Obama to act on Estate Tax

News is slowly leaking out that the recent Obama vs. the Republicans tax talks are going to include provisions for a new estate tax with cheaper rates and a larger exemption amount (35% top rate, and $5 million exemption amount).

Great news if you are a high net worth individual, but also if you were a small business owner or were concerned about paying any estate tax.

What will this mean for planning, gifting, and wealth management? Stay tuned.