Before the ball drops in 2023 and signals the start of the New Year, there are some things you can do to ensure your estate planning is in order:
- Make year-end annual exclusion gifts of $17,000 ($34,000 for married couples).
- Make year-end IRA contributions.
- Create 529 Plan accounts before year-end for children and grandchildren. Consider front-loading the accounts with five years' worth of annual exclusion gifts, considering the aggregate of any gifts made to children and grandchildren during the year.
- Pay tuition and non-reimbursable medical expenses directly to the school or medical provider.
- Consider making charitable gifts (including charitable IRA rollovers of up to $100,000, in certain circumstances) before year-end to use the deduction on your 2023 income tax return.
The above checklist is just a slice of our comprehensive 2023 Year-End Estate Planning Advisory. Check it out for a more thorough review of estate planning trends in 2023 and strategies for 2024 and beyond.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
