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Part of being a most trusted advisor is taking the time to look at the big picture.

Estate, Gift & Trust

The process of accumulating and disposing of an estate to maximize the goals of the estate owner can be a complicated procedure with far reaching implications. When looking for professionals to help you establish plans or manage, administer and distribute assets it’s vital to find advisors with the knowledge and experience to help you every step of the way. For more than 65 years the professionals at Lane Gorman Trubitt have helped individuals take care of their most precious assets. With LGT, you can have the power of the right people beside you.

  • Asset Protection
  • Tax Reduction
  • Gifting
  • Legacy Creation
  • Estate Planning

Current States of Estate and Gift Tax Legislation

The federal estate tax rules became clear and stable with the enactment of the American Taxpayer Relief Act of 2012. The estate, gift and generation-skipping tax regimes are now set permanently into the tax code, until such time as Congress acts to change the tax code again. The amount an individual can exclude from estate taxes (currently with a top tax rate of 40%), including gifts given during one’s lifetime, is $5,340,000 per person for 2014.

The annual gifting rules allow you to give up to $14,000 per person in 2014, tax free, unchanged from 2013 but up from $13,000 in 2012. These gifts do not count toward the $5,340,000 lifetime exclusion. Those who ran out of time before making gifts in 2013 won a reprieve, and can gift substantial assets out of their estates this year. Those who used up their lifetime $5,250,000 exclusion before year-end 2013 can still give more this year because the exclusion is inflation-adjusted and has risen by $90,000 for 2014.

Lead Contact

Brad Gross

CPA, Tax Services Partner

         

2626 Howell St., Ste 700

Dallas, Texas 75204

Main: 214.871.7500

Direct: 214.461.1406

Fax: 214.871.0011

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