Click Here to View The Newsletter in a PDF Document

Volunteering Is a Gift to Others—and Ourselves

You Won’t Just Find a Passion, You’ll Find Yourself

Our life experiences, our talents, the people we care about, and the causes that impassion us —they form the core of who we are. We all have so much to offer others, so much to give. It’s important for us to carve out some time in our busy lives to volunteer — our communities we cherish rely on it. And when we give back, we find out we end up giving ourselves a gift too, one that can reinvigorate and perpetuate us getting back out there again and again.

Volunteering connects you to others, enabling you to make friends with a shared interest while increasing your social and relationship skills. In fact, it’s great for your mind and body, effectively counteracting the stress and anxiety we all experience in daily life, increasing self-confidence, providing a sense of purpose, and fostering new perspectives—all while keeping you physically active.

How to Get Started

There are three big things you want to do to prepare for volunteering and jump start this rewarding journey. The first is taking the time to self-reflect and fully understand your core values. This will help you align them to an experience that will keep inspiring you while helping the organization ensure they have the right people to fulfill their mission. The next step is to brainstorm ideas. Family, friends, and coworkers can be a great resource to get you going. The people we are closest to are often able to provide a unique and invaluable perspective on what we’d enjoy the most. Make a list of what you’re passionate about and then whittle it down to three to five things. This will further help you be intentional about choosing how you spend your time giving back, and chances are you’ll find something that will feel right and energize you for a longer period.

Now you’re ready to dive a little deeper and do some research. Rather than starting off by scouring the internet for opportunities related to the top things on your list, target your research strategically. Use phrases that combine your core values and the top things on your list. Try including particular skills you have, your age group, and keywords reflective of the level of commitment realistic for your schedule.

Applying for Volunteer Opportunities.

Some people are surprised that volunteering requires an application process. But nonprofits might be the most organized and strategic organizations you ever come across—because they have to be. They have small budgets and a ton to coordinate for every project in order to accomplish their goals.

These are they key steps you need to follow in the application process and beyond:
• Identify the skills and knowledge you can offer: Nonprofits often require you to have certain skills for specific opportunities. But most also have entry-level opportunities to train you on the
basics.
• Create a volunteer resume: List your skills, interests, and previous volunteer experiences. This allows the organization to quickly match you with the right opportunity.
• Use volunteer websites: There are a lot of these out there and they will often help you find the right experience much faster than you would on your own.
• Get all the details: Before applying for a volunteer position, ensure that you know all of the
details. Learn about the tasks you’ll complete, the level of commitment needed, and any required training.
• Apply for the position: While these applications are usually not as stringent as those for a job, you should still treat the application as if it’s for a professional position. Take time to ensure proper grammar and spelling, and provide references if asked for them. You may also have to interview.
• Complete any required training: Most training will be minimal, but some organizations require you to hold a certification or complete a training course before you can begin volunteering.
• Start with a limited commitment: When you first start, plan your schedule only a month or two into the future. See if you enjoy the position and organization before you make a full commitment.
• Regularly assess your experience: Check in with yourself every few months to make sure you still enjoy the volunteer position. You can always speak with your coordinator about other roles in their organization.

Give Back and You’ll Be Amazed at What You Get Back

Volunteering is a great way to give back to the communities that give us so much. It’s also a great way to stay active, learn and grow. If you follow your passion, you’ll always get back even more than you put into it. Mind, body, heart, and soul — every part of us benefits when we give freely to the causes that mean so much to us. There’s no shortage of causes and organizations, so get out there and explore.

1. HelpGuide.org: Volunteering and its Surprising Benefits

2. Second Wind Movement: 7 Steps to Finding the Right Volunteer Opportunity

3. Indeed: How To Volunteer: 13 Steps To Start Volunteering in Your Community

Important Disclosures

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. CDs are FDIC Insured to specific limits and offer a fixed rate of return if held to maturity, whereas investing in securities is subject to market risk including loss of principal.

Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity.

For public use.MC-1559315FLY30-0623 Tracking# 486571-1 (Exp. 09/25)

2023 Tax Planning Checklist

As we reach the end of 2023, consider evaluating your wealth plan to ensure it reflects any changes in your circumstances or goals, the economic landscape and the current tax environment. Review the checklist below for potential strategies to consider, and work with your wealth management team to take action prior to the December 31 deadline.

