CINCINNATI, Dec. 15, 2016 /PRNewswire/ -- As 2016 draws
to a close, an estimated one in three Americans will make a
New Year's resolution related to
their finances.
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To support year-end planning success, Fifth Third Private Bank
(NASDAQ: FITB) recently released digital guides with strategies for
individuals and families to consider in preparation for tax season.
Among the strategies, Fifth Third experts recommend reducing
taxable income, maximizing investment opportunities and
strategically planning for charitable giving.
1. Reduce taxable income
In order to offset taxable income, the most important strategy for
investors to consider is tax-loss selling and taking advantage of
underwater securities.
"Selling stocks, bonds or mutual funds that have lost value
should be a priority this time of year," said Jeff Korzenik, chief investment strategist for
Fifth Third. "When done in conjunction with rebalancing a
portfolio, investors can minimize the tax consequences and
impact."
Additionally, Korzenik suggests taking interest rates into
account throughout the planning process. Gradual interest rate
increases are being monitored for next year, which are typically
associated with the latter half of an economic expansion. With this
in mind, investors should expect lower returns from the bonds
portion of a portfolio and be more selective in their equity
investments as they plan for next year.
2. Maximize investment
opportunities
To wrap up 2016, Melissa Register,
senior wealth planner for Fifth Third Private Bank, recommends
being selective in investment decisions. By working with a wealth
management advisor, you can ensure that your allocation aligns with
your goals and time horizon for both your taxable and tax-deferred
accounts. From this checkpoint, you can identify necessary
adjustments.
"Investors can plan ahead by rebalancing portfolios and
diversifying their investments before the close of the year," said
Register. "There are significant growth opportunities for 2017 in
alternative investments and selective international exposure."
3. Plan for charitable giving during the
holidays
When it comes to charitable giving, Glen
Johnson, managing director of Mirador Family Wealth
Advisors, suggests engaging family members in the decision-making
process.
"More than half of charitable giving is done in one month of the
entire year: December," said Johnson. "Holiday gatherings are an
opportune time for families to set joint year-end goals and develop
a strategy for allocating philanthropic donations in 2017."
Johnson also suggests using assets that have appreciated in
value as gifts for charitable donations to avoid capital gains.
"People often don't think about real estate, collectibles or art as
potential gifts, which could ultimately fund a new program or service for a charity,"
said Johnson.
For more information on tax planning and other tips, or to
identify a Fifth Third Private Bank advisor to assist with your
year-end tax planning, visit www.53.com/wealth-management.
About Fifth Third Bank
Fifth Third Bancorp is a
diversified financial services company headquartered in
Cincinnati, Ohio. As of
September 30, 2016, the Company had
$143 billion in assets and operates
1,191 full-service Banking Centers, including 94 Bank Mart®
locations, most open seven days a week, inside select grocery
stores and 2,497 ATMs in Ohio,
Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Georgia and
North Carolina. Fifth Third
operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Wealth & Asset Management. Fifth Third
also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is
among the largest money managers in the Midwest and, as of
September 30, 2016, had $314 billion in assets under care, of which it
managed $27 billion for individuals,
corporations and not-for-profit organizations. Investor information
and press releases can be viewed at www.53.com. Fifth Third's
common stock is traded on the NASDAQ® Global Select Market under
the symbol "FITB." Fifth Third Bank was established in 1858. Member
FDIC, Equal Housing Lender.
This information is intended for education purposes only and
does not constitute the rendering of tax or legal advice. Fifth
Third does not provide tax or legal advice. Please contact your tax
advisor or attorney for advice pertinent to your personal
situation.
Fifth Third Private Bank is a division of Fifth Third Bank
offering banking, investment and insurance products and services.
Fifth Third Bancorp provides access to investments and investment
services through various subsidiaries. Investments, investment
services, and insurance:
Are Not FDIC
Insured
|
Offer No Bank
Guarantee
|
May Lose
Value
|
Are Not Insured by
Any Federal Government Agency
|
Are Not A
Deposit
|
Insurance products made available through Fifth Third Insurance
Agency, Inc.
Copyright © 2016. Fifth Third Bank
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SOURCE Fifth Third Bank (NASDAQ: FITB)