Every December, without fail, I get the same call: “Joe, can I still make that gift to the kids before year-end?” And my answer is usually something like, “Yes, but let’s make sure you’re not wrapping your checkbook in a bow five minutes before midnight on December 31st.”
Here’s the thing — gifting and estate planning aren’t just about numbers and limits. They’re about love, legacy, and intention. And when we plan early, they can be one of the most meaningful parts of your financial life.
The IRS allows you to gift up to $18,000 per person per year (for 2024) without triggering gift taxes. Please confirm your specific situation with your tax advisor! Married couples can double that. That’s a powerful tool — but it’s not just about giving money away. It’s about setting your family up for success in ways that align with your goals. Maybe that means helping a grandchild with tuition, supporting a child starting a business, or simply creating memories that will outlast any dollar figure.
But if we wait until December, things get messy. Transfers get delayed, custodians get backed up, and opportunities slip away. That’s why now is the time to look at your estate and gifting strategy.
Here are a few things to think about before the holiday whirlwind hits:
- Review your will and beneficiaries.
Life changes — marriages, grandkids, even moves can make old documents outdated. Let’s make sure your plans still reflect your wishes. - Consider strategic gifts.
You can gift cash, appreciated stock, or even make direct payments for education or medical expenses — which don’t count toward your annual limit. - Use your estate exemptions wisely.
The current estate tax exemptions are high, but laws can change. Acting early can lock in favorable conditions. - Communicate your intentions.
Estate planning isn’t just paperwork — it’s a conversation. The holidays are much more enjoyable when everyone’s on the same page.
When it’s all said and done, your financial legacy should be about connection, not confusion. Let’s get it right now, so when the holidays roll around, your focus is on the people you love — not the paperwork you forgot.
Please contact us through the contact page HERE, directly to Joe Lind at jlind@dinergywealth.com or call Joe at 513-878-0195. Remember, we focus on growth – done CONFIDENTLY.
