HILL TAX BRIEFING: Election Results Ease Estate Tax Fears

Estate tax planners paid close attention to this year’s election, bracing for a possible “Blue Wave” that could have meant higher estate taxes for their clients as soon as 2021.

As of 6 a.m. Friday, former vice president Joe Biden led in Georgia, Nevada, and Arizona. He also narrowed President Donald Trump’s lead in Pennsylvania overnight. Even with the presidential race too close to call, Democrats appear to face long odds to take control of the Senate, lessening the likelihood that Biden would be able to quickly implement his estate tax proposals.

The 2017 tax overhaul doubled the amount ...