The fiscal-cliff compromise kept the federal estate tax exemption at its former level of $5 million, but many state governments are imposing estate or inheritance taxes on more modest amounts.
A temporary change in the tax code is creating a sweet opportunity. Through 2012, the amount you can give in tax-free gifts jumps from $1 million to $5 million. In this video, Kevin Sanderford, principal of Colorado West Investments, explains how you can take advantage of this "two-year window."
Now that President Obama has signed a sweeping tax bill into law, many Americans want to know how they'll be affected. The compromise deal extends Bush-era tax reductions on income, capital gains and dividends through 2012. But there were also some changes.
President Barack Obama has cut a deal with Republicans to extend Bush-era tax cuts for two years and unemployment benefits for 13 months. But the plan is already drawing fire from Obama's own liberal supporters.