November is a great time to start thinking about year-end tax planning. Although we still have two months to go until the end of the year, getting a head start on planning can improve your chances of concluding matters by Dec. 31. Here are some options that we suggest you consider before the end of 2015 to enable you to start 2016 in the best wealth planning shape possible:
• Annual exclusion gifts. Each individual can make a cumulative gift of $14,000 per donee during 2015 without using any portion of his or her exemption from the federal gift and estate tax ($5.43 million per person this year, and increasing to $5.45 million in 2016). 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 2015 and 2016 at the same time, keeping in mind that gifts for 2016 can be made effective as of Jan. 1.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
