Wealthy Seen Snaring a $21 Billion Gift With Trump Tax Overhaul
- Estate, gift levy on chopping block as Republicans take power
- Proposal to restrict discounting assets may disappear too
This article is for subscribers only.
Some of the wealthiest families in the U.S. are hoping for a $21 billion benefit from President-elect Donald Trump next year.
They and their businesses are re-evaluating, or putting on hold, strategies for transferring money to heirs as the new administration could work with a cooperative Congress to reform or repeal federal estate and gift taxes among its early moves. That would be an about-face from President Barack Obama, who sought to place tighter restrictions on the way wealth could be passed from generation-to-generation.