The allocation of GST exemption to a transfer or to a trust excludes from the GST tax not only the amount of the transfer or trust assets equal to the amount of GST exemption allocated, but also all appreciation and income on that amount during the existence of the trust.

FORBES: Obama Estate Tax Budget Proposals

Irrevocable trusts enable individuals to avoid estate tax on more than the exemption equivalent amount of property.

FORBES: Estate Planning Overview and Objectives

Dynasty trusts push that generation-skipping tax exemption to the max, putting the exempted amount beyond the reach of estate taxes for the life of the trust.

WSJ: Tax Report: Dynasty Trusts Under Attack

Many of them, unaware of the changes, may think no estate-tax return needs to be filed if the assets fall below the exemption amount.

WSJ: Tax Report: Avoiding Estate-Tax Traps

If the 195 REITs lost the tax exemption and dividends were taxed at the same lower rate as other corporations, the amount gained would largely be offset by the amount lost from the lower tax rate on dividends, industry officials say.

WSJ: Congress Looks at REIT Tax Exemption