As the year closes out, a quick check-in can go a long way. This is a good time to make sure the basics are buttoned up, spot any last-minute opportunities, and head into the new year with a clear plan. Below is a simple year-end checklist—if you’d like, we can walk through it together and help you decide what’s worth action now versus what can wait until the new year.
Year-End Financial Checklist
Investments
Set a goal to review your investments to start off the new year. You’ll want to come away with an understanding of your portfolio positions and how they align with your goals. Look over your holdings and revisit your asset allocation.
Asset allocation and diversification are approaches to help manage investment risk. They do not guarantee against investment loss.
Retirement strategy
Consider reviewing your current retirement account contributions, including opportunities to maximize deposits. This may also be an appropriate time to evaluate catch-up contribution eligibility and determine whether to take advantage of these options.
Taxes and tax planning
Year-end is one of the best times to review your tax picture while there’s still time to make meaningful adjustments. As part of our planning process, we can help you coordinate a tax planning review—either alongside your tax professional or as a proactive planning conversation—to identify potential steps before December 31. Depending on your situation, that may include reviewing:
- Withholding and estimated payments
- Realized and unrealized gains/losses (including tax-loss harvesting opportunities where appropriate)
- Cost-basis details for securities you sold
- Potential deductions and timing of certain expenses
- Any property sales or other major taxable events
- Loss carryforwards from prior years (if applicable)
Even a brief review can help avoid surprises and make sure your investment and retirement decisions stay aligned with your tax strategy.
Charitable gifting and family gifts
Plan charitable contributions, contributions to education accounts, and any desired cash gifts to family members. The annual federal gift tax exclusion allows you to give up to$19,000 per recipient in 2025without using lifetime exemption amounts (as long as gifts stay within the annual threshold). You can also explore strategies such as establishing and funding trusts for the family. The end of the year is a good time to review any existing trusts as well.
(*Using a trust involves a complex set of tax rules and regulations—consider working with a professional familiar with the rules before moving forward.*¹)
Life insurance
Year-end is a great time to double-check that policies and beneficiaries are up to date. Review premium costs and consider whether your insurance needs have changed. Several factors can impact cost and availability, including age, health, and policy type.
Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, surrender charges and income tax implications may apply. Any guarantees are dependent on the issuing insurance company’s ability to pay claims.
Life events
Think back on any major life changes this year:
- Marital status
- Moving
- Changing jobs
- Buying a home
- Starting a business
- Inheritance
- Gifts
- Additions to the family
Any of these can impact your financial plan, taxes, and insurance needs. Even if we’ve already discussed them, it’s worth bringing them up again during a year-end or early-year review.
¹ IRS.gov, 2025
If you’d like, we can use this checklist to guide a quick review and prioritize what matters most for you heading into 2026. Just reply to this email or give us a call at (218) 723-4108, and we’ll get something scheduled.
Wishing you a smooth close to the year and a great start to the new one!
The Marline Wealth Management Team