Since the Starmont November 17^th program, President Obama has cut a deal to extend the Bush tax cuts to all tax payers, regardless of their income, and to raise the exemption on taxable estates to $5 million ($10 million per couple) while lowering the estate tax rate on estates above that size to 35%. In exchange, the Republicans have agreed to a whole host of other measures that will lower taxes or extend benefits in a wide range of areas.

As a wealth manager who spent part of his career working for the United States Congress, let me give you my assessment of what has occurred, what is possible in the near future and what the likely impact will be.

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