The IRS published applicable federal rates (AFR) are near record lows, and these low rates present a number of planning opportunities for moving wealth downstream to younger generations with little or no gift tax implications.

Tax and fiscal policy are complicated matters, not easily given to 30-second sound bites.  As such, many voters may not know much beyond the headlines about the intentions of candidates McCain and Obama. Both senators have proposed fundamental tax changes with distinct differences that reflect their overall view on politics and governance.