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Telemus Capital's Lyle Wolberg on Fox 2 Detroit discussing the effect the Presidential Election will have on the markets

The stock market keeps chugging along. Despite all the notable headwinds: sovereign debt crisis in Europe, Fiscal Cliff here at home, hard economic landing in China, severe recession in Europe and a slowing domestic economy, the global equity market has managed to advance 13.4% year-to-date and the domestic market, as measured by the S&P 500, has increased 16.4%. A year ago the market was concerned about pretty much this same list of headwinds—since then the global equity market is up nearly 22% and the S&P 500 is up over 30%.

The estate tax "portability" provision, which was a part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, allows a surviving spouse to benefit from the unused exclusion from their spouse's estate. A recent IRS notice provides guidance with respect to an estate where the deceased has died before July 1, 2011.

The portability provision all but eliminates the need for spouses to retitle property, create trusts or use other estate planning maneuvers to solely protect property from incurring additional tax liability after the death of a spouse.