In addition to the very rich, small business owners who want to pass on their firms to their children get hit by estate taxes. Some 90 percent of the surveyed minority businesses knew that they might be subject to the federal estate tax. Family business owners are twice as concerned about the negative impact estate taxes have on the financial helath of their businesses than they are about that of capital gains taxes. Older owners are actually more concerned with estate taxes than they are with income taxes.
Older owners are also likely to be more knowledgeable about their estate tax liability.
Owners of larger businesses report having a better idea of their estate tax liability.