An Obama administration 2013 budget proposal that would, in effect, impose an income tax on appreciated assets transferred to a trust in leveraged estate planning transactions is a radical change in the treatment of grantor trusts that could be perceived as a job killer, a business estate planner says. The Obama administration's proposal would include the assets of the grantor trust in the grantor's gross estate, thereby undoing the mitigating effects of current law, which provides some ability to lessen the impact of transfer taxes imposed on succession planning for business or real estate interests, Stephen Breitstone with Meltzer, Lippe, Goldstein & Breitstone tells BNA.