Income Tax

• Accelerate income into 2023 to avoid any potential tax rate increases in 2024.

• Defer net investment income or reduce modified adjusted gross income (MAGI) to minimize or avoid the 3.8% surtax on net investment income, which applies to MAGI over $200,000 (single taxpayers), $250,000 (married filing jointly) and $125,000 (married filing separately).

• Review the breaks in the tax brackets for capital gains to determine if you or family members may benefit from a 0% or 15% tax rate on long-term capital gains.

• Review plans to sell assets, other than publicly traded securities, on the installment basis. Installment sales could result in deferring gains into higher income tax brackets under potential tax legislation.

• Consider accelerating itemized deductions into 2023 in the 32%, 35% and 37% tax brackets, if your total itemized deductions will exceed the standard deduction, as itemized deductions may be capped at a 28% tax benefit in the future. Similarly, consider deferring deductions if there is an expectation they will provide a greater benefit under the potential of higher tax rates.

• Review income tax withholding and estimated tax payments. If potentially subject to a penalty for underestimated payments, consider increasing withholding from wages and bonuses in the fourth quarter. Amounts withheld are deemed to be paid equally over each quarter, which can minimize or eliminate an underestimation penalty in the previous three quarters.

Annual Gifting Opportunities

Take advantage of the 2023 annual gift exclusion to transfer wealth to future generations or to make tax-free transfers on behalf of another individual by paying education or medical expenses directly to the provider. The 2023 annual gift exclusion allows for tax-free gifts up to $17,000 per donee without it counting toward your lifetime gifting exemption.

Charitable Giving Considerations

Make sure that any charitable contributions meet the strict substantiation rules. Recent cases have denied many large charitable deductions for failure to adhere to these rules.

A gift to a donor-advised fund can be used to secure a charitable deduction in 2023 while deferring a distribution to a public charity to a later year.

“Give away the gain.” Give appreciated assets held longer than one year to a public charity to get a fair market value income tax charitable deduction while avoiding income tax on the appreciation. The 3.8% surtax on net investment income, if applicable, will also be avoided.

Combine multiple years of charitable contributions into a single year in order to exceed the standard deduction threshold required to fully deduct contributions.

Remember that charitable gifts of appreciated property like real estate, or closely held stock to a private non-operating foundation, only qualify for a deduction equal to the cost basis of the asset. An exception exists for “qualified appreciated stock,” which is eligible for a deduction equal to the fair market value. “Qualified appreciated stock” is defined, in general, as publicly traded stock.

If over 70 1/2 years old, consider making a direct transfer from an IRA to a public charity. The distribution is excludable from gross income if certain requirements are met and satisfy the required minimum distribution requirements (if applicable). Distributions to a donor-advised fund or supporting organization do not qualify for this “IRA Charitable Rollover.”

Is Inflation Easing or Not?

The temporary scare for markets was the confession that the FOMC is unsure where inflation will settle over the next few quarters. In our view, many aspects of inflation are getting less sticky, creating reasonable expectations that inflation will ease further in coming months. Rent prices are off their peak according to industry reports, and investors should also know there is a sizable lag in time between a reported movement in industry rental data and the official government metrics. By the end of the year, the inflation trajectory should be clearer for both policy makers and investors.

Key Dates

December 1, 2023: Recommended date to initiate gifts of qualified, appreciated stock or wire transfers.

December 1, 2023: Recommended date to initiate an IRA Charitable Rollover.

December 31, 2023: The last day charitable contributions can be made and be tax deductible for 2023.

Retirement PLans

Maximize contributions to retirement accounts, such as 401(k), traditional IRA, Roth IRA, SEP and Simple. Keep in mind that legislation may limit the size of these accounts in future years. If age 50 or older, make “catch-up” (up to a total of $7,500 regular and “catch up”) contributions to eligible retirement accounts.

