Roger M. Norman

Graduated from the University of Oklahoma with a degree in Business Administration (Petroleum Land Management) in 1962. After working for California Petroleum Company, he later attended and graduated from the University of Texas School of Law in 1968. He has been engaged in the private practice of law in Fort Worth since 1968 and became board certified in 1977 by Texas Board of Legal Specialization in estate planning and probate. He has authored articles on estate planning and for 25 years was an instructor on estate planning and probate through the TCU Extended Education Department.  Roger is retiring from the practice of law.  He will be of counsel.

Texas Board of Legal Specialization Texas Board of Legal Specialization
Board Certified Attorney

The American Taxpayer Relief Act of 2012 (H.R. 8) was passed by the United States Congress on January 1, 2013, and was signed into law by President Barack Obama the next day. As it relates to Estate, Gift and GST tax, the $5 million dollar exemption for individual estates ($10 million for couples) remains in place. Note that indexed for inflation, the $5 million dollar exemption is currently $5,250,000. Estates would be taxed at a top rate of 40% (up from 35%). In addition, the exemption amount (for gift, estate and GST taxes) remains unified and is permanently extended after 12/31/12. Portability of the unused credit is also made permanent.

This new law will certainly be something that individuals will want to consider in their Estate Plan and as such will want to visit with their financial, accounting and legal professionals to determine whether any revisions to their planning is necessary in light of this new law.