(Bloomberg) — The best-laid estate plans just got muddled.
President Barack Obama is proposing a fundamental change in tax policy that would limit what many Americans can leave to their heirs. The change would affect billionaires — as well as people who aren't wealthy enough to pay estate taxes, if their assets have gained sharply enough in value.
A family home or a stock portfolio that quadrupled in value to $1 million over the years and goes to a child could be subject to taxes on that gain, whether or not it's sold.
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