Holiday Shopping Last-minute Gifts— Give classic pre-owned heirlooms

Black Friday and Cyber Monday were presented as opportunities for savvy shoppers to score bargains for the upcoming gifting season, but the average shopper spends more money buying things less worthy of their time and investment than they would when shopping carefully and thoughtfully. 

Do not get caught drowning in the ether of sales marketing and “X percentage off” promises-make the most meaning with something unique that speaks to your relationship and truly supports the life and love you aspire to.

In these challenging times, a mass-produced item has even less value than usual. We have all felt the absence of what we usually take for granted in 2020, and a revised approach to gifting is in order. Below are a few observations on the different gift culture we find ourselves in, and how to make the most of what really matters. 

Giving at the holidays is not merely reciprocal exchange-it is making meaning, cementing relationships, and showing others you truly care about them year-round. 

Here are some tips to help your gifts, (and your love and intentions!) stand out without breaking the bank in the anonymous online superstores. 

Holiday Gift Giving During Covid:

5 Things to Consider as You Check Your List Twice

1.    Family Heirlooms Do you have an object from your grandmother that your daughter or granddaughter would be honored to own? Perhaps a strand of pearls, an antique tea table, or a silver service passed down through the generations that serves as an enduring reminder of your shared ancestry? Younger millennials are said to not appreciate family heirlooms, but many are avid collectors and have particular interest in certain old things. Leica cameras and camera bags, for instance, are very desirable with collectors in their mid-twenties, and certain vintage clothing and accessories are making fashion statements all over college campuses (or college Zoom classes at the moment!)

2.    Hand crafted specialty gifts, like framed embroidery or a handmade wallet customized with initials will remain with them for years. Consider getting a particularly nice version of something they will use every day, or every week. A little gold coffee scoop or sterling spoon is an indulgence few would think to buy for themselves, but they will appreciate it and think of you every morning as they brew their cup of choice.

3.    Lifetime Achievement Gifts Has someone in your family or friend group gone through a major lifetime marker this year? High school and college graduations, first time jobs, weddings, christenings, and so many rare and important events have been celebrated remotely, without the usual pomp and circumstance afforded the participant. Mark their achievements with something better than a check-show them you have been supporting and cheering them on from the sidelines by giving them a gift relating to their particular achievement.

4.    If you still want to send that check…to the bride and groom, to the college graduate or Girl Scout star…put the check in something that is decidedly more important than money. A pair of his grandfather’s cufflinks in a dresser box for the groom, a book of recipes for the bride and a piggy bank for the child just learning to save her allowance will transmit important values that mere money cannot convey. 

5.    About your charitable giving check…you may be able to donate much more to charity by not writing it. It sounds crazy, but you may not be in on a secret many top donors know-donating what you and your family no longer need or want can have a multiplying effect on your charitable donations, and you can help them even more than you might expect by making strategic donations during the year that pay off for everyone in the New Year. Call us today to speak with a seasoned professional about tax free charitable giving and how we can continue to help throughout the new year.

Important tax notes:

The CARES Act allows taxpayers who take the standard deduction (do not itemize) to take a $300 deduction for cash donations made to charity. Additionally, the IRS has removed the 60% AGI cap for cash charitable contributions, allowing a taxpayer to donate up to 100% of AGI. This is a tax planning strategy CPAs must scramble to ensure their clients know about this one-time change in code. 

Here is a link to the IRS updates under the CARES Act