Updated Wednesday, August 27, 2014 as of 6:51 AM ET

Estate-Tax Minefield

The rest of this year promises to be very challenging for planners with wealthy clients. The federal exemptions on gift and estate taxes currently stand at $5.12 million, but they are scheduled to drop to $1 million in 2013 unless lawmakers act. In addition, President Obama's proposals for next year's budget would undermine many powerful wealth-transfer tax strategies. Planners need to be devising plans so that their clients can jump before an opportunity is lost.

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