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More year-end financial planning tips

Source: chicagotribune.com - Dec 9, 2016

Last week, I outlined some financial planning tips that varied somewhat from year-end advice in past years, due to changes that likely in the tax code going forward. They included things like accelerating and bunching itemized deductions, using highly appreciated securities for charitable contributions, paying state and local taxes as soon as possible but holding off prepaying mortgages, and selling winners in taxable accounts.

This week's tips are more in line with what you have likely done in the past, but they are still important. The sooner you get going, the better.

--Use your gift tax exclusion. You can give up to $14,000 to as many people as you wish in 2016, free of gift or estate tax. If you combine gifts with a spouse, you can give up to $28,000 per beneficiary, per year.

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Category: General Business