Sarah Everett Fowler
Associate Attorney

Joined Norman & Norman, P.C. as an associate attorney in 2007. In 2002, she graduated from Centenary College of Louisiana, receiving a Bachelor of Science degree, summa cum laude, in Accounting. She graduated from Baylor University School of Law in 2005, where she earned her law degree, cum laude, and served as an Associate Editor of the Baylor Law Review. She was admitted to the State Bar of Texas in 2005 and is a member of the Tarrant
County Bar Association, the Tarrant County Young Lawyers Association and the Tarrant County Probate Bar Association.

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.