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On the Balance Newsletter Logo

A Quarterly Newsletter from the Poodiack Wealth Management Team



The Season of Giving
Gifts for loved ones. Year-end philanthropy. Taking stock of your good fortune and strategies for sharing with others.

Tax planning, end of year preparation, gathering the documents
Reminders and tips to help take the edge off year-end tax preparation.

A Year End Message
Taking stock as the year ends, and preparing for what's to come.

Case Study:
How we helped a senior couple find cost effective solutions that will benefit them now, and their children in the future.


The Season

In the coming season, many of us will focus on giving. Whether giving to individuals, or to charitable funds, people do so often for both benevolent and fiscally responsible reasons.

First let’s look at factors you might want to consider when giving to individuals:

When you give stocks instead of cash:

  • If the recipient is in a lower capital gains bracket than you, when they sell the stock, they may not pay as much taxes as you would have if you had kept the stock and sold it yourself.
  • If the recipient is under age 24, make sure they understand the “kiddie tax” rules
  • When the stocks you give appreciate, the recipient pays no taxes, but if the stock loses value, they also won’t be able to claim that loss. So in some cases, it may make more sense to sell the stock, then give the proceeds to the recipient.
  • If the expenses are paid directly to a school or medical provider for the benefit of someone else, they do not count against the annual exclusion or lifetime gift exclusion.
  • As long as you don’t reach your lifetime limit, or exceed the per-recipient yearly limit ($16,000 for 2022), neither you, nor the recipient will be taxed on the gift.

Trends in Philanthropic Giving to Funds and Foundations:

The following is sourced from Fidelity Charitable®’s Annual Giving Report based on last year’s philanthropic activity. While the information is based on Fidelity Charitable donors, it can be surmised that it reflects overall giving trends of Americans.

Faced with a global pandemic, and natural disasters, racial injustice and political upheaval, charitable donations soared in 2020 to a never-seen-before high of $471 billion (a Giving USA 2021 study). It should be noted that the increase happened during a period of GDP decline.

We can tell what motivated givers by their charitable giving choices; humanitarian aid, food banks, homeless shelters, etc.

As the pandemic arguably subsided and the global economy began to heat up, those who predicted charitable giving would decline were proved wrong! Instead, American philanthropy increased again in 2021:

Last year, Fidelity Charitable donors recommended $10.3 billion in grants to their favorite charities—which is 13% more than in 2020 and a 41% increase over pre-pandemic levels!”1

This year, moved by the crisis in the Ukraine, it appears that charitable giving is continuing its historically high trends.

In the past, people often focused on giving at year’s end to provide tax relief. American philanthropists have risen and responded to the call for urgent support. The need for expedited relief has led to philanthropists seeking ways to quickly get aid to those in need. One way to do so is to create a donor-advised account.

Another values-based approach to giving management is to communicate more frequently with your financial services, tax and legal advisor professionals. Doing so can also ensure you stay informed about new or impending tax laws.

As the focus on giving is growing, Philanthropy is getting more sophisticated. While most philanthropists are motivated by two basic goals; reducing taxes and maximizing their ability to give, they are increasingly also making value-driven decisions about where to give their money.

Some are creating private foundations or charitable trusts. But, donor advised funds are an increasingly popular way philanthropists are getting more strategic about their giving. Some of their decisions that are taken into account include:

  • Best way to take advantage of tax benefits
  • How to use market conditions to benefit them
  • The ability to track the progress of giving against their philanthropic goals
  • Relatively low cost of donor advised funded philanthropy
  • The ability to donate non-cash assets such as cryptocurrency
  • The ability to invest the funds tax-free while deciding what charitable causes they want to support.

Younger, smarter, more strategic

The Millennial generation is now between the ages of 25 and 40 and they’re on track to far exceed the Baby Boomers as philanthropists. According to a Fidelity Charitable study, 74% of Millennials consider themselves philanthropists, compared to only 35% of Boomers.

Tech savvy and concerned about their future, they appear to be using both investment and charitable giving to achieve their value-based goals and donor advised funds are a significant part of that.

If you’re interested in learning more about donor advised funds, contact us at (603) 827-4068.

