‘Cliff’’ or no, wealthy face first tax hike since 1993

Investing » Budget talks, code overhauls, other factors create certainties — and some doubts.

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"You’re seeing this mad dash to establish and fund irrevocable trusts before year end," said Michael Harman, a wealth adviser at the private bank unit of JPMorgan Chase & Co.

Many wealthy clients are calling their advisers with questions about pending tax increases and the budget deal as they follow daily news reports on the stalemate, said John of Financial Focus.

"It just feeds their fears," John said of the coverage. "We’re suggesting to a lot of them that get really upset about it that maybe they should watch the ‘Animal Planet.’ "

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