Estate, Gift & Trust Services
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 almost 60 years the professionals at Lane Gorman Trubitt have helped individuals take care of their most precious assets. That’s what it means to have the right people beside you.
Our Estate Gift and Trust Services Include the creation of strategic plans in the areas of:
- Asset Protection
- Tax Reduction
- Gifting
- Estate Freeze
- IRA Distributing
- Legacy Creation
- Estate Planning
- Trust
Current Status of Estate and Gift Tax Legislation
On December 3, 2009 The House of Representatives passed HR 4154 which was introduced November 19, 2009 by Rep. Earl Pomeroy (D-North Dakota). The bill extended the 2009 estate tax level to 2010 making permanent the estate tax at a $3.5 million level for an individual and $7 million for couples imposing a 45% maximum tax rate.
The bill moved to the Senate, which to date, has taken no action. Consequently, there is no estate tax or generation skipping tax in 2010. Carry over basis applies to inherited assets. However, the executor may elect to apply a partial step-up of $1.3 million to assets received by a non-spouse beneficiary or up to $4.3 million to a surviving spouse.
If no action is taken by the Senate in the remaining months of 2010, the laws revert to the laws of 2001 on January 1, 2011. The estate tax exclusion will be $1.0 million with a maximum tax rate of 55%.
To date, no bills have passed Congress impacting planned giving. However, major tax changes are on the horizon which will severely impact donor’s tax benefits.
For Types of Planned Gifts Click here
For more information about LGT’s Estate Gift and Trust Services, contact one of our professionals today.
