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.

Our Estate Gift and Trust Services Include the creation of strategic plans in the areas of:

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

Our Estate Gift and Trust professionals prepare the following tax returns:

  • Estate Income Tax Returns (Form 1041)
  • Trust Income Tax Returns (Form 1041)
  • U.S. Gift & Generation-Skipping Tax Returns (Form 709)
  • U.S. Estate Tax Return (Form 706)

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.

Even if your assets are less than the current exclusion level, it still pays to plan ahead. Changes in the tax code affecting estate, gift and generation-skipping taxes could happen in any year and with little warning, thus making planning one of the best ways to ensure your financial future, during your lifetime and beyond. For many people, the most important reason to create a secure estate plan is to ensure that your wishes are carried out properly after you pass.

Lead Contact

Brad Gross

Brad Gross

CPA, Tax Services Partner

2626 Howell St., Ste 700
Dallas, Texas 75204
Main: 214.871.7500
Direct: 214.461.1460
Fax: 214.871.0011

Team Members