For affluent taxpayers, reducing estate and gift taxes on asset transfers to family members at time of death is a major concern. The U.S. government is now proposing new regulations that will make transferring assets without paying hefty estate taxes much more difficult, adding more worry and anxiety to the process.Currently, the effective federal estate and gift tax rate is 40 percent for individuals with assets in excess of $5.45 million (and in excess of $10.9 million for married couples).