USA: a whirlwind with Covid and Biden election – Emma White quoted in CityWealth
Private Client Partner, Emma White, has been quoted in the CityWealth article entitled 'USA: a whirlwind with Covid and Biden election'.
One of the changes the Trump administration implemented was a significant increase in the amount of money an individual could give away, either during their lifetime or at death, without paying US Federal gift or estate tax. With Donald Trump's administration at an end, there is an expectation that this exemption amount will reduce significantly in the near term. This has caused many wealthy US individuals to consider making substantial lifetime gifts ahead of any change.
Emma explains that factor was reflected in her work last year, “We have had a lot of clients talking to us about making gifts during their lifetimes to bank that exemption before it disappears".
Read the full article here.