If you can believe it, we’re entering the last quarter of the year. Time sure did fly by, but before 2025 officially ends, there are still a few financial matters to address.

In this week’s Money Wisdom Question Series, Heath Grossman, CFP® shares some key financial planning steps to take before the year is up.

Step 1: Review Your Investment Portfolio

Take this time to review your current investment strategy. Does your portfolio still align with your long-term financial goals, or do you need to adjust? Assess whether your portfolio continues to support your income needs and vision for retirement. If it no longer serves you, discuss modifying your investment approach with your financial advisor.

Step 2: Plan for Charitable Giving

To qualify for tax benefits this year, you must make charitable contributions by December 31. Charitable giving can be a great way to maximize your tax savings while supporting a cause that matters to you.

Another tax-efficient strategy to implement is to make a Qualified Charitable Distribution (QCD). You can make a QCD if you have an IRA account and are over age 70½. This approach allows you to donate directly from your pre-tax retirement accounts to a qualified charity. Plus, the distribution does not count as taxable income, which can help lower your tax liability.

Step 3: Evaluate Your Tax Strategy

Recent tax law changes are even more of a reason for you to assess your current tax strategy. First, determine whether these changes will affect your tax situation. Then, consider what steps you can take to better prepare for tax season.

One approach many people use toward the end of the year is tax-loss harvesting. This strategy involves selling certain investments to offset capital gains and potentially lower your tax bill.

Step 4: Update Your Estate Plan

Many people overlook the importance of estate planning. Reviewing your estate plan can help ensure that your legal documents are all up to date and still reflect your current wishes. As life changes occur, consider meeting with your advisor and attorney to discuss adjusting your plan.