10.4.24

4Q: A few year-end reminders

As the year begins to draw to a close, it’s a good idea to take stock of your financial health, including your investments and estate plan. Below are 7 important items to consider to set a solid foundation for the year ahead.

401(k) contribution limits and deadlines. For most 401(k) plans, the deadline to contribute is December 31, 2024. This deadline also applies to participants who are 50 or older at the end of the calendar year 2024.
IRA contribution limits and deadlines. You can make 2024 contributions to your Roth or traditional IRA until April 15, 2025.
Required minimum distributions (RMDs). Remember that you face an excise tax on any RMD that you fail to take on time. You must calculate the RMD separately for each IRA that you own other than any Roth IRAs, but you can withdraw the total amount from one or more of your non-Roth IRAs.
Revisit your current income needs. If you rely on your investment portfolio to partially or fully support your lifestyle, you may want to visit with your financial advisor to estimate the cash flow your portfolio is expected to generate next year. If any other sources of income were disrupted last year, you might also want to talk about modifying your overall financial plan.
Review your estate planning documents. Take a look at your will, health care power of attorney, advanced medical directive, and general power of attorney to make sure all names are up to date and they reflect your wishes.
Review your beneficiary designations. Beneficiary forms often supersede will and trust directives in court, and not updating them is a common (and potentially expensive) mistake. It is a good idea to review and update them each year.
Revisit your charitable giving strategy. If you’re giving intentionally, rather than reactively, you can have a bigger impact on the causes you care about most. Factors to consider: gifting appreciated assets “in-kind,” family gifting before year-end, Qualified Charitable Distributions (QCDs), and establishing a Donor Advised Fund (DAF) account. Visit with your financial advisor for more information on these topics.

Mark Green passes CFP® exam

We are proud to announce that Mark Green, Meriwether planning specialist, has passed the CERTIFIED FINANCIAL PLANNER™ exam!

To achieve this, Mark completed rigorous education and training requirements in the areas of:

• financial planning

• risk management

• investments

• tax planning and management

• retirement and employee benefits

• estate planning

Mark is also committed to meet ongoing continuing-education requirements and uphold the CFP® Board’s Code of Ethics and Professional Responsibility, Rules of Conduct, and Financial Planning Practice Standards.

Mark will receive his CFP® designation in early 2025 once he meets the required hours of professional experience.

Congratulations, Mark!

Jessica Lewis hired as client service specialist

We are proud to announce that Jessica Lewis has joined Meriwether as a client service specialist on our frontline team.

Jessica brings with her 15 years of leadership and community service as the executive director of the Joe LeBlanc Food Pantry – a position she will continue to hold. As executive director, Jessica is responsible for managing client applications, volunteers, food ordering and distribution, record keeping, fundraising, and community relations. JLFP currently meets the needs of an estimated 600 food-insecure families in Webster Parish.

A Shreveport native and alumna of Southwood High School, Jessica is passionate about making a positive impact both professionally and in her community. Her dedication has earned her recognition as Minden’s youngest Woman of the Year recipient in 2015 and a past 15 Under 40 Young Professional nominee.

Jessica lives in Minden with her husband, Chris, and their children, Logan and Morgan. Outside of work, she enjoys gardening, garage sale shopping, and supporting her children’s various sports activities.

Welcome to the team, Jessica!

Client Appreciation Event is Friday, October 18

The importance of having a will

A last will and testament – or simply referred to as a will – provides a clear framework for the distribution of assets and addresses unique state laws that can complicate estate matters. Louisiana operates under a civil law system, which differs significantly from the common law systems prevalent in most other states. This legal framework emphasizes the importance of having a will to ensure your intentions are respected after your passing.

In Louisiana, you can indeed create a handwritten will, known as a holographic will. For it to be valid, however, it must be entirely written, dated, and signed by you. This option allows for a more informal approach to drafting a will, but it’s essential to ensure that it meets all legal requirements to avoid disputes or complications during probate.

Without a will, Louisiana’s intestacy laws take effect, determining how your estate is distributed. This means that your assets could be allocated in ways you did not intend, possibly favoring distant relatives while excluding immediate family or loved ones. Such scenarios can lead to disputes among heirs, resulting in emotional strain and lengthy, costly probate proceedings. By drafting a will, you can specifically designate beneficiaries, providing clarity, and reducing the risk of conflicts.

Furthermore, a will allows you to appoint an executor – someone you trust to manage your estate according to your wishes. This individual will be responsible for settling debts, distributing assets, and ensuring that your instructions are followed. In Louisiana, where community property laws govern shared assets between spouses, having a will is especially vital to navigate these complexities effectively.

Another critical aspect of a will is the ability to designate guardians for minor children. In the absence of such provisions, the court will decide guardianship, which may not align with your preferences. By outlining your wishes in a will, you can ensure that your children are cared for by individuals you trust.

Finally, having a will promotes peace of mind. Knowing that your affairs are in order and that your loved ones will be taken care of according to your wishes can provide comfort during difficult times.

Meriwether has a working relationship with several area attorneys who can assist in the drafting of a will, as well as other estate planning documents. For more information, please reach out to your financial advisor.

Disclosure: Meriwether Wealth and Planning is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

meriwether.com 1000 Broadway St., Minden, Louisiana 71055 318-377-1803

CONNECT WITH US