The Gift of Giving

Schedule A consultation

Tis the season of gifts, and with the end of the year fast approaching, many are looking for ways to address taxes. Did you know that you are able to gift up to $13,000 per donor (the gift giver) to EACH donee (the recipient) annually without having to pay a gift tax? Married couples filing jointly can gift up to $26,000. Why would someone show such generosity? Besides just being a nice thing to do, it also reduces the size of your estate and its tax burden upon your passing.

Regardless of any pending estate tax changes that are slated for 2011, the tried and true strategy of reducing your estate through annual gifting to your children and grandchildren remains a basic and powerful estate planning tool. In addition to annual gift exclusions, payments of tuition to an educational institution for the benefit of your children or grandchildren are also excluded from gift tax, as are payments for medical expenses, provided that these payments are made directly to the institutions.

While the value of the gift, whether it is money or property, cannot be deducted from your income tax returns, the gift is not considered taxable income to the recipient in most cases. But while giving a gift of lower estate taxes sounds like a win/win situation, it is best to work with an estate planning attorney to ensure that these gifts mesh with your estate planning needs and goals.

Ask A Question,
Tell Us Your Situation, &
Get A Consultation

Required Fields*

Your Information Is Safe With Us.

We respect your privacy. The information you provide will be used to answer your question or to schedule an appointment if requested.

Our Practice Areas in Colorado Springs and Denver

At Hammond Law Group, we focus on helping Colorado families build strong, forward-looking estate plans that protect assets and preserve family harmony.

Real Clients, Real Reviews

Getting Started Has Never Been Easier — Attend a Workshop or Webinar

At Hammond Law Group, we believe that the foundation of good estate planning lies in knowledge and understanding. Our approach starts with education. Join our highly informative workshop on wills, trusts, estate planning, and more, where we provide you with comprehensive information to get you started in designing your personalized plan.

By attending our workshop or webinar, you not only … exclusive offer of a complimentary consultation with an experienced attorney
(a $500-750 value).

Our workshops fill up quickly so reserve your seat today.

Attend a Public Workshop

Your Experienced Estate Planning & Elder Law Advisors

We have a team-centered approach. While each client’s family works with one attorney, our attorneys regularly discuss the design of our plans with each other in order to ensure we’re doing everything possible to help you meet your goals.

In addition, each client works primarily with one paralegal, who gets to know you and your estate plan intimately through the design and
implementation process. The biggest complaint people have about
lawyers is lack of communication, and by working as a team we have
virtually eliminated this complaint for our clients.

Learn more about our family and then let us learn more about yours.

Meet Hammond Law Group Team

At Hammond Law Group, our estate planning attorneys work together to create meaningful, lasting estate plans for Colorado families. Each member of our team shares a commitment to personal connection, clear communication, and compassionate service.