End of the Year Planning Starts Now / York, PA

MP900411753As 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.

For more information about estate planning, please visit my estate planning website.

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

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