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Naples-Based Investment & Wealth Management Advisory Firm

Year-End Tax and Financial Planning items to Consider

Hand holding piece of jigsaw puzzle with word FINANCIAL PLANNING.
  • IRA owners who are eligible to contribute have until April 15, 2024, to max out for tax year 2023.
  • 401(k) participants have until December 31, 2023, to fund their account with pre-tax earnings to report for tax year 2023.
  • It is legal to have multiple 401(k) accounts; however, the deferral limit (2023: $22,500 and an additional $7,500 for age 50 and older) applies equally to all 401(k) accounts. In addition, not all 401(k) plans have an employer matching component, so it is best to max out on the 401(k) with an employer match to take advantage of the free money.
  • Health Savings Accounts for eligible individuals provide tax-deductible contributions, grow tax free and withdrawals for qualified medical expenses are tax-free. Due to the rising cost of long-term care and medical expenses, these accounts are becoming very popular, especially for younger investors. For 2023, the contribution limit for single health plans is $3,850 and for a family plan is $7,750, plus an additional $1,000 for those age 55 and older.
  • During the last week of 2023, we will be reaching out to clients and/or their tax consultants with the year-end gain and loss reports for 4th quarter estimates and 2024 tax planning.
  • Making charitable contributions with appreciated securities, or to a Donor Advised Fund, are great ways to reduce your potential capital gains taxes and support your favorite charities. If you are interested in supporting a charity, please contact us quickly as there may be issues to consider.
  • If you are age 59 ½ or older and participate in a 401(K) plan, you can consider rolling over your balance to your IRA without affecting future contributions and employer contributions.
  • Review the beneficiaries of all of your accounts (IRA, bank accounts, investment accounts, etc.)

As always, our comments are general in nature. Please call Jennifer or Andy to discuss any of these issues and others to evaluate your overall tax and legal circumstances.

WEBSITE DISCLAIMERS & DISCLOSURE

  • Andrew Hill Investment Advisors, Inc. is registered as an investment adviser with the Securities and Exchange Commission (SEC), and only transacts business in states where it is properly notice filed, or is excluded or exempted from such requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. Information on this website is directed toward U.S. residents only.
  • Information on this website does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. A professional adviser should be consulted before implementing any of the options presented.
  • Information on this website is not an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein.
  • Hyperlinks on this website are provided as a convenience and we disclaim any responsibility for information, services or products found on websites linked hereto.
  • Images and photographs are included for the sole purpose of visually enhancing the website, and should not be construed as an endorsement or testimonial from any of the persons in the image or photograph.
  • Andrew Hill Investment Advisors, Inc. is not engaged in the practice of law or accounting. Always discuss specific legal or tax issues with your attorney or accountant.
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Business Continuity and Succession Plan Disclosure Statement

Andrew Hill Investment Advisors, Inc. (“AHIA”) maintains a Business Continuity and Succession Plan (“BCP”) that has been developed with the goal of protecting the health and safety of our employees and maintaining continuity of service for our clients. Our Plan is designed to ensure that we are prepared to operate through significant business disruptions, so that our clients can access their accounts without significant interruption under most circumstances.
Key elements of our BCP include the following:

  • Critical data from our computer systems is backed up daily to geographically remote, secure facilities.
  • All AHIA employees can access its computer data remotely via secure connection. If AHIA’s primary network is not accessible, AHIA maintains replicas of all files and database servers in a geographically remote disaster recovery network available to all employees over a secure connection.
  • We maintain an office evacuation plan and emergency procedures in the event of a disaster affecting our primary office facilities or surrounding area.
  • We maintain an emergency contact list and procedures updated and distributed on a regular basis.

If your account requires servicing during a significant business disruption and we are unable to assist you, please call Fidelity Investments at 1-800-523-1203 and a dedicated team member will be able to assist you. It is impossible for us to anticipate every potential problem that may occur, but we believe our BCP will enable us to conduct business in the event of a variety of possible business disruptions. We review and test our BCP at least annually and it is subject to modification based on changing circumstances and assessment of need.

