Tax Tips

Estate Planning Tips


Where do you want to go?

Estate Planning Tips

It's your move!
  • Consider making the $2000 Coverdell contribution for children under age 18 as well as Section 529 plans to save for childrens' higher education needs.
  • Establish a family living trust to place your assets in to avoid probate costs and name a successor trustee.
  • Consider shifting income-producing assets to your children.  You and your spouse are allowed to gift up to $26,000 annually per child without incurring gift taxes.
  • Make your retirement plan contributions now to allow compounding to work in your favor sooner not later.  Maximize 401(k) contributions at work to allow company matching and defer income taxes.