Consider converting a traditional IRA to a Roth IRA. While this will result in taxable income in 2023, assets will accumulate tax-free in the Roth IRA and allow for tax-free distributions in the future when income tax rates may be higher. Note, however, that a Roth IRA conversion will increase AGI and possibly reduce tax breaks tied to AGI or MAGI. Also, consider the effect a Roth conversion will have on your state income tax. For example, a Roth conversion may subject a Massachusetts taxpayer to the new millionaire’s tax. Review retirement account beneficiary designations given the drastic changes in the mandatory distribution period made by the SECURE ACT and the proposed regulations under the SECURE ACT.

interest rates

Review outstanding debt or existing contracts given current interest rates and consider whether refinancing or swapping out of an adjustable-rate loan for a fixed-rate would be beneficial.

Estate Plan Updates

Review wills, trusts and other estate planning documents to ensure they reflect any changes in your personal or financial situations that occurred in 2023 and are likely to occur in 2024.

Leverage the current $12.92 million ($25.84 million for married couples) federal estate, gift and generation skipping transfer tax (GSTT) exemption before it sunsets in 2026, or is reduced by legislation to transfer wealth and potentially mitigate some of the estate and/or gift tax burden. For married couples, consider using one spouse’s full exemption instead of using a portion of each spouse’s exemption, because if the exemption is reduced to the projected $6-7 million range, one spouse will still have their exemption.

Take advantage of the increased lifetime Federal Estate Tax exemption to deploy techniques such as a Spousal Lifetime Access Trust (SLAT), Dynasty Trust or Irrevocable Life Insurance Trust (ILIT).

Consider wealth transfer strategies that become more attractive in a higher interest rate environment such as a Qualified Personal Residence Trust (QPRT) or Charitable Remainder Trust (CRT).

Evaluate allocating increased generation-skipping tax exemption to trusts that are not fully exempt from the generation-skipping tax. Action is advisable before the generation-skipping tax exemption sunsets in 2026 or is reduced by future legislation.

investment conclusions

Rebalance to keep your portfolio on track to meet its intended goals, whether by selling assets that are overweighed in the portfolio, purchasing securities in asset classes that are underweight or simply adjusting future investments to compensate.

Offset the tax impact of any realized gains taken this year by harvesting losses in the portfolio or, in some cases, realizing gains to offset losses (for example, to reduce concentrated stock positions). Any harvested tax losses not offset by gains in 2023 can offset up to $3,000 of other income with the balance carried forward to future tax years throughout investor’s lifetime.

Take advantage of the inverted yield curve via short duration fixed income. Consider investing in an opportunity zone fund to defer the capital gain tax on 2023 gains. When selling securities, choose the tax lot that will yield the most favorable tax benefit.

If considering investing in a start-up, determine if the company’s stock qualifies as “Qualified Small Business

Stock” (QSBS). If so, up to $10 million of gain on the sale of the stock could be excludable from taxable income. Confirm that your investment policy statement is up to date and accurately reflects your investment objectives.

This material is provided for illustrative/educational purposes only. This material is not intended to constitute legal, tax, investment or financial advice. Effort has been made to ensure that the material presented herein is accurate at the time of publication. However, this material is not intended to be a full and exhaustive explanation of the law in any area or of all of the tax, investment or financial options available. The information discussed herein may not be applicable to or appropriate for every investor and should be used only after consultation with professionals who have reviewed your specific situation. The Bank of New York Mellon, DIFC Branch (the “Authorized Firm”) is communicating these materials on behalf of The Bank of New York Mellon. The Bank of New York Mellon is a wholly owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it. The Authorized Firm is regulated by the Dubai Financial Services Authority and is located at Dubai International Financial Centre, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorized by the Prudential Regulation Authority. The Bank of New York Mellon London Branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. The Bank of New York Mellon is incorporated with limited liability in the State of New York, USA. Head Office: 240 Greenwich Street, New York, NY, 10286, USA. In the U.K. a number of the services associated with BNY Mellon Wealth Management’s Family Office Services– International are provided through The Bank of New York Mellon, London Branch, One Canada Square, London, E14 5AL. The London Branch is registered in England and Wales with FC No. 005522 and BR000818. Investment management services are offered through BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, One Canada Square, London E14 5AL, which is registered in England No. 1118580 and is authorized and regulated by the Financial Conduct Authority. Offshore trust and administration services are through BNY Mellon Trust Company (Cayman) Ltd. This document is issued in the U.K. by The Bank of New York Mellon. In the United States the information provided within this document is for use by professional investors. This material is a financial promotion in the UK and EMEA. This material, and the statements contained herein, are not an offer or solicitation to buy or sell any products (including financial products) or services or to participate in any particular strategy mentioned and should not be construed as such. BNY Mellon Fund Services (Ireland) Limited is regulated by the Central Bank of Ireland BNY Mellon Investment Servicing (International) Limited is regulated by the Central Bank of Ireland. Trademarks and logos belong to their respective owners. BNY Mellon Wealth Management conducts business through variousoperating subsidiaries of The Bank of New York Mellon Corporation.

