Klingman & Associates, LLC

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Klingman Insights

Important Year-End Financial and Tax Planning Opportunities

November 30, 2016

Dear Valued Client:

We hope that you and yours had a terrific Thanksgiving holiday. Every year, we are at amazed at how quickly the time between Thanksgiving and New Year's seems to fly by.

In the days ahead, we encourage each of you to consider some important financial and tax planning items, including:

  • Consider your likely taxable income and expenses for this year and next year to determine whether it makes sense to accelerate the realization of income or deductions before December 31. On the heels of the Presidential election, much has been written about potential changes to the tax code. For certain individuals with sizeable incomes, it may make sense to significantly increase tax deductible items into 2016. Strategies to do so include contributing appreciated securities to donor advised funds to "pre-fund" future years' charitable contributions.
  • If you intend take advantage of the $14,000 annual gift-tax exclusion, please make sure that your gifts for 2016 are made prior to the end of the year.
  • If you are eligible to contribute to 401(k) or similar retirement plans, determine whether you have contributed the maximum allowable (or affordable) amount for 2016 ($18,000 for those under 50 years old and $24,000 for those older than 50).
  • For those of you who must take required minimum distributions, we either have spoken with you or will be reaching out to you to ensure this is taken care of.

As always, don't hesitate to contact me, Craig or Tom with any questions about your particular situation. In the meantime, wishing you a very happy holiday season and a healthy New Year!


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