End of the Year Planning Starts Now

Record keepingAs we approach the final months of 2014, it’s once again time to consider year-end tax, estate, and financial planning issues.

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.

Physician's Money Digest (October 17, 2014) 10 Financial Planning Tips for Year-end"


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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.