Five Smart Moves to Save Money and Bring Peace of Mind

West Essex Tribune
December 9, 2004

December is the time to review your financial and estate planning situation to make moves to save money on taxes this year. Consult with your financial and tax advisors to see what moves are right for you. Before the end of the year, at the very minimum:

  1. Review your capital gains and losses. Generally if the net gains and losses are zero there are no taxes due on them so selling some investments may save taxes.
  2. Make gifts. Complete your annual gifts to reduce your estate tax. You may give up to $11,000 per recipient to as many people as you want. However, if you are concerned about Medicaid qualification, you should consult an attorney first.
  3. Make charitable gifts. Donations must be paid by December 31.
  4. Try to delay receiving income until after January 1 and pay deductible expenses before year end. For example, make your January mortgage payment in December so you can deduct that interest payment this year.
  5. Give yourself and your family the gift of peace of mind by meeting with an attorney and financial advisor to make sure your estate plan and financial plan are up to date and will provide for all of you.

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