Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 60 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 substantially modified the laws regarding the estate tax, gift tax and generation-skipping transfer tax and extended the Bush-era tax cuts for two years. At the conclusion of 2012, the Act sunsets and we will face the same uncertainty in 2013 that the Act was meant to address in 2011.
Current provisions specifically related to estate taxes, gift taxes, and GST taxes include:
If Congress does not act, the transfer tax laws will revert to 2001 levels – $1 million ($2 million for a married couple) estate tax exemption, gift tax exemption and GST exemption with a 55 percent top tax rate. In addition, the GST exemption will be indexed for inflation and the estate tax exemption will not be "portable" between spouses.
If Congress does act, the law may not be as favorable. On Feb. 13, President Obama released his budget proposal for 2013, which provides in part:
Congress may limit the use of grantor retained annuity trusts and family limited partnerships.
There is no guarantee that the current exemptions and tax rates will continue to be available after Dec. 31. If you have excess assets that you can afford to live without, you may wish to consider making large gifts to your loved ones by the end of 2012. By making gifts this year, you can shelter assets from federal gift, estate, and GST taxes.
Strategic use of the gift tax exemption and GST exemption now can create significant wealth-transfer tax savings and the opportunity for additional wealth accumulation for (i) children and, if desired, (ii) subsequent generations for years to come, free of additional estate taxes, gift taxes, and GST taxes with the use of a trust. A gift to a trust also provides creditor protection and may limit or control the access a family member/beneficiary may have to the funds placed in trust.
Also with grantor retained annuity trusts and family limited partnership techniques still available, they should be considered and used as appropriate in conjunction with the other gifting techniques.
If you would like more information or would like to review your estate plan, please contact a Houston or Dallas attorney in the Trusts and Estates Practice of Gardere Wynne Sewell LLP.
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
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