Believe it or not, it’s already time to think about year-end tax planning. We thought it would be best to provide our readers with a list of topics to consider now rather than wait until our December column to give you more of a head start and help improve your chances of concluding matters by year-end. This will help enable you to start 2014 in the best wealth-planning shape possible. Here are some items that we suggest you consider before the end of 2013:
• Annual exclusion gifts. Each individual can make a cumulative gift of $14,000 per donee during 2013 without using any portion of his or her exemption from the federal gift and estate tax ($5.25 million per person this year). 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 2013 and 2014 at the same time. Gifts for 2014 can be made effective as of Jan. 1.
