Alarm Bells For Estate Planners?

Cut the $5.12 million federal estate tax exemption back to $3.5 million. Collect estate tax on funds sheltered in grantor trusts. End the trend to dynasty trusts by limiting the exemption from generation-skipping tax to 90 years.

Those and other taxing ideas in the President's new budget proposal are summarized by Forbes writer Deborah Jacobs: Obama Declares War On Rich Folks And Wealth Advisers.

The budget proposal is widely regarded as a campaign document rather than an action plan. Still ….