It’s that time of the year again—time to think about year-end tax planning. Rather than wait until the end of December, when most people would rather be focusing on holiday planning, it is a good idea to start thinking of year-end tax planning ahead of time. Here are some items that we suggest you consider before the end of 2014 to enable you to start 2015 in the best wealth-planning shape possible:
• Annual exclusion gifts. Each individual can make a cumulative gift of $14,000 per donee during 2014 without using any portion of his or her exemption from the federal gift and estate tax ($5.34 million per person this year, and increasing to $5.43 million in 2015). Such gifts can be made outright or in special qualifying trust structures. For those still considering such gifts, it may be worthwhile to plan for 2014 and 2015 at the same time, keeping in mind that gifts for 2015 can be made effective as of Jan. 1.
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