DGAA bLAWg

How Might Estate Planning Change Under a Trump Presidency?

Web Admin - Friday, November 18, 2016
Barrington estate planning lawyersMany business owners and aging Americans are on edge, just waiting to see what will happen to the structure of estate planning under the Trump's administration. After all, talks of repealing the death tax could drastically change how some plan for the future of their successors. 

What does it all really mean, though? How, exactly, could the potential repeal change how you and your family plan for the next generation. More importantly, should you make those changes just yet? The following explores these concepts and the possibility of what could be to come under a Trump presidency.

What the Estate Tax Repeal Might Mean for You

If you own a family business, family farm, or other type of high-asset, lower liquid income business that will be passed down to a successor, the estate tax plan repeal could be your family’s saving grace. Numerous families in similar situations have had to sell off critical assets to cover the death tax under the Obama administration. However, with the estate tax repeal, families would no longer be forced to deal with such difficulties. Other high-income estate planning individuals (particularly the more wealthy of Americans who are currently subject to the death tax) are likely to benefit greatly from the repeal as well. Of course, there are still some important and key details to remember when it comes to effective estate planning.

First, it is key to recognize that passing a complete repeal may not come easily. The Bush administration attempted the same feat, but failed. With the requirement to pass through with 60 votes but only 52 GOP senators, this could derail Trumps efforts as well. Further, even if the repeal passes, it could take a few years for things to be fully implemented; some experts estimate anywhere from two to three years, possibly even longer. There are also some crucial details of Trump’s tax plan that have not yet been fully fleshed out. Continued resistance and concern over whether certain elements may lead to a bigger deficit could be problematic as well.

Advice for Those Planning an Update to Their Estate Plan

If you are one of the many who are waiting and hoping for the estate tax repeal, it is best to sit back and wait – at least for now. After all, no one can truly predict the future. This does not mean you should not prepare for the future, however. Discussing what your future options may be with your estate planning attorney can help to ensure you have a viable plan in place if, and when, the repeal does happen.

At Drost, Gilbert, Andrew & Apicella, LLC, we understand the need to protect your family’s future, and the future success of your business. Dedicated and experienced, our Barrington estate planning attorneys can help develop an estate plan that is designed to protect your interests. To learn more, call 847-934-6000 and schedule your personalized consultation today.


About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.



Sources:
https://www.thestreet.com/story/13892337/1/estate-tax-planning-in-the-trump-presidency.html
http://www.foxbusiness.com/features/2016/11/16/what-trump-administration-means-for-your-retirement.html
http://www.investmentnews.com/article/20161109/FREE/161109908/estate-tax-repeal-no-slam-dunk-under-trump-and-republican-held
http://money.cnn.com/2016/11/15/pf/taxes/trump-tax-plan/


