Forbes has been watching the various budget proposals with great interest and has provided a helpful summary in an article titled “Obama's Budget Proposal: The Impact On Estate Planning Tools.”
Essentially, this is a crib sheet list of the techniques presently in the crosshairs:
High value IRAs of over $3 million
Generation Skipping Transfer Trusts
Grantor Retained Annuity Trusts
Intentionally Defective Grantor Trusts
Click over to the original article for an overview of the techniques, along with examples of their estate planning applications.
If your current estate plan already includes one or more of these techniques, then any change could impact you, your loved ones and your assets in a significant way. This would be a good time to schedule a review consultation with your own estate planning attorney.
Remember: When making your financial, tax and estate plans, don't go it alone. Be sure to engage competent professional counsel.
Reference: Forbes (April 26, 2013) “Obama's Budget Proposal: The Impact On Estate Planning Tools”