The Luthmann Law Firm, PLLC is a boutique solo law firm possessing the skills, talents and experience to provide advice and representation to individuals, families, fiduciaries and entrepreneurs in the fields of estate planning, tax and business planning, asset protection and a multitude of ancillary legal areas that satisfy specific client needs. We share the overriding goal of providing the finest personal service to our clients. The Luthmann Law Firm, PLLC is committed to providing quality services to our clients without the prices associated with the “white-shoe firms.” We help our clients structure, preserve and grow their holdings while advancing other important goals including privacy, asset protection, charitable giving and legacy building.
When you hear the phrase “estate planning,” the first thought that comes to mind may be taxes. But estate planning is about more than just reducing taxes. It’s about ensuring your assets are distributed according to your wishes. That’s why, even with the estate tax reduction (and eventual repeal in 2010) under the 2001 tax act, estate planning is still critical. In addition, estate taxes still pose a threat with respect to wealth available to transfer to the next generation. Remember, the “sunset” provision means that in 2011 the estate tax will return to where it stood before the 2001 tax act, unless Congress takes further action to change the law.
In addition, the act includes other provisions that increase the complexity of estate planning, such as repeal of the generation-skipping transfer (GST) tax (in 2010, with reinstatement in 2011); reduction in the top gift tax rate but no repeal of the gift tax; increases in GST and estate tax exemptions; and repeal of the step-up in income tax basis at death.