Watch Liana discuss Donor Advised funds:


End of year preparation, gathering the documents

From coordinating meetings and filing with your accountant, tax attorney, and your team here at Poodiack Wealth Management Group, “tax season” is not a time of year many of our clients look forward to.

The Poodiack team and our affiliates at Raymond James are here to help.

As our client, you’ll receive tax information from Raymond James to help you move through tax filing smoothly. Depending on which category your account falls under, you’ll receive a retail composite Form 1099 Tax Statement in one of three groups:

  • Group 1: Mailed by Feb. 15
  • Group 2: Mailed by Feb. 28
  • Group 3: Mailed by March 15

If you’re unsure which group you’re in, please call us at (603) 827-4068

Navigating through the process

Given the complexity of tax law, it’s understandable that some common misperceptions and myths are held by many about tax filing and returns. Let’s clear up 5 of the most common:


There’s nothing I can do about the amount of tax I owe

The tax code is full of CHOICES we can make to make sure we aren’t tipping the IRS. Withholdings, filing status, qualified accounts, business structure, timing of income, and the list goes on. Don’t choose inaction.


Getting a refund means I’ve won the tax game for the year

A refund is just an interest free loan to the IRS. That’s it. It tells us nothing about how much the IRS kept. Taking intentional steps to reduce the total tax kept by the IRS is how we can get ahead and stop leaving the IRS a tip.


Tax laws are always changing so there’s no point planning for the future, it’s all just a guess

See Myth #1. Doing nothing is still a choice. Taking action on proposed changes has heightened risk, and any tax planning (just like all planning) must include the risk of change.


My employer doesn’t offer a 401(k) so I can’t contribute to qualified retirement accounts

There are numerous ways employees and business owners can take advantage of qualified contributions. There are also non-retirement accounts, such as health savings accounts that taxpayers can take advantage of whether offered by an employer or not.


$1,000,000 in my IRA means I can withdraw $1,000,000 when I retire

Deferring taxes is like having a variable rate mortgage with the IRS without any regulation on what the rates can be. Make sure you understand the tax liability that will eventually come due.

Estate Planning Considerations

You may have created an estate plan years ago, and haven’t given it much thought since then. But estate plans are actually not a “set it and forget it” thing. Situations and conditions change as we progress through life. Your children may have reached adulthood since you first authored your plan. Who you chose to be your executor, may not be the best choice now. Your assets may be different than they were then, and consideration for how to distribute them may need rethinking.

We have strategies and tools available to help. Watch this video and give us a call to review your plan.

Once you’ve received your tax return

If you’re like most people, the tax season closes once you’ve received your tax return. However, one more step is needed. We are always working hard to find strategies for making sure you are not overpaying the IRS. To do so, we need a full copy of your tax return each year.

Each year when we review client tax returns we look for three things:


Extra set of eyes - We all know that ‘mistakes happen’, but when it comes to taxes, having our extra set of eyes combined with our knowledge of your finances, allows us to catch things that others might overlook. For example, one of our tax mentors recently discovered a $16,000 mistake that the tax preparer had missed.


What adjustments do we need to make this year - While taxes don’t drive the proverbial bus, they are an important passenger as nearly everything financial has a direct or indirect tax consequence. Having your tax return each year lets us adjust our strategies accordingly so we can accomplish your goals with as little tax pain as possible.


What plans do we need to make for future years - Please don’t shoot-the-messenger, but a large portion of your nest egg will end up in the hands of the IRS. In fact for most of our clients, taxes are their single biggest expense, especially in retirement. Having your tax return each year lets us make small adjustments now to prevent bigger tax bills later.

How to get us your tax return:

  • Bring it to the office during our next meeting together
  • Mail it to our office:
    Poodiack Wealth Management Group
    34 West Street
    Keene, NH 03431
  • Securely upload a PDF to the link we can email you
  • Email your tax preparer asking that they securely send us a copy

Family and Business Updates:

Business Updates and Achievements:

Liana work recognized by financial publications.

Liana was featured in articles in two top financial publications: Barons and Forbes. Forbes also named her one of the Best in State Women Advisors, and named Poodiack Wealth Management a Best in State Wealth Advisor. We’re honored by the recognition.

Read the Forbes article
Read the Barron’s article
Liana Poodiack, CFP®

We brought on our first ever Intern.

