Estate Tax Repeal Has Unlikely Foe: Wealth Advisers of the Rich

The Republican-led push to abolish the US estate tax has provoked opposition from a seemingly surprising source: financial advisers the wealthy pay to manage their money and keep down their taxes.

Many of the country’s richest families, who spend handsomely to lessen the tax burden on their heirs, have fought unsuccessfully for decades to repeal the 109-year-old levy. This year, as Congress considers a giant tax package that undergirds President Donald Trump’s legislative agenda, they’re within striking distance of victory.

But industry group Finseca, which represents some 11,000 members including life insurance brokers and others who provide financial ...