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Rich Americans Are Protecting Their Fortunes From a Possible Biden Win

Advisers are urging them to transfer wealth to the next generation to take advantage of the Trump administration’s generous estate tax rules.

Joe Biden

Joe Biden

Photographer: Chip Somodevilla/Getty Images

Wealthy American families are being told by their advisers that they should act now or risk losing millions of dollars later.

That’s in case Democrats win back the White House and U.S. Senate in November. Former Vice President Joe Biden has proposed substantially higher taxes on the rich, including making it much harder to avoid a 40% levy on large estates.