My kids have three family parties. Their birthdays are Nov 22 and Dec 4, so we have 2 of their parties over Thanksgiving and then one of their parties over Christmas. We live away from everyone in our family, so we have to do it at those times. As for gifts from us, we really don't get them much for their birthdays because they get so much stuff as it is. We buy them things throughout the year when they want them, so we let other people get them things for their birthday and with Christmas just a few weeks later, they really clean up.
Each kid gets to pick their birthday dinner location and they get a special dessert. I also make a special treat for their class at school. This year DS's birthday is on Thanksgiving Day which he is super excited about. He has been talking about it for 3 years! I cannot tell you how many times over the last 3 years I have heard him tell someone "When I turn 8, my birthday will be on Thankgiving Day." His only birthday request from me and DH is that we don't force him to eat turkey on his birthday. He hates turkey.
This year we will probably rent out a party room at Bounce U and invite kids from their classes so they can celebrate with their friends. It will likely be a "no gifts please" party, though. They have too much stuff as it is. I blame myself... I am not good at saying "no". I mean...look at those faces down there...they are too adorable to say "no" to!