As the holiday season approaches, we want to express our heartfelt gratitude to our clients, friends, and partners. Your trust and collaboration have made this year meaningful and impactful. While we can’t predict the markets, we can help you take control of what’s within reach.
To close out 2025 with clarity and confidence, we’ve curated a 20-point checklist; practical, proactive, and purpose-driven. Whether you’re looking to optimize taxes, strengthen your financial foundation, or plan forthe future, there’s something here for you.
Financial Tune-Up
1. Review Your Budget
Reflect on your 2025 spending and savings. Are your dollars aligned with your goals? Adjust for 2026 accordingly.
2. Tidy Up Your Records
Organize key financial documents and receipts. Consider tools like our Vault in your online portal to store documents and stay organized for family.
3. Check Your Credit
Request your free credit report and scan for errors or surprises.
Tax Moves Before December 31
4. Revisit Your 2024 Tax Return
Look for opportunities like Roth conversions or deduction strategies. We’re reviewing these with clients now.
5. Max Out Tax-Advantaged Accounts
Contribute to IRAs, 401(k)s, and HSAs before year-end to reduce your 2025 tax bill.
6. Harvest Tax Losses
We are reviewing and selling underperforming investments. We use losses to offset gains. We are doing this with our clients now.
7. Make Charitable Gifts
Support causes you care about and potentially lower your tax burden. Consider “bunching” donations for greater impact.
At Elevation Wealth Partners, we proudly support:
• Cancer Support Community
• Redwood Empire Food Bank
• Save Mount Diablo
• Ruth Bancroft Garden
• Youth Homes
• Trails Alliance
Investments & Retirement
8. Rebalance Your Portfolio
Ensure your investments still reflect your risk tolerance and long-term goals.
9. Take Required Minimum Distributions (RMDs)
If you’re 73 or older, don’t miss your RMDs; we handle this for all our clients.
10. Open or Fund Retirement Accounts
Review your retirement plan contributions and top off existing plans before year-end.
11. Reassess Retirement Goals
Are you on track? Let’s check in and recalibrate if needed.
Health & Insurance
12. Review Health Coverage
Evaluate your 2026 health plan options, including Medicare and prescription coverage.
13. Consider an HSA
If eligible, a High-Deductible Health Plan paired with an HSA offers triple tax benefits.
14. Update Insurance Policies
Life changes? Make sure your health, life, home, auto, and umbrella coverage still fit your needs.
Strengthen Your Foundation
15. Build or Replenish Your Emergency Fund
Aim for 3–6 months of expenses in a liquid, accessible account.
16. Pay Down Debt
Prioritize high-interest balances and explore refinancing if rates have shifted.
Family & Legacy Planning
17. Update Estate Documents
Review your will, trust, and powers of attorney. Confirm beneficiary designations are current.
18. Talk About Money
Have open conversations with your family about finances, goals, and legacy. We can help facilitate these discussions.
19. Contribute to 529 Plans
Support future education with tax-advantaged savings. Ask us how to make the most of your contributions.
Looking Ahead
20. Meet with Your Advisor
Let’s schedule your year-end review. We’ll reflect on 2025 and map out your 2026 strategy together.
This checklist covers various aspects of personal and business finance, tax planning, and retirement preparation. Be sure to consult with a tax professional or your Elevation Wealth Partners advisor for personalized guidance based on your unique financial situation.
Now is when we are contacting clients to schedule year-end reviews. If there is a date and time that works best for you in the next few months, please contact your advisor or another member of your service team to schedule it. Otherwise, expect to hear from us by email or phone soon.
Important Dates and Deadlines
Nov 27: Thanksgiving – Markets closed; Elevation Wealth Partners offices closed.
Dec 1–15: Ideal window to finalize year-end tax planning – Roth conversions, DAF contributions, bonus timing, capital-gains harvesting.
Dec 25: Christmas – Markets closed; Elevation Wealth Partners offices closed.
Dec 31: Final Day for Multiple Actions –
• Roth conversions
• Charitable contributions
• 401(k)/403(b) employee deferrals
• Last day to take RMDs (Required Minimum Distributions) if applicable
• Deadline to establish Solo 401(k) plans for 2025 (funding can happen later)
• Final day to make business purchases for Section 179 or bonus depreciation
Jan 1: New Year’s Day – The Markets are closed and so are Elevation Wealth Partners