A recent article in the Physician's Money Digest, titled 10 Financial Planning Tips for Year-end," offers some helpful financial planning tips for the year-end.
Here are just a few of the items in the article that you should consider as the year comes to an end. If you have any questions, talk to an experienced estate planning attorney.
- Think about adding to or opening a tax-advantaged 529 education plan for future education expenses, which allows you to make five years’ worth of gifts in one year.
- Make your last-minute charitable donations, and maximize your itemized deductions by donating property, or appreciated stock (i.e., contributions are deductible if you itemize deductions).
- For 2014, you can make gifts up to $14,000 (per person) to as many people as you want without any federal gift tax.
- If you're over 70½, be sure you’ve taken your required minimum distribution, including all of your IRAs in the calculation.
- Review the beneficiary designations on your IRA’s, 401(k)s, and insurance policies to confirm the correct info, and don't name your estate as a beneficiary!
There are more tips in the article. After you read the original article, review your own year-end options and ask your estate planning attorney to review your specific situation, too.
You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.
Reference: Physician's Money Digest (October 17, 2014) 10 Financial Planning Tips for Year-end"