It’s Time Again: Year-End Planning for Houston Families

Calendar 2As 2014 dwindles down, it’s time to consider your year-end planning.

The holidays will be here before you know it, and that means the end of 2014 is near. Have you started your year-end planning yet?

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 additional information about estate planning and retirement planning in Houston, please click here to visit my website.

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


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