Dave was a Keene State Senior who came to us looking to get experience in our Industry. It was nice that we were able to offer a young aspiring future member of this industry some hands-on experience about what it takes to run a successful financial services firm. He has since moved to Washington DC, but is still pursuing a career in Financial Services. Best of luck to you, Dave!

Travis has been pursuing his CFP designation.

What does "CFP" stand for? Read about it here. Over the past year, he passed the educational requirements to pursue the CFP. He will be spending the rest of the year during his off time preparing for the board exam which takes place on March 14th of 2023. Wish him luck!

Travis Poodiack

Poodiack on screen!

We have now produced an additional 12 videos covering important topics that we’ve found our clients are interested in learning more about. Some of the topics we covered in this year in videos are:

  • The importance of nurturing your financial plan, and practicing patients as it takes root and grows.
  • Three things to do when you’re suddenly in charge of the finances.
  • Challenges for women investors
  • Favorite recipes and cooking as a metaphor for financial planning
  • A Roadmap for the next generation
  • Grooming your children to inherit your financial legacy
  • Five things you need to share with your CPA
  • Our holiday message to you.

Promoting Youth Financial Literacy

This year, we were honored to sponsored NH Jumpstart and their FinLit program which included an event that brought teens from across the state for competitive games centered around financial literature. Helping youths get early knowledge in all things financial is the best way they can ensure their financial wellbeing throughout their lives!

Learn more about NH Jumpstart here

On a personal note...

An end of year message from our family to yours

We’re happy to see some of you getting back to traveling after that COVID hiatus. We love hearing about your cruises and international trips. We recently returned from a family vacation, ourselves — the first one in years. See some photos from our trip to Las Vegas below!

Our Family is growing! Liana’s son Kyle and his wife Stephanie are expecting their first child in March! Liana is excited to become a grandmother!

family portrait of the Poodiack family
Boat on Calm Water Wintry Mountain Landscape Wintry Mountain Landscape
Waves at Sea Boat on Calm Water

We’re excited about what 2023 will bring for Poodiack Wealth Management and for our family. And we can’t wait to see where life takes you!

We know finding your true wealth is not just about money. It’s about the lifestyle that your money affords you.




From the desk of
Liana Poodiack

Liana Poodiack, CFP®
Managing Director, Financial Advisor
34 West Street • Keene, NH 03431
(603) 827-4068


Our clients came to us concerned about taxes during their retirement, and also about the tax burden their adult children may realize when their wealth is eventually transferred to them.

Our clients, a husband and wife, both 67 years old, are in the 22% tax bracket, receiving 110k a year in pensions and social security benefits. They have over a million dollars in tax deferred assets that they do not need to support their retirement as they have other monies they can rely on for that.

Based on previous conversations we learned that one of their core values was not being a burden to their children. So we talked with them about the potential tax burden on their children when they receive these tax deferred assets.

They will need to start taking their Required Minimum Distributions (RMD’s) in the next few years when they turn 72. Over several meetings we gathered additional information and discussed several different strategies to handle these concerns.

We talked about the changes in tax law from the SECURE Act and how that would have an impact on their children when receiving this money.

From a Market Watch story:

The new Secure Act made some significant changes to the laws that govern our retirement.

One of the most significant was the reduction in the ‘Stretch IRA’, which allowed the inheritor of an IRA to slowly take the money out over many decades. This reduced their tax burden, and allowed the money to stay invested in a tax deferred account for a much longer period.

But the SECURE Act changed that.

Now, if you inherit an IRA, the money must be fully withdrawn in 10 years or less. That forces you, or your heirs, to withdraw the account faster and recognize more taxes sooner.

Roth IRAs were not excluded from this new SECURE Act change. But, remember that Roth IRA withdrawals are not taxed. So although the inherited Roth IRA must be emptied within 10 years, there is no significant tax burden for doing so.

This gives an even larger benefit to IRA conversions for those leaving a significant amount of assets to heirs, or for those with heirs already in a high tax bracket". 2

We discussed with the client that due to the SECURE ACT changes, by leaving such a large amount of their wealth being in the tax deferred bucket without doing anything they would be passing that tax liability onto their children, who would then need to pay all those taxes over a maximum 10-year period.

