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October Newsletter

Hello October!

October is of course the month that brings us Columbus Day and Halloween. But here are some fun facts you probably don’t know:

October was named after the Latin word “octo” meaning “eight.” That’s because it was originally the 8th month of the year until the introduction of the Roman calendar, which added July and August, making it the 10th month.

October used to be called “Winterfylleth” by the Anglo-Saxons, which means “the fullness of winter.” It referred to the fact that October had the first full moon of the winter season. More presidents of the United States have been born in October than any other month

Your Finances
Tax changes are on the way. Be prepared!

With tax changes on the horizon, it’s important not to wait for Congress to make its final decisions. NOW is the time to review your finances and estate plans with your investment advisor. Here are some year-end deadlines:
 
RMDs
Required minimum distributions (RMDs), which were waived in 2020 due to the coronavirus pandemic, are back for 2021. Be sure you have taken RMDs from your retirement account if you are over the age of 70 ½ or 72, depending on your birthdate. The SECURE Act of 2019 made changes to the minimum RMD age, so if your 70th birthday was July 1, 2019 or later, you are not obligated to take an RMD from your retirement account until you reach age 72.
 
If you did not reach age 70 ½ in 2019 but are 72 years old before the end of 2021, your first RMD will be due by April 1, 2022 and the second by December 31, 2022. To avoid two withdrawals in the same tax year, you can take your first RMD by December 31, 2021.
 
529 Contributions
These are due by December 31, 2021.
 
Gifting
The 2021 gift allowance of $15,000 per-person must be completed by December 31, 2021 in order to avoid any tax consequences.

Roth Conversions
Roth conversions should be completed by December 31, 2021.

Axiom News

A warm welcome for new Axiom Insurance Solutions team member

Axiom is excited to welcome Luke Rother as our new Director/Insurance specialist for Axiom Insurance Solutions. His specialty is life insurance, and you’d be hard pressed to find an advisor who’s more dedicated to the field. “In financial planning in general, I think a lot of people get in this business because they like the investment side of things, like the stock market. Well I enjoy insurance,” Luke says with a laugh. “I like learning about the products, collaborating with the other advisors on the insurance side and creating a cohesive team that will bring added value to our clients.”

Making the Scene
U of L Family Business Center Summit

Axiom’s Family and Business Advisory Group (FABA) was proud to be a title sponsor of the University of Louisville Family Business Center 2021 Summit: Thriving Across Generations. Joe Astrachan, Ph.D, past executive director of the Cox Family Enterprise Center at Kennesaw State University, was the keynote speaker. Axiom CEO Vaughan Scott also participated in the program. Following the speakers, legacy families from Kentuckiana held a panel discussion and shared their multigenerational success stories.


“Indaba” Presented by Lion Street

Team members Michelle Konkle and Luke Rother attended a life insurance conference in Dallas, presented by Lion Street. Known as INDABA, it’s an annual meeting of Owner firms to exchange new ideas and the latest techniques for working with clients on their planning needs, which can incorporate life insurance. Indaba is a South African word describing the gathering of tribal leaders to share ideas about what is best for the community. Lion Street explains further, saying, “By tradition we gather each year in the spirit of an Indaba to inspire each other with ideas and best practices.”

Kid’s Corner
Have some fall fun making crafts out of found objects.

With the fall season, comes the bounty of nature and lots of material for clever art projects to do with your kids. These easy ideas aren’t necessarily connected to Halloween or Thanksgiving. They can be used and displayed any time – like these fun and colorful Strawberry Acorn Magnets. Good Housekeeping has gathered together 25 fall crafts that will brighten your home or make great gifts for family and friends. 

https://www.goodhousekeeping.com/life/parenting/g33276111/fall-crafts-for-kids/

Things To Do

Jack O’Latern Spectacular is back! The event, celebrating its 9th year, is held in Louisville’s Iroquois Park. It features 5,000 carved pumpkins illuminated at night as an “art show”. The Spectacular runs daily from dusk to 11 p.m., weekdays (Sunday-Thursday), and closes at midnight on Friday and Saturday.

Boo at the Zoo – A Louisville tradition for over 40 years, Boo at the Zoo transforms the zoo into a living storybook, complete with some of your favorite characters brought to life, fun music and a safe place for trick-or-treating for kids 11 and under. The celebration starts at 5 p.m. Thursdays through Sundays in October.

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