Did you meet your health plan's 2022 annual deductible?
    Consider incurring elective 2023 medical visits before year end to reduce out-of-pocket expenses.

Tax Planning

  • Review Last Year's Tax Return 
    Have your CPA or Prosperity Wealth Planning review last year's return to see if there are any year-end planning considerations you can make now to reduce your tax liability later.

  • Consider Realizing $3,000 in Investment Losses. 
    Take advantage of a down market by realizing investment losses to offset some earned income. Not sure if this is a good move? Schedule a Quick Call.

  • Gift up to $16,000 Tax-Free  
    Consider gifting appreciated stock to a family member in a lower tax bracket rather than writing him or her a check. For 2022, $16,000 per person can be gifted tax-free.

  • Consider Charitable Giving Strategies 
    If you are charitably inclined, you may benefit from gifting appreciated stock or bunching your multi-year gifts into a single tax year to maximize your tax deduction.

  • Satisfy Your 2022 Required Minimum Distribution (RMD)  
    Will you be 72 or older by 12/31/2022? Don't forget to take your RMD from tax-deferred accounts. If you inherited an IRA, you are likely required to take a distribution as well.

  • Expected Changes to Your Taxable Income - Higher or Lower  
    If you expect to have substantially higher or lower taxable income next year, there could be tax strategies worth exploring. Contact us to evaluate your situation further.

Changes going into effect 1/1/2023

  • The Inflation Reduction Act Creates Tax Credits  
    Have you considered making home updates to improve the energy efficiency of your home? What about putting solar on your roof or buying an electric vehicle? There could be new tax credits available to help reduce the cost of these purchases.

  • Social Security Cost of Living Adjustment (COLA)  
    Social Security's COLA is determined using the CPI-W readings from the third quarter (July through September) of the current and previous years. If the average reading from the current year is higher than that of the previous year, beneficiaries receive a raise that's commensurate with the percentage increase, rounded to the nearest tenth of a percent. Expect an increase in 2023. 


News and Coming Events


Client Appreciation Events

Our Texas Client Appreciation event is quickly approaching. We hope to see you at CRU Wine & Food Bar in Plano on October 13th! If you have not RSVP'd, please reach out to Jenny Molnar at by October 9th to get in on the action!


Our California Client Appreciation event will be held at Tin Roof Bistro in Manhattan Beach on November 10th. Please be on the lookout for your invitation via email and RSVP before November 4th for a fun evening with some familiar faces! 

 Supercharge Your Finances – Episode 3 – Planning for the Cost of College

Episode 3 of Supercharge Your Finances – Planning for the Cost of College is live! In this four-part video series Carolanne discusses many aspects of College Planning, including - How Much Savings is Enough, the Financial Aid Process, Grants, Scholarships, and Loans, and Investment Vehicles for College Savings. Click the link below to start watching.  

Coffee with Carolanne – November 17th

Just a reminder that the next Coffee (or Cabernet) with Carolanne is scheduled for November 17th. Please plan to join us for an update on the markets. Look for your invitation by email, coming soon.

Articles of Interest  


With this being our last newsletter of the year, I want to take this opportunity to send along my heartfelt wishes for a wonderful holiday season to every one of you. I'm so appreciative of your loyalty and our ongoing friendship. Thank you for trusting Prosperity Wealth Planning for all your financial planning needs. We hope you can check off all the to-do's on your list!



By Carolanne Chavanne, CFP®

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