Because of the ages of the parents and their children, this transfer of wealth would occur during the prime working years of their children. Both children, son and daughter are very successful professionals and are in higher tax bracket themselves (32/35% respectively), than their parents.


Because of the ages of the parents and their children, this transfer of wealth would occur during the prime working years of their children. Both children, son and daughter are very successful professionals and are in higher tax bracket themselves (32/35% respectively), than their parents.

Consequently, it made sense to consider strategies to reduce these future tax burdens for the clients' children. The parents understood that by having them pay the taxes now, their children would not have to deal with this burden later. Also, because the parents were in a lower tax bracket, the after-tax total of their available legacy would be higher if they paid the taxes, rather than their children.

To accomplish this strategy we coordinated with the client’s CPA and determined that based on their income tax bracket, we would be able to complete a Roth conversion strategy in the amount of $68,000 without moving them into a higher tax bracket. With agreement from the clients and their CPA, we will be moving forward with this strategy systematically every year for the next 5-10 years. By implementing this strategy, we will substantially reduce the future tax liability for the clients and their children.

By doing this, we are creating a tax-free pool of money for the clients to use during retirement and also something they can pass down to their children tax-free.


These strategies can appear to be complex. We are here to help you understand the different options you have available to you and help to determine if strategies like these make sense given your goals and objectives.


Steward Partners Investment Solutions, LLC (“Steward Partners”), its affiliates and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

When Steward Partners Investment Solutions LLC, its affiliates and Steward Partners Wealth Managers provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account. Steward Partners is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Steward Partners provides investment education, takes orders on an unsolicited basis or otherwise does not provide “investment advice”, Steward Partners will not be considered a “fiduciary” under ERISA and/or the Code. Tax laws are complex and subject to change. Steward Partners does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account.

Please note that the URL(s) or hyperlink(s) in this material is not to a Steward Partners Investment Solutions, LLC website. It was created, operated and maintained by a different entity. Steward Partners Investment Solutions, LLC is not implying an affiliation, sponsorship, endorsement with/of the third party or that any monitoring is being done by Steward Partners of any information contained within the linked site; nor do we guarantee its accuracy or completeness. Steward Partners is not responsible for the information contained on the third party web site or the use of or inability to use such site.

The case study presented is provided for illustrative purposes only. Past performance is no guarantee of future results. The information has been obtained from sources we believe to be reliable, but we cannot guarantee its accuracy or completeness. These strategies do not guarantee a profit or protect against loss and may not be suitable for all investors. Each customer’s specific situation, goals, and results, may differ. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

Source: Forbes.com (September, 2021). America’s Top Wealth Advisors ranking was developed by SHOOK Research and is based on in-person and telephone due diligence meetings and a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC and are not indicative of future performance or representative of any one client’s experience. Neither Forbes nor SHOOK receives compensation from any party, including Steward Partners Investment Solutions, LLC, nor its Wealth Managers in exchange for the ranking. For more information, see www.SHOOKresearch.com.

Source: Forbes.com Forbes Best-in-State Wealth Advisors ranking was developed by SHOOK Research and is based on in-person, virtual and telephone due diligence meetings to evaluate each advisor qualitatively, a major component of a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC and are not indicative of future performance or representative of any one client’s experience. Neither Steward Partners Investment Solutions, LLC nor its Wealth Managers pay a fee to Forbes or SHOOK Research in exchange for the ranking. For more information, see www.SHOOKresearch.com.

Securities and investment advisory services offered through Steward Partners Investment Solutions, LLC, registered broker/dealer, member FINRA/SIPC, and SEC registered investment adviser. Investment Advisory Services may also be offered through Steward Partners Investment Advisory, LLC, an SEC registered investment adviser. Steward Partners Investment Solutions, LLC, Steward Partners Investment Advisory, LLC, and Steward Partners Global Advisory, LLC are affiliates and separately operated.? Poodiack Wealth Management is a team at Steward Partners.

PWM newsletter AdTrax 5076248.1 exp 11/24


1] Source: https://www.forbes.com/sites/karladallevavalas/2022/03/31/3-trends-shaping-philanthropy-in-2022/?sh=5e485422deac

2] Source: https://www.marketwatch.com/story/with-president-trumps-signature-the-secure-act-is-passed-here-are-the-most-important-things-to-know-2019-12-21

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(603) 827-4068

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