What if you could leave more to your family or give more to charity simply by changing which account the money comes from?

Here are five tax-planning opportunities that could help you keep more of your money working for the people and priorities that matter to you.

1. Make use of a lower income year

A lower income year in retirement may create an opportunity to convert part of a traditional IRA to a Roth IRA. You generally pay income tax on the conversion now, while qualified Roth withdrawals are tax-free later.

The question is whether paying tax today makes sense compared with what you might pay later. A smaller conversion may fit better than converting the whole account. Review the effect on your tax bracket, Medicare premiums, and other benefits before deciding on an amount.

2. Review which spouse takes retirement withdrawals

Eligible New Yorkers age 59½ or older may exclude up to $20,000 of qualifying retirement income from state taxable income. Each spouse has a separate exclusion, and unused amounts cannot be transferred between spouses.

For a couple withdrawing $40,000, taking $20,000 from each spouse’s qualifying IRA may reduce state taxes compared with taking everything from one. Both spouses must qualify and have their exclusions available. Federal taxes and required withdrawal rules still apply.

3. Check your IRA before writing a charitable check

At age 70½ or older, you may be able to give directly from an eligible IRA through a qualified charitable distribution, or QCD. When the rules are met, the gift is excluded from income and can count toward your required minimum distribution.

You do not need to itemize to benefit, but you cannot also deduct the excluded gift. Arrange the direct transfer before withdrawing the money yourself. Annual limits apply, and donor-advised funds are not eligible QCD recipients.

4. Consider what you give and when

Donating appreciated stock held for more than a year directly to an eligible public charity can generally avoid realizing a capital gain. An itemized deduction may also be available, subject to applicable rules and limits.

A donor-advised fund can help combine several years of planned giving into one contribution year, with grants recommended to charities over time. Any available deduction relates to the contribution, not the later grants. Contributions are irrevocable, and the sponsor controls the assets. Compare the potential tax benefit and fund costs with giving directly.

5. Match your beneficiaries with the right assets

If you plan to leave money to both family and charity, consider which assets go to each. Heirs generally owe income tax when withdrawing pretax IRA money; a qualifying tax-exempt charity generally does not. Inherited brokerage investments generally receive a cost basis adjustment, which can reduce the taxable gain when heirs sell.

Naming a charity as an IRA beneficiary and leaving other assets to family may therefore be more tax-efficient. Review your beneficiary forms, will, and trusts together with your advisor and estate planning attorney.

Have the conversation before you act

The right approach depends on your income, accounts, and goals. Before your next withdrawal, gift, or beneficiary update, ask whether a different approach could accomplish your wishes more tax-efficiently.

At Hamilton Wealth Management, we help clients evaluate these decisions and coordinate with their tax and estate planning professionals when appropriate. Contact us to schedule a complimentary consultation.

For more on tax planning, watch the September 4, 2026 episode of Wall Street to Main Street, “Are You Paying More in Taxes Than You Need To?”

This information is not intended to be a substitute for individualized tax advice. Please consult your tax advisor regarding your specific situation.