by Dave Wolf and Eitan Asnafy

The upcoming U.S. elections pose some serious tax challenges not only for millions of U.S. taxpayers who live in the U.S but also for hundreds of thousands of them who live in Israel or have family or assets in Israel.

Joe Biden announced to undo some of the tax regulations introduced by the Trump Administration through the Tax Cuts and Jobs Act of 2017 if he is elected. Under Biden, high-income taxpayers will see both an increase in individual taxes and a reduction of the current gifts and estate tax exemptions.