As a fiduciary, AHIA has certain legal obligations, including the obligation to act in client’s best interest. AHIA seeks to avoid a disruption of service to clients in the event of an unforeseen loss of key personnel, due to disability or death. AHIA can provide additional information to any current or prospective client upon request to Andrew D.W. Hill, President at 239-450-3999 or [email protected].

Andrew Hill Investment Advisors, Inc.
Privacy Notice

Andrew Hill Investment Advisors, Inc. (“AHIA”) believes it is essential that we maintain the privacy of the nonpublic personal information provided to us and that we obtain in connection with providing our products and services to clients.  AHIA views protecting its customers’ private information as a top priority subject to the requirements of the Federal Gramm-Leach-Bliley Act.  AHIA has instituted policies and procedures to ensure that client information is kept private and secure. 

AHIA limits the use, collection, and retention of such information to what we believe is necessary or useful to conduct our business and to provide and offer clients quality products and services, as well as other opportunities that may be of interest. Information collected may include, but is not limited to name, address, telephone number, tax identification number, date of birth, employment status, annual income, and net worth. 

In providing products and services, we collect nonpublic personal information about our clients from the following sources: 

  • Information we receive from clients on applications or other forms (e.g. investment/insurance applications, new account forms, and other forms and agreements);
  • Information about client transactions with us or others (e.g. broker/dealers, clearing firms, or other chosen investment sponsors); and
  • Information we receive from consumer reporting agencies (e.g. credit bureaus), as well as other various materials we may use to put forth an appropriate recommendation, or to fill a service request.


AHIA does not disclose any nonpublic personal information about its clients or former clients to any non-affiliated third parties, except as permitted by law.  While servicing a clients’ account, AHIA may share some information with its service providers, such as transfer agents, custodians, broker-dealers, accountants and lawyers.  Additionally, we will share such information where required by legal or judicial process, such as a court order, or otherwise to the extent permitted under the federal privacy laws.  

AHIA restricts internal access to nonpublic personal information about clients to those associated persons of AHIA who need to access that information to provide services.  As emphasized above, it has always been and will always be AHIA’s policy never to sell information about current or former clients or their accounts to anyone.  It is also AHIA’s policy not to share information unless required to process a transaction, at the request of a customer, or required by law.

AHIA places strict limits on who receives specific information about client account(s) and other personally identifiable data. As a rule, we do not disclose nonpublic personal information we collect to others. However, because we rely on certain third parties for services that enable us to provide our advisory services to clients, such as our attorneys, auditors, other consultants, brokers, and custodians who, in the ordinary course of providing their services to us, may require access to information, we may share nonpublic personal information with such third parties. 

AHIA may also disclose such information to others upon a client’s written instructions.  Such written instructions may be amended, and/or rescinded at any time in writing.  If a client prefers that we not disclose confidential personal information about them to non-affiliated third parties who provide a product or service that we feel would benefit them, the client may direct us not to make disclosures to such non-affiliated third parties via an opt-out provision.  We restrict access to nonpublic personal information about clients to those persons associated with AHIA, who need access to such information in order to provide our products or services to clients.  We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard clients’ nonpublic personal information. If a client decides to close his/her account(s) or become an inactive customer, we will adhere to the privacy policies and practices as described in this notice. 

AHIA reserves the right to change these Privacy Principles, and any of the policies or procedures described above, at any time without prior notice. However, clients will be promptly provided with a current copy of our privacy notice upon material changes or upon request.  Active clients will receive a current copy of our privacy notice at least annually. These Privacy Principles are for general guidance and do not constitute a contract or create legal rights, and do not modify or amend any agreements.   If you have questions about this privacy policy, or if you wish to amend or rescind your written instructions with us at any time, please call us at (239) 777-3188.