Last month we shared five things that can still be done in December to minimize your 2020 taxes. With only a day left in the year, the number one thing you can still do to offset your taxes is to GIVE.

Giving is a tax one two punch – lowering taxes today and tomorrow. 

Charitable contributions are tax-deductible in the year you make the gift, either to your favorite organization or your Donor Advised Fund. By contrast, gifts to individuals provide a longer-term benefit – they are a great way to lower your overall estate and reduce the amount that is potentially subject to estate taxes in the future. Cumulative gifts to an individual up to $15,000 [$30,000 for a married couple filing jointly in 2020] are under the annual gift exclusion and do not require a gift tax return to be filed. If you give more than $15,000 to one person, you may have to file a gift tax return, and we would encourage you to consult with your tax professional. Of course, for clients of Hill Investment Group, we handle the consultation and coordination.

We often ask prospective clients if they are clear on their fees, returns, and allocation. Most are fuzzy on the answers. In our world, we value transparency and keep a close eye on fees, exerting pressure where there is room for a reduction. We are pleased to share that Dimensional Funds just announced meaningful reductions in management fees for the equity funds we invest in for our clients and ourselves. The majority of our clients will experience 20% lower fees on the equity portion of their Dimensional investments. We’ll be sharing the details in future client meetings, but for now, know that the odds of long term success just got better!

Here at HIG, we are passionate about service and hospitality. What does this really mean to us? In this short post, I’ll share a couple of points on how we approach serving you. Since our founding 15 years ago, we have talked inside our walls about the magic combination of two places: Cheers and the Four Seasons. 

If you are under age 35, you might not be familiar with the fictional bar Cheers. For the rest of us, we know Cheers is the home away from home, where everyone knows your name. While we may not scream out your name when you walk through our doors like those famous Cheers regulars, we seek to create a welcoming space at HIG. Our goal is that everyone who walks through the door, from our favorite mail carrier (Saronda we’re talking to you) to our newest prospect, feels this intention. 

We also look to the Four Seasons approach, where any staff member is empowered to solve a client’s problem and even anticipate her needs. This means each one of us on the team takes personal responsibility for helping our clients. How does this change your experience? In short – we make it happen. Whatever you need. One recent example, my colleague Abby recently completed a last-minute, socially-distant emergency notarization for a client before their child left for college.

Now that you know more about our aim, we want you to hold us accountable. If you have any suggestions for us, let’s talk. You can book 15 minutes with me here.