Recent Posts


Tags

power of attorney Illinois Buffalo Grove criminal defense lawyer Mount Prospect real estate lawyer startup company Des Plaines personal injury lawyer employee discrimination changes to mortgage law estate planning for college students digital information Illinois driving without license Long Grove estate planning attorney Arlington Heights tax lawyer life insurance lawyer Des Plaines civil attorney Do Not Resuscitate compensatory time Retaliatory Discharge Chicago will attorney, social media platforms, Illinois estate planning lawyer, Arlington Heights Attorney Palatine employment law lawyer taxes bicycle dooring accidents Illinois Wage Payment and Collection Act Illinois Human Rights Act Arlington Heights car crash attorneys insurance dispute attorney Illinois lawyer Illinois estate planning law firm Des Plaines injury law firm health insurance dispute unauthorized overtime healthcare insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Des Plaines collections attorney Illinois red light cameras Palatine injury attorney independent contractor foreclosure meal breaks slip and fall Schaumburg probate attorney BAIID drug crime estate planning ken apicella rent to own real estate contracts cell phone tower data clemency Deer Park employment law attorney Barrington drug crime attorney operating agreements blended families Arlington Heights employment law attorneys head on collisions Buffalo Grove employment lawyer car crash injuries Des Plaines criminal attorney Des Plaines claims law firm insurance negligence Palatine trusts lawyer surgical mistakes Deer Park DUI lawyer sexual harassment overtime violations distracted driving accidents FSLA real estate attorneys Illinois trusts attorney motorcycle accident underinsured motorist income distribution deducation workers compensation Chicago employment lawyer denied insurance claim jet ski Illinois Smoke Detector Act Crystal Lake tax lawyer construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation Crystal Lake business law attorneys wage theft Schaumburg personal injury lawyers Des Plaines DUI attorney employment attorney Palatine real estate lawyer Arlington Heights wills and trusts attorneys denied insurance claims Schaumburg criminal attorney Illinois civil litigation lawyer FMLA license rumble strips Attorney Ken Apicella LLCs marijuana crimes attorney Schaumburg employment law attorneys Barrington medical malpractice lawyers probate claims process life insurance claims Crystal Lake traffic attorney Palatine employment attorney unfunded trust Super Mario real estate contract insurance claim delay rollover car crashes medical marijuana DNR trucking accidents Chicago estate planning Arlington Heights employment attorney defective products nursing home negligence child safety Mount Prospect elder law attorney Des Plaines Illinois business lawyer Deer Park medical malpractice attorney contracts Schaumburg Attorney South Barrington real estate lawyer IRELA spinal cord injuries insurance dispute PTSD Chicago car accident lawyer Schaumburg real estate lawyer Crystal Lake accident attorney field sobriety test Rolling Meadows tax attorney landlord tenant law filing a medical malpractice claim overtime pay wrongful death traumatic brain injury Rolling Meadows insurance dispute lawyers, insurance dispute college kids Home Remodeling Repair Act Arlington Heights TBI attorney Illinois insurance claim attorney corporate law Buffalo Grove law firm traumatic brain injuries Palatine traffic accidents Des Plaines accident attorney Crystal lake insurance dispute attorney Rolling Meadows Attorney jet ski accidents Illinois trucking safety Rolling Meadows criminal attorney Illinois employment law firm Buffalo Grove personal injury lawyer caretaker rights probate claims Illinois Workers’ Compensation Commission Illinois workplace discrimination attorney Rolling Meadows traffic law firm whistleblower protections Rolling Meadows employment attorney Family Medical Leave Act car accident lawyer fault based insurance Schaumburg elder law lawyer Arlington Heights lawyer Illinois pet lawyer Illinois wills and trusts Schaumburg criminal law attorney Palatine workers compensation lawyer home inspection lawyer breach of contract homestead rights insurance denial appeals Illinois insurance disputes work unions mortgage Rolling Meadows criminal lawyer cell phone accidents Illinois insurance lawyer Schaumburg civil litigation attorney Illinois wills and trusts attorneys bike accident no contest clauses Arlington Heights wills and trusts lawyer Illinois DUI attorney defective products lawyer Illinois wrongful termination lawyer Des Plaines personal injury attorney Rolling Meadows estate planning attorney Crystal Lake employment attorney Chicago lawyer wills Barrington litigation attorney Chicago biking tips IRA benefits institutional trustee Buffalo Grove injury lawyer Palatine