Point of Interest
Year-end tax planning is not just about income taxes (see Seven Make-or-Break Year-End Tax Moves). It can involve estate and gift taxes too.
Under the annual gift-tax exclusion, you can give each family member up to $14,000 in 2015 without paying any gift tax or eroding the estate-tax exemption. The exclusion is doubled to $28,000 for joint gifts by a married couple. By using the exclusion wisely, you can methodically reduce the size of your taxable estate.
Keeping that in mind, you might decide to be generous to others this upcoming holiday season.