Share on Facebook
Share on X
Share on LinkedIn
By Jason Carrozza

Hi Everyone,

Happy Wednesday! We hope you’re all enjoying your holiday season and because I won’t be writing before the holiday we want to wish everyone a very Merry Christmas! FLP is having a wonderful holiday season and has participated in a number of different toy drives and donated to various charities. In the midst of the season of giving I thought I’d take a moment to discuss end-of-year gifting.

Every person has an annual gift exclusion of $14,000/year. This means:

1. You are permitted to gift up to $14,000/person to as many people as you would like each year;

2. If you’re married, you and your spouse can each gift $14,000, creating a potential $28,000/person gifting opportunity;

3. These are not considered taxable gifts and do not require you to file a gift tax return;

4. They are not included in your own taxable estate; and

5. Any growth in the value of these gifts is not included in your taxable estate.

As you can see, gifting can be a very effective way to reduce your overall taxable estate, but it is important for tax purposes not to exceed the $14,000/person/year limit. Gifting is also the perfect opportunity to see your loved ones enjoy some of their inheritance while you’re still alive.

If you are considering whether a gifting program is right for you please contact our office today.

Happy Holidays!

About the Author
Jason M. Carrozza is a partner and founder of Family Legal Partners, P.C., previously owning Carrozza Law Office, P.C., which focused on estate planning, probate administration, and business formation. He was recognized as a Massachusetts Rising Star by New England Super Lawyers and Boston Magazine in 2014, 2015, and 2016, an honor given to no more than 5% of attorneys in the state. Graduating magna cum laude from New England Law and ranked 3rd in his class, Jason completed his undergraduate degree at the University of Tampa. He gained experience in civil litigation, divorce, corporate, and insurance defense law firms before opening his practice in 2004. Jason is admitted to practice before the Massachusetts Courts, is a trained family law mediator, and a member of the Massachusetts Council on Family Mediation. He has volunteered for pro bono panels with Senior Partners For Justice, South Middlesex Legal Services, and the New Center for Legal Advocacy. Dedicated to his community, he has served in various leadership roles including vice president of the Bellingham Business Association and Master of Excelsior Lodge of Massachusetts Freemasons. He teaches Estate Planning Basics at the Tri County Continuing Adult Education program and speaks at estate planning seminars throughout the year. An avid baseball fan and history enthusiast, Jason enjoys outdoor activities and spending time with his family. He lives in Massachusetts with his wife, Katrina, and their children, Zachary and Madelyn.