As I write this, the presidential election is imminent. And, based on the polls, it looks like the odds are in favor of a Joe Biden victory (although, as we learned in 2016, nothing is certain). Such an administration change will certainly affect estate planning. Indeed, in her debate with Vice President Mike Pence, Senator Kamala Harris criticized the Tax Cuts and Jobs Act (TCJA) for doing too much to benefit corporations and wealthier Americans. She noted that Biden would repeal those tax cuts on “Day 1.” Estate planners should keep these possible changes in mind when advising their clients.
As we await the U.S. election results, there’s no shortage of happenings abroad that deserve our attention. Our International Committee Report this month highlights some of those changes and their impact on clients. For example, as pointed out in “Hong Kong Residents Moving to the United States,” p. 58, by Linda Rahal and Melvin A. Warshaw, many residents of Hong Kong are seeking to move to the United States after China passed a new security law warning that anything occurring in Hong Kong could be deemed to be a threat to “national security.” Their article helps practitioners assist these clients in obtaining their Green Cards. In his article, “Strategic Uses of Family Investment Companies in Europe and the Middle East,” p. 70, Mustafa Hussain compares European and Middle Eastern family investment companies and how they facilitate succession planning and achieve other goals. And, David V. Khanjyan explains in “Cross-Border Estate Planning Under the Tax Cuts and Jobs Act,” p. 77, how to deal with the increased tax burden brought on by the TCJA for controlled foreign corporations.
Finally, Gideon Rothschild of Moses and Singer, LLP has stepped down from our board of advisors. We wish him well and thank him for all of his valuable insights on asset protection. His colleague, Daniel S. Rubin, will share his own expertise and join the board in Gideon’s place.