corporate attorney Illinois personal injury attorney Arlington Heights car accident lawyer Illinois pedestrian accident attorney personal injury law firm car crashes Illinois motorcycle accident lawyer Arlington Heights wills and trusts attorney Class A misdemeanor Barrington employment attorney Chicago traffic lawyer Crystal Lake injury attorney trauma after an accident natural gas Deer Park real estate law firm eluding a police officer holiday statistics Inverness elder law lawyer comparative negligence Crystal Lake civil litigation lawyer tax attorney medical malpractice claims Illinois Probate Act of 1975 products liability Arlington Heights estate planning attorney trench injuries Long Grove wills and trusts attorneys Deer Park motorcycle accident lawyer Palatine construction attorney premises liability pedestrian accident Palatine probate lawyer car accident lawyers car crash DGAA involuntary manslaughter Arlington Heights medical malpractice lawyer Arlington Heights pedestrian accidents traffic offenses workers compensation benefits deed transfer Illinois insurance claim dispute lawyer Illinois traffic ticket lawyer uninsured motorist Long Grove estate planning attorneys digital assets insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys Illinois medical malpractice claim food poisoning medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Crystal Lake medical malpractice attorneys commercial real estate Illinois employment law attorney IRS Inverness corporate attorney real estate leasing pedestrian accidents estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers real estate drug crimes probate process social media after death Buffalo Grove medical malpractice lawyers Inverness DUI lawyer Illinois insurance attorney insurance agents ACA manufacturing Illinois workplace lawyer Illinois injury lawyer Arlington Heights accident attorney vacation home fines dynasty trusts Illinois business law atorneys comp time Buffalo Grove car accident lawyer wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Rolling Meadows litigation lawyer workplace sexual harassment School Visitation Rights Act Crystal Lake will lawyer insurance claim denials personal injury accidents Rolling Meadows insurance attorney liability claims unpaid assessment product liability car accidents Barrington criminal lawyer swimming pools Palatine personal injury lawyer hiring employees Kenilworth estate planning lawyer Rolling Meadows medical malpractice lawyers Landlord Tenant Ordinance loss of consortium natural gas explosion Illinois corporate lawyer estate plan Illinois living will auto accidents license reinstatement Barrington real estate lawyer criminal law advance healthcare directive Arlington Heights trucking lawyer Schaumburg personal injury attorney financial advisors DUI attorney elder abuse Illinois tax attorney accidental death benefits commercial leases spinal cord injury DUI Buffalo Grove traffic attorney real estate attorney Des Plaines personal injury lawyers BUI Illinois job attorney Illinois personal injury lawyers employment law Illinois rollover accident lawyers Inverness real estate attorney DUI defense reckless homicide federal crimes life insurance Barrington employment law firm criminal record personal injury claim right to work pedestrian injuries, pedestrian fatality fiduciary rule Illinois employment lawyer Barrington boating accident attorney Chicago corporate attorney revenge porn Deer Park traffic lawyer Buffalo Grove traffic lawyers Jay Andrew drug crimes lawyer back injuries criminal Des Plaines pet law attorney Deer Park traffic accident attorney Inverness probate lawyer Illinois speeding lawyer paid sick leave investment property Illinois probate lawyer Barrington personal injury attorney Illinois collections attorney pet law Rolling Meadows personal injury lawyer civil litigation attorney murder charges Mount Prospect wills and trusts lawyers Rolling Meadows modern family estate planning Thanksgiving Illinois boating accident lawyer employees medical research Crystal Lake law firm Crystal Lake insurance lawyer Rolling Meadows drug defense attorney Chicago employment attorney Long Grove real estate lawyer new real estate form civil rights violation Schaumburg construction accident lawyer Illinois personal injury lawyer Home Sale Contingencies Illinois elder law attorney Kenilworth estate planning attorneys Inverness civil lawyer Schaumburg wrongful death attorney living trust trustee probate lawyer severance agreements insurance attorney unpaid overtime texting and driving drugs Palatine corporate law attorneys trust payments disability benefits vacation home subcontractor traffic laws Inverness personal injury attorney rest breaks Barrington business law firm Chicago insurance law firm Buffalo Grove probate lawyer Barrington estate planning lawyer Rolling Meadows car accident lawyers sexual