Gift low, sell high

With the value of stocks and other equities at an all-time low, now might be the time to transfer those assets to your heirs in hopes of the value rebounding over the course of their lives.

But the $10,000 of public company stock you bought, which now could be worth $2,000, is probably not the best gift idea, says Nancy Skeans, CPA, CFP, and managing director of Schneider Downs Wealth Management Advisors LP in Pittsburgh.

"If you have stock that's underwater, don't give that stock to your kids," she says. "Take the loss so you can put the loss on your tax return."