Under the proposed budget for 2015, President Obama would implement changes that would significantly affect estate taxes.

The key estate tax-related proposals include:

• A new $3.5 million state tax exemption and a one million dollar gift exemption
• Non-taxable annual gifts would be limited to $50,000 per donor
• Step-ups would not be allowed on intangible properties such as stocks and bonds.

Surgent Chairman Jack Surgent sums up all of these changes for you in this two-minute video. Take a break from the busy season and catch up on these estate tax changes!