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A very rare window of opportunity is closing, and it’s closing very quickly. Currently, the federal gift tax exemption allows you to gift up to $5 million ($10 million for married couples) without incurring a gift tax. This applies if you actually gift your assets now, and it applies equally if you die in 2012 (i.e. there won’t be federal estate taxes on estates that are less than $5 million for individuals and $10 million for couples).

Unless you plan on dying in 2012, you need to take some action to make sure that you get the maximum benefit from the current gift tax exclusion. This applies to everyone who has more than $1 million in net worth. It is VERY LIKELY that the exclusion will revert to $1 million on January 1, 2013. So if you haven’t taken action by then, the opportunity will likely have forever disappeared. That means that if you die after 2012 with more than $1 million in net worth, the excess will be taxed to your heirs at a very high rate. In some cases, the highest tax rate on estates can be as high as 55%.

What to do

If you are already a client of Lodmell & Lodmell, you can take advantage of the existing exclusion by contributing additional capital to your limited partnership and then gifting limited partnership interests to your loved ones. It’s best that you check with your CPA on the most effective way to incorporate your asset protection planning with sensible tax savings that are legitimate and only available for a very short period of time.

If, however, you don’t already have asset protection planning in place, then you should call our offices as soon as possible, especially if you are concerned about lawsuits and you want to take full advantage of the existing opportunity to give away some of your wealth tax free while staying in control of that wealth.

A Penny Saved is a Penny Earned

We don’t normally offer tax advice, but in this case the opportunity to save is so huge (and the cost of not doing so is very severe) that we would be remiss not to point it out, as it truly is an opportunity to protect your assets from needless taxation. If you have an estate that exceeds $5 million for single people or $10 million for married couples, then you need to act right now, or you will likely be very sorry if this opportunity forever ends on January 1, 2013.

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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