High-net worth families are racing against the clock to shield their wealth before the estate tax increases

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The wealthiest people in the U.S. could see major tax hikes next year, sending high-net worth clients to financial planning offices around the country to try to get around them, their money managers say.

Next year, the estate tax exemption, which was generously increased under the Trump administration, could be halved. That's a result of the possible sunsetting of many of the individual tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA), which are currently scheduled to expire at the end of 2025.