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Gifting as Part of Your Estate Plan

40 Years of Trusted Advice from Our Denver Lawyer

Making gifts to family members, charities, and close friends can be a valuable estate planning tool and a source of personal fulfillment. Gifting reduces the size of your estate and shifts the income tax on the gifted property to family members who may be in a lower tax bracket.

Guidelines for Gifting in Colorado

Under current federal law each of us can give $14,000 in cash or other assets annually to an unlimited number of people. And, even if one gives in excess of $14,000 a year to a beneficiary, no gift tax is owed until the total amount of the annual overage exceeds $5,250,000. At that point the donor must file a federal gift tax return and pay a 40% tax on the excess gifts over $5,250,000. While there is a $14,000 annual limit for gifts to individuals, no such restriction is imposed on gifts to qualified charities.

The benefits of this include:

  • The ability to give away millions of dollars to your favorite charity
  • You pay no tax on the gift
  • You receive a tax deduction for the amount of the gift

If You Need Help Creating a Gift, Call 303.756.5808

There are many nuances to gifting. By using a technique known as "gift splitting," you and your spouse can give $28,000 per individual instead of $14,000. The gift exclusion for a beneficiary who is attending college can be stretched to cover the student's room, board, and tuition if the payment is made directly to the college or university.

The James A. Littlepage Law Offices represent clients throughout Colorado in all types of estate planning and probate matters. Attorney Littlepage has more than 40 years of experience practicing law and can provide you with caring and knowledgeable legal guidance if you would like to incorporate gifting into your estate plan. We know the laws and we can help you navigate them.

We are dedicated to helping our clients achieve their goals. Contact the Denver estate planning lawyer today!