How Dynasties Secure Their Fortunes in the Trump Era
Loopholes allow families to pass money from generation to generation—forever.
Imagine, if you can, that you’re one of the richest people in the U.S., in the top 0.1 percent or so, with a net worth measured in the tens or hundreds of millions. Now picture your wealthy self sitting in a conference room. The tangle of Midtown Manhattan rises outside a window. Frosted glass hides you from a hallway. Sitting across a stone-and-wood table, your trusted advisers deliver the good news: You’ve received a very thoughtful gift from the U.S. government.
The new tax law, signed by President Trump in December 2017, gave a number of goodies to rich families like yours, starting with doubling the amount you can pass on to heirs without triggering the estate and gift tax. If you’re single, you get $11.2 million to dispense with, while married couples can play with $22.4 million.