The great election of 2012 is now history and President Obama will serve another four years. In response to his re-election the NYSE dropped to its lowest point in a year. That's probably the best indication that business doesn't favor what the future might hold under a second Obama administration.
One issue that has been waiting for resolution until after the election is the estate and gift tax. The Bush era tax cuts are set to expire at the end of the year, reverting the estate and gift tax exemption to $1,000,000 from its current $5+ million. If that should happen (and that's a big IF), a lot of families could get caught with an unexpected estate tax. Five million is a lot of money in an estate, but one million, even with today's depressed real estate values, is not that uncommon.
There's no clear-cut answer. President Obama has said he's in favor of allowing the tax cuts to expire. Does that mean he would veto an extension if passed by Congress? Give that the House is under Republican control while the Senate is under the Democrats, will Congress even work together to pass a bill in time to present to the president? Most advisers are saying to use your exemption while it exists if you would have an estate tax issue under a reduced, $1,000,000, exemption. If you fall in that category, or even think you might, talk to a qualified estate planning attorney.
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