Wealthy Americans Shifting Money, Selling Businesses Ahead of Potential Biden Win
2nd November 2020
Wealthy Americans are rushing to set up trust funds, gift their heirs and philanthropies and even sell their businesses in anticipation for a potential Joe Biden win.
Tax professionals are gearing up for a spike in services should Biden win, as wealthy customers want to make gifts, set up trusts and other funds before the end of the year, according to Axios.
Other families are toying with the possibility of selling their family businesses before Biden could take office in order to avoid 40% in transaction taxes compared to paying 20% this year, per Axios.
Funny how none of this took place when Trump was elected. What do they know that you don’t?