images Transfer on Death Instrument Crystal Lake pedestrian accident lawyer life insurance policy Rolling Meadows personal injury lawyers capital gains tax appealing an insurance claim employment contract wrongful termination Illinois small business Kenilworth estate planning attorney Des Plaines drug lawyer insurance adjusters insurance claim dispute attorney preventable medical errors Illinois traffic laws medical malpractice car collision Illinois employment law attorneys estate attorney Crystal Lake medical malpractice lawyer anesthesia errors ObamaCare liens Crystal Lake personal injury lawyer boating accidents Arlington Heights real estate lawyer employee misclassification insurance claim denial Des Plaines real estate attorney Crystal Lake car accident lawyer Inverness real estate lawyer living trust benefits TBI Chicago estate planning lawyer digital media accounts, estate planning, Arlington Heights estate planning attorney, Rolling Meadows Traffic Lawyer Illinois workers compensation lawyer estate planning lawyer Deer Park workers compensation lawyer problem employees Inverness insurance attorney business litigation murder Buffalo Grove insurance claim dispute lawyers Schaumburg personal injury lawyer Des Plaines drug crimes lawyer GM ignition switches living trust vs will Schaumburg criminal defense Arlington Heights traffic attorney Barrington criminal defense lawyer bicycle accidents insurance claim Deer Park criminal attorney Schaumburg drug defense lawyer healthcare claims Long Grove estate planning special needs trust real estate lawyer Rolling Meadows business lawyer Des Plaines medical malpractice attorney Rolling Meadows employment law attorney drug possession probate Illinois insurance claims lawyers dog bites construction contracts first degree murder Illinois medical malpractice lawyers digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers Crystal Lake personal injury attorney commercial leasing minimum wage underfunded trust employment lawyer deadly crashes dealing with problem employees senior citizens foreclosed rental property Barrington civil litigation attorney Crystal Lake pet attorney Illinois traffic attorney Palatine Attorney estate planning trusts Arlington Heights wills and trusts lawyers traffic tickets controlled substance pregnant women Schaumburg estate planning lawyer Arlington Heights insurance attorney estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, real estate closing Rolling Meadows DUI lawyer Chicago attorney Arlington Heights criminal lawyer Illinois criminal defense attorney Schaumburg estate attorney blood alcohol content loopholes Illinois estate planning Rolling Meadows probate lawyer Illinois insurance dispute lawyers marijuana Crystal Lake bike accident lawyer Rolling Meadows insurance dispute lawyers murder defense estate planning attorney driving guardianship attorney employment law, Illinois employment laws Barrington Traffic Lawyer Inverness estate planning lawyer icy parking lots DMV Employment Discrimination Law Illinois attorney medication errors Palatine punch death Schaumburg employment attorney Legal Info in terrorem provision llinois Real Estate Lawyers Association speeding Rolling Meadows employment law attorneys personal injury attorney brain injury Palatine insurance lawyer trucking accident lawyers Palatine civil litigation lawyer Barrington attorney medical malpractice compensation Illinois home inspection workers comp Schaumburg traffic lawyer boating under the influence bad faith insurance claims Colin Gilbert Illinois employee rights attorney. Colin H. Gilbert privacy owner responsibility underage DUI boating DUI forming a corporation in Illinois Palatine drug lawyer crossover accidents Crystal Lake criminal defense attorney gift taxes insurance denials consent to a search Schaumburg medical malpractice lawyer Food and Drug Administration's Food Safety Modernization Act caregiver pet bites slip and fall accidents BAC low-ball insurance settlement condo Inverness injury lawyer license suspension Illinois employment laws Deer Park accident attorney golf accidents Palatine civil attorney Palatine employment lawyer Illinois estate planning attorney truck collisions suspended license Crystal Lake traffic lawyer POA Rolling Meadows personal injury attorney Illinois defective products attorney attorney fees personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys hit and run accident Deer Park personal injury lawyer Illinois workers compensation attorney Des Plaines real estate lawyer personal injury Barrington Illinois estate planning lawyer Affordable Care Act irrevocable trust federal regulations for LLCs distracted driving accident victims Palatine business attorney gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys Forcible Entry Schaumburg estate planning attorney breathalyzer test Illinois law pay when paid contract Palatine