Concerned wealthy Americans are looking to adjust their estate planning strategies ahead of the November election, amid concerns that a Joe Biden victory could upend current tax law. Jonathan Miller, the CEO of Manhattan-based real estate appraiser Miller Samuel, told Fox News that his office has seen inquiries increase threefold. Biden’s plan would undo that change, meaning people would be able to transfer fewer assets without triggering the tax. “The current law provides the estate tax … returns to $5 million per person (adjusted for inflation) in 2026,” Weinstein said. Trump’s estate tax exemption provision is currently set to sunset in 2025, along with several other measures of the Tax Cuts and Jobs Act.

Source: Fox News October 12, 2020 20:15 UTC