Noted family heartlessly wrapping the present (5)
I believe the answer is:
known
'noted' is the definition.
('known' can be similar in meaning to 'noted')
'family heartlessly wrapping the present' is the wordplay.
'family' becomes 'kin' ('kin' can be a synonym of 'family').
'heartlessly' means to remove the middle letters.
'wrapping' indicates putting letters inside.
'the present' becomes 'now' (now is a kind of present).
'kin' with its centre taken out is 'kn'.
'kn' placed around 'now' is 'KNOWN'.
(Other definitions for known that I've seen before include "Widely recognized" , "Famous" , "Widely recognised" , "Experienced" , "Acknowledged" .)