As you watch your kids struggle financially, of course you want to help. And once your kids are grounded and feel confident that they can take care of themselves, it’s a pleasure to help them — and can make a big difference in their lives and the lives of their own families. However, how you give the help is important.
It’s that time again — the time to reassess your finances and commit to making next year your best financial year yet. So in the spirit of the season, here’s my annual financial shape-up column. But before you read on, here’s something to think about: it’s not about how many resolutions you make, but how many you’re actually able to keep.
The end of the year is a good time to consider harvesting some capital losses. By doing so, you may ultimately be able to trim your losses and your taxes — as long as you complete any sales by the end of the year.
Current gift tax laws allow for some pretty hefty exclusions for the giver. But, of course, as with anything to do with taxes, there are some very particular dollar figures that you should be aware of.