November is a great time to start thinking about year-end tax planning. Getting a head start on planning unquestionably improves your chances of concluding matters by Dec. 31. Here are some options that we suggest you consider before the end of 2019 to enable you to start 2020 in the best wealth planning shape possible.

Annual Exclusion Gifts

Each individual can make a cumulative annual gift tax exclusion gift of $15,000 per donee during 2019 and 2020 (or $30,000 for a married couple electing to split gifts), without using any portion of his federal estate and gift tax exemption. The federal estate and gift tax exemption for 2019 is $11.4 million per individual (allowing a married couple to shield up to $22.8 million from federal estate and gift taxes), and is projected to increase for inflation in 2020 to $11.58 million per individual (or $23.16 million for a married couple). Annual exclusion gifts can be made outright, through 529 Plan benefits (education savings accounts), or in special qualifying trust structures. For those still considering such gifts, it may be worthwhile to plan for 2019 and 2020 at the same time, keeping in mind that gifts for 2020 can be made effective as of Jan 1.

Accelerate Deductions

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