Taxes
Rich Americans Who Fear Higher Taxes Hurry to Move Money Now
- Advisers say they’re swamped with clients seeking advice
- Rich are looking to protect against possible Biden tax changes
The main reason for rich taxpayers to make moves by Dec. 31 is the threat that tax changes under Biden could be retroactive to the beginning of 2021.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Rich Americans are rushing to make large transactions before the end of the month, trying to get ahead of any moves next year by President-elect Joe Biden and Democrats in Congress to raise taxes or close loopholes.
Some advisers say they’re busier than ever in the last weeks of 2020, especially with helping clients transfer wealth to the next generation tax-free while they still can. Appraisers, who are crucial for valuing assets used in these estate planning strategies, have been inundated.