The holiday season is more than just a time for giving; it is an opportunity to reflect on what truly matters: family, love, and legacy. While toys, gadgets, and holiday treats bring momentary joy, many Floridians are considering how to make their holiday gifts more meaningful and lasting. Instead of focusing solely on traditional presents, this year can be a chance to give something that resonates for years to come.
Imagine gifting peace of mind, future security, or a stepping stone to long-term success. These kinds of gifts, rooted in thoughtful Florida estate planning, can leave a legacy that extends far beyond the holiday season. Whether it is helping a loved one achieve their dreams or ensuring they are cared for in years to come, these gestures embody the true spirit of the holidays; caring, generosity, and planning for a brighter future.
As an experienced estate planning and elder law firm in central Florida, we understand the profound impact that financial security and thoughtful planning can have on a family. In this blog, we will explore creative ways you can use to give lasting gifts this holiday season through estate planning strategies, trust contributions, and other meaningful options. Together we can make this season one to remember, not just for today, but for generations to come.
- Contribute to a 529 College Savings Plan. Education is one of the most impactful gifts you can provide to a child or grandchild. Florida offers a range of 529 college savings plans that allow you to make tax-advantaged contributions toward a loved one’s future education. This meaningful gift not only supports their long-term goals but also creates a legacy of investment in their success.
- Fund a trust agreement for long-term support. Setting up or contributing to a trust can provide financial security for a loved one with specific needs. For example, a special needs trust can ensure ongoing care for a family member with a disability, or a revocable living trust can protect assets for your children. You can work with your experienced Florida estate planning attorney to set up the type of trust that can allow you to gift peace of mind while maintaining control over how and when funds are used.
- Gift Your Annual Exclusion Amount. Under federal tax laws, you can gift up to $17,000 per individual recipient in 2024 without triggering gift taxes. Take advantage of this exclusion to transfer assets to your children, grandchildren, or other loved ones. This is a simple way to give a substantial holiday gift while also reducing your taxable estate.
- Donate to a charity in someone’s name. If a loved one has a cause close to their heart, making a charitable contribution in their name is a beautiful way to honor them. Florida residents can benefit from state-specific incentives when donating to qualified organizations, making this both a thoughtful and tax-efficient gift.
- Update your Florida estate plan as a gift to your family. One of the greatest gifts you can give your family is ensuring that your estate plan is up to date and reflective of your current wishes. Taking the time to review and revise your last will and testament, trusts, and powers of attorney eliminates potential future stress and uncertainty for your loved ones.
We know this article may raise more questions than it answers. The holiday season is the perfect time to think beyond traditional presents and consider gifts that have long-lasting significance. By working with an experienced Florida estate planning and elder law attorney, you can ensure that your holiday gifts are meaningful and impactful for years to come.
At Britton G. Swank, P.A., our mission is to guide you in the right direction to help you provide for yourself and your loved ones no matter what the future holds. We want to help you control the assets you have, leave them to people and causes you care about, when you want, in the way you want. We can help you take care of yourself and those you love in the event of disability due to illness, injury or old age. No matter what risks unfold, we can help give you the comfort of knowing you are prepared. We want you to feel good about your future and the future of your loved ones. We encourage you to contact us and schedule a meeting.