The ultrawealthy were in a "frenzy" about taxes pre-election — but now, according to one wealth advisor, clients are breathing a sigh of relief

• Prior to the election, the ultra-wealthy were frantically planning for new tax legislation and potential changes to the gift tax exemption, so says Nadine Lee, president of the family office at The Colony Group.
• But, while the Senate race hasn't been fully called yet, the "Blue Wave" there didn't materialize.
• Now Lee's clients are breathing a sigh of relief — and wondering why they spent so much on lawyers and advisors.

The presidential election still hasn't been called, and neither has the Senate.

But what has become clear is that the $4 And accordingly, some monied Americans are breathing a sigh of financial relief.

That's according to Nadine Lee, president of the family office at The Colony Group, a wealth advisory and business management firm, and the managing director of its metro New York Offices. She told Business Insider she was on constant Zooms and phone calls with clients — largely made up of high-net-worth individuals and wealthy families — leading up to the election.

But no more.

From panic Zooms to emails of relief

Business Insider's $4 that the wealthy had worked themselves into a "frenzy" prior to the election and were overwhelming estate planners and lawyers.

The wealthy were frantically planning for possible sweeping changes to tax legislation and transferring wealth to family members ahead of possible changes to the gift tax exemption, which determines how much money they can bequeath tax-free.

Lee said the pre-election reaction was similar to 2012, when the $4.

But now, according to Lee, the clients who were worriedly preparing have new questions.

"Clients are going, 'Oh my God, why am I spending all this money on the lawyers and the advisors to do this?'" she said.

Read more: $4

But Lee stressed that it's not a bad thing to get everything in order, regardless of outside circumstances — and it was the right way to get ahead of the alternative.

"If we were right now looking at numbers that were slightly different on the Senate side, everyone would go, 'Oh my God, I'm so glad we did that,'" she said.

But no "Blue Wave" means that the "emergency panic button" didn't go off for Lee's clients. She said the few emails she received overnight and in the morning were mostly filled with relief.

Zooming in

The gift tax exemption was one area where the wealthy panicked. Under President Trump's Tax Cuts and Jobs Act, they could give away $11.58 million without being taxed. That exemption is currently set to $4, but could've $4.

And so, while Lee's clients will eventually move their money around, "it does not need to happen with a gun to our heads … we can take our time and be thoughtful."

While her clients are relieved for now, Lee said that some were $4 in drowning away their Election Day nerves. But their vices of choice weren't beer and pizza: Lee said that one client was easing their nerves with caviar and bellinis.

Read more: $4