Philadelphia, PA -- (SBWIRE) -- 01/30/2013 -- The new American Taxpayer Relief Act of 2012 helped to clear up the future of the federal transfer tax systems and estate planning. L&M Law LLC is now assisting people with the new federal estate laws in Montgomery County, PA, to help them understand the new changes that have been put in place.
The Act permanently established the estate tax, gift tax and generation-skipping transfer tax exemption at $5,000,000 per person (indexed for inflation). This means that in 2013, the exemption amounts adjusted for inflation) will increase to $5,250,000 per person. The maximum tax rate for transfers in excess of the exemption was also increased from the 2012 rate of 35% to 40%. The estate attorneys in Philadelphia at L&M Law LLC are well versed in these areas and are available to help those who have any questions with these changes.
In addition to the provisions affecting the federal transfer tax exemptions and tax rates, the Act made permanent the estate and gift tax portability rules applicable to married couples, as well as permanently eliminated the state death tax credit, which, if reinstated would have had the result of increasing state death taxes by a considerable amount. These changes can all be addressed by scheduling an appointment with the estate planning attorneys in Philadelphia at L&M Law LLC, their people will find a trust worthy law office to answer all of their questions.
About L&M Law LLC
L & M Law was founded on the principle that clients should have access to quality legal representation. They believe that each client is unique and deserves to be treated as such. L&M’s attorneys are passionate about what they do and they take tremendous pride in providing client-centric, value-driven legal services to their clients.
For more information about L&M Law LLC visit http://www.lmlawllc.com/