If you are someone who is worried about the government inheriting your money when you die via estate taxes, do not forget to gift before the end of the year.
In 2023, the annual gift exclusion is $17,000.00, and it is not limited to one individual. For example, you can gift $17,000 to your child and an additional $17,000 to your child’s partner; you could also gift an additional $17,000 to any and all of your grandchildren in a 529 account. The tax planning opportunities do not stop there, but you do need to take action quickly.
The Holidays are not only about gifts, but they are a good reminder to get your tax affairs in order before year-end if at all possible.
Please contact our office at 925-644-7905 to schedule a consultation and discuss your tax matters today.