Year-End Retirement Tax Planning
One relatively easy way to reduce exposure to a possible stock market correction without taking taxable gains is to sell equities held in a tax- advantaged retirement account such as an IRA or a 401(k). Transactions inside these accounts do not generate taxes.
Year-End Estate Tax Planning
In 2015, the federal estate tax exemption is $5.43 million. With little planning, a married couple can pass up to $10.86 million worth of assets to heirs, so no estate tax will go to the IRS. Those numbers will increase in the future with inflation.