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Rich Americans Are Hurrying to Move Money Before Biden Takes Office
Posted
December 22, 2020
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2,105
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December 22, 2020
2,105
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1:06Now PlayingRich 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.
Requests for property appraisals have quadrupled at New York firm Miller Samuel Inc., President Jonathan Miller said. By late November, he had to start turning away clients.
“We physically can’t handle all the year-end deadlines at this point,” Miller said. “We started doing this after the Thanksgiving holiday and it’s been extremely frustrating.”
The year-end frenzy is a surprise to many advisers, because Republicans did better than many expected in congressional races. The results suggested Biden may have a difficult time fulfilling campaign promises to raise trillions of dollars in new revenue from the wealthy.
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