Quick Year-End Tax Planning Tips

Friday, December 06, 2013 Rebecca McDade 0 Comments

Now that we’re firmly entrenched in the holiday season, most of us are focused on gift lists and holiday travel plans. However, don’t lose sight of year-end planning that can have advantageous tax consequences. 

For instance, remember that you have the ability to gift up to $14,000 each year to as many people as you want. If you’re married, you and your spouse can gift up to $28,000 to each person. These "annual exclusion" gifts do not count against your $5,250,000 estate tax exemption. Yet, if you make these gifts annually to family members, the amount that you can transition out of your estate becomes significant. 

Remember, too, that these annual exclusion gifts can be in the form of cash, marketable securities, real estate and business interests. They are a nice way of passing business interests to children and grandchildren. 

This is just one of a number of year-end planning techniques of which you may want to take advantage before December 31st. Please contact us to learn more. We can help you maximize the use of your annual exclusion. Please contact us to learn more.


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