WESTCHESTER COUNTY, NY / ACCESSWIRE / December 10, 2024 / The holiday season is a time for family togetherness, gratitude, and giving, making it the perfect opportunity to consider generational gifting as an estate planning strategy. Elder law attorney Lauren C. Enea, Esq., partner at Enea, Scanlan & Sirignano, LLP in White Plains and Somers, N.Y., emphasizes how generational gifting can not only spread holiday cheer, but also provide long-term financial benefits for loved ones.

"Generational gifting is about more than simply giving during your lifetime - it's about creating a legacy," said Lauren C. Enea, who focuses her practice on wills, trusts and estates; Medicaid planning; special needs planning; and probate/estate administration. "Whether through outright gifts, trust planning, or covering educational or medical expenses, gifting allows you to provide meaningful financial support to family members while also potentially reducing your taxable estate."

With the Federal estate and gift tax credit set at $13.61 million per individual in 2024, many families are taking advantage of the current law before it sunsets on December 31, 2025. If congressional action isn't taken, the exemption is expected to decrease by approximately 50 percent. Generational gifting also includes annual tax-free giving, with individuals able to gift up to $18,000 per recipient ($36,000 for couples) in 2024 without impacting their lifetime exemption.

Ms. Enea highlights the importance of strategic planning when deciding how and when to gift. "Creating a trust allows you to maintain some control over how the gifted assets are used while ensuring they benefit your loved ones in accordance with your intentions. It's an especially prudent approach when gifting to younger or less financially experienced family members," she explained.

Generational gifting is not only a way to share wealth, but also an opportunity to strengthen family bonds and prepare heirs for the responsibility of managing assets. Whether assisting with grandchildren's tuition, contributing to the purchase of a first home, or securing a family heirloom for the next generation, the act of gifting during your lifetime provides both immediate joy and long-term benefits.

"By incorporating gifting into your estate plan, you're not just addressing taxes or asset preservation - you're creating moments of significance for your family and ensuring that your wishes are honored," added Ms. Enea. "The holidays are a wonderful time to consider how thoughtful planning can benefit your loved ones today and for years to come."

For those looking to explore generational gifting, consulting an experienced elder law attorney is crucial. An attorney can help navigate the complexities of Federal and New York tax laws and develop a personalized plan that aligns with an individual's financial goals and family dynamics.

Enea, Scanlan & Sirignano, LLP is located at 245 Main Street in White Plains, N.Y. with additional offices in Somers, N.Y. For more information or to schedule a consultation, call 914-948-1500 or visit www.esslawfirm.com.

About Enea, Scanlan & Sirignano, LLP
Enea, Scanlan & Sirignano, LLP is an AV preeminent rated elder law firm with offices in White Plains and Somers, N.Y. The practice concentrates on Elder Law; Medicaid Planning; Nursing Home and Home Care Applications; Wills, Trusts and Estates; Guardianships; Estate Litigation; Supplemental Needs Trusts; and Special Needs Planning. Enea, Scanlan & Sirignano, LLP serves Westchester, Rockland, Putnam, the Bronx, Manhattan, Long Island and Queens and is committed to providing the highest quality legal services to seniors, the disabled and their families. Visit the firm online at www.esslawfirm.com.

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SOURCE: Enea, Scanlan & Sirignano, LLP