Leave Extra Time to Evaluate Year-End Planning Strategies, Say Westmount Advisors

LOS ANGELES, Dec. 2, 2022 /PRNewswire/ -- Now is the ideal time to evaluate and assess year-end financial planning needs, according to the financial planning team at Los Angeles-based Westmount Asset Management ("Westmount"). Putting off this crucial step until the last minute could lead to costly delays or missed tax savings opportunities in the future.

"It's called 'year-end' planning, but this is a misnomer—end-of-year conversations should begin much sooner than you might think," says Felicia Chang, Director of Wealth Strategy at Westmount. "That's because a lot of the strategies involved can take time to analyze and implement, so we recommend our clients give themselves adequate time to evaluate all of their options and only pursue those that are best aligned with their goals and needs."

At Westmount, which manages approximately $4.3 billion in client assets, year-end conversations can begin as early as September, depending on the client's situation and goals for the upcoming year. Many Westmount clients use this period to evaluate current and future liquidity needs, charitable giving priorities, income tax considerations, and longer-term estate planning concerns.

Once your year-end plan has come into focus, Chang recommends staying in touch with your various tax, legal, and financial advisors throughout the rest of the year. Tax laws are constantly changing, she says, so it's important to stay ahead of changes that could affect longer-term plans. An experienced advisor, like Westmount, can help coordinate between the various professionals who comprise your team to ensure everyone is well-informed and working toward the same goal.

"Our financial lives are constantly evolving, and so do our individual needs and goals," Chang says. "By working closely together with your whole advisory team, you can ensure you are in the best possible position to take advantage of any new opportunities that may arise. Don't wait until the last minute to discuss these options with your tax and legal professionals."

Founded in 1990, Westmount is a leading independent investment advisory firm based in Los Angeles, managing more than $4.3 billion in client assets as of Sept. 30, 2022. Westmount seeks to bring clarity and purpose to clients' financial lives by providing objective, independent investment advice complemented by sophisticated financial planning. To learn more, visit www.westmount.com.

Media contact: Bart Zino, Marketing Manager: 310-556-2502 or [email protected]

SOURCE Westmount Asset Management