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As the year draws to a close, many people think about making charitable donations or gifts to loved ones, but how does this fit into your overall year-end planning? In this episode of Elevate Wealth, President & CEO Deanne Rosso sits down with Rob Fezekas, Wealth Adviser and Director of Investment Policy, to explore how gift-giving can be a strategic part of your financial plan.

Thinking about how gift-giving fits into your year-end planning? Our team is here to guide you! Visit elevate-wealth.com and click “Let’s Talk” to get personalized advice.

Maximize your giving while minimizing your taxes—plan smart for year-end giving!

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Most people are aware that they can give charitable gifts, but how does gift giving fit into year-end planning? Hey there. I'm Deanne Rosso, and I'm joined today by our Director of Investment Policy and Wealth Adviser, Rob Fezekas. Hey, Rob. Hey, Deanne! It's good to be back. It's good to have you on Elevate Wealth today. So, Rob, tell us about gift giving in relation to year-end planning. Sure. Well, it's important to know that we can give a gift anytime we want, whether that's a gift to charity or a gift to another individual, which is considered a non-charitable gift. Where it really starts to fall under that umbrella of year-end planning is when we make a donation to a charity and then we want to deduct that amount off of our tax return. Certain conditions need to be met, and one of those is we need to make that gift by the end of the year. Gotcha. Okay. Yeah. So I think that's why most of us try to think about it before December 31st or before the end of the year. But I think where there's a lot of confusion is people don't understand how gift taxes relate to gift giving. Right. There's a lot of confusion on that point, so importantly, the gift is never taxable to the recipient. So the receiver of a gift doesn't have to worry about paying income taxes when they get a gift. And an individual this year is able to make a non-charitable gift to any other individual of up to $18,000 and not have to worry about filing a gift tax return or any additional paperwork. Then, if that individual would like to give a gift larger than $18,000, the IRS asks that you include an extra form with your tax return called a Gift Tax Return, Form 709, and those larger gifts then are are kept track of on that form, and the reason the IRS wants to keep track of those gifts is that they may impact the amount of your estate tax exclusion down the line. Gotcha. Okay. So no real tax implications, just whether or not you have to file the gift tax form. Exactly. That's exactly right. Okay. Great. You know, as we approach the end of the year when a lot of people start thinking about their charitable gifts, if you have questions about charitable gifts, feel free to reach out. You can visit us at elevate-wealth.com and click "Let's talk." Thank you for joining me, Rob, and look forward to seeing all of you next time!

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