After the White House circulated some potential big changes to the tax code the president is seeking, we took a look this week at the trust fund aspect of the proposal.

For example, if somebody’s Uncle Jack put $1 million into a tax-deferred investment and it rose to $100 million over the years, and then Uncle Jack died, the heirs pay no capital gains tax on that increase – under the current system. In other words, Uncle Jack gets to pass on his tax protection in the will. The administration would like to change that.

A number of listeners wrote saying words to the effect of: “Hello … what about inheritance tax?” Good point. How might controversial inheritance tax play out if the president’s trust fund plans gathered steam?

Click the media player above to hear Michael Graetz, professor of tax law at Columbia University, in conversation with Marketplace Morning Report host David Brancaccio.