Post-Election Tax Cliff Spurs Rich to Prep Huge Wealth Transfer

Wealthy Americans worried about who will win the White House are preparing to accelerate a huge transfer of wealth to their heirs by using large estate-tax breaks set to expire at the end of next year.

Those breaks came in the 2017 Republican tax law, which doubled the amount the wealthy could pass on without paying the estate and gift tax. Rich Americans can move about $14 million out of their estate by next year to avoid a 40% tax when they die. The limit reverts to about $7 million in 2026, creating a use-it-or-lose-it exemption as the “tax ...