The S&P 500 Total Return Has All-time Highs in Sight

Following its post-summer malaise, the S&P 500 has sternly gained steam, bouncing 9.5% off the October 27th low. Fueled by a softening CPI print, surging performance from top-heavy constituents, and a favorable technical backdrop, the index has its January 2022 all-time highs in sight.

It’s been 471 trading days since the S&P 500 reached its all-time high of 4,796.56 on January 3, 2022. This marks the 11th time since 1950 that it’s traded below a previous all-time high for over a calendar year on a total return basis; the last time being March 2012, which lasted for 1,128 trading days. The longest streak since 1950 occurred between September 2000 and October 2006 when the index (total return) traded below its previous high for a staggering 1,541 days. The chart below shows the duration of such occurrences.

To date, this period marks the seventh longest without a new high since 1950 and has experienced the fourth smallest drawdown. Since the January 3, 2022 high, the index met its trough of -25% on October 12, 2022, and we’re still not back at those highs nearly 23 months later! The largest drawdown we saw was a 55% decline during the Great Financial Crisis (GFC). In the year following the recovery from the GFC (April 2012 to April 2013) we saw a 14% total return from the S&P 500, which lands right at the average of these periods. There was only one period in this study in which the total return of the index was negative one year after the recovery, albeit at -1% from July 1976 to July 1977. The chart below shows peak drawdowns of the previous 10 instances and their subsequent one-year returns post recovery.

As of this writing the index sits just about 6.5% below the January 2022 all-time highs. While LPL Research maintains a year-end fair value of 4,300–4,400 based on an estimated $230 in earnings per share next year, it’s important to note where the market stands relative to history. Technical evaluations show a recent breakout above resistance at 4,400 and a possible re-test of a key 4,600 level. The next six weeks are among the best seasonally for stocks on the calendar. And although breadth remains relatively underwhelming, technology-oriented names continue to be a propellant.

As we get closer to the end of the year and the two-year anniversary of the January 2022 highs, consider what history tells us about the timetable for recovering bear market losses. It suggests that a new record high may not be far off.

Important Disclosures

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. CDs are FDIC Insured to specific limits and offer a fixed rate of return if held to maturity, whereas investing in securities is subject to market risk including loss of principal.

Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity.

Tracking #507210

Pull-Apart Christmas Tree

INGREDIENTS:

• 1 lb. refrigerated pizza dough

• Egg wash (1 egg whisked with 1 tablespoon water)

• 7 mozzarella sticks

• 1/4 cup melted butter

• 1/2 cup finely grated Parmesan

• 1 tablespoon thinly sliced basil

• 1 tablespoon chopped parsley

• 1 tablespoon chopped rosemary

• Marinara, warmed (for serving)

INSTRUCTIONS:

1. Preheat oven to 450°. Line a large baking sheet with parchment paper. Cut mozzarella sticks into 1 inch pieces and set aside.

2. On a floured surface, divide pizza dough into two pieces. Stretch and roll each piece of dough into a long rectangle, then cut dough into 2” squares (you’ll need 33 total).

3. Wrap a dough square around each piece of mozzarella, forming a tightly sealed ball. Place balls seam-side down on the baking sheet in the shape of a Christmas tree (they should be touching). Brush egg wash on dough balls and bake until golden, 15 to 20 minutes.

4. Meanwhile, whisk together melted butter, Parmesan and herbs. Brush on baked pizza balls. Serve warm with marinara for dipping.

Sources:www.delish.com/cooking/recipe-ideas/a50528/pull-apart-christmas-tree-recipe/; Produceforkids.com

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.