As we draw closer and closer to the end of 2016, it’s a good opportunity to do some planning to make sure that you kick off 2017 on the right foot. There are several different steps that you can take to accomplish this, both as it relates to your finances and your income as well as for your estate planning documents.

 

When the new year rolls around, it’s a good time to look at all of the documents you currently have in place for your estate planning and make sure that everything is still in line with your individual needs. This is also a great opportunity to use your gift tax exclusion. You can give up to $14,000 to as many individuals as you wish in 2016 free of estate or gift tax. You get a new annual gift tax exclusion at the kick off of 2017, so you should not let this opportunity go to waste.

 

If you choose to use these exemptions together with a spouse, you are eligible to gift up to $28,000 per beneficiary. In the event that you’re thinking about passing on assets, making sure that you incorporate this annual gift tax exclusion can help to minimize challenges down the line. To learn more about estate planning opportunities at the end of one year and the beginning of another, reach out to a knowledgeable estate planning lawyer in Pasadena today.

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