14. Charlie, an old friend and client, who is an everyday Texan with a traditional family, comes to you and asks you for an update on the possible changes of the estate taxes, as currently proposed. His combined wealth, community and separate, is approximately $7 million, which includes at least $3 million in real estate and $2 million in a family business that is a sole proprietorship (Schedule C 1040). Assume the rest to be in stocks and retirement accounts. DO NOT consider gift taxes and their possible changes. You are to prepare a quality client letter to him of (say) no more than two pages explaining the currently proposed changes and their possible impact upon him and his family. He only wants impacts to him as an individual, not as a corporation or other entity. Yes, you may have touched on some of this in answers before, but here you are addressing a paying (and frightened) client. And dont forget, he is a friend as well as a very important client. Clarity matters. And remember that proposals may and likely will change. This letter is to be based on TODAYs understanding. [[Tricky, isnt it? But that is the real world, having to talk to clients about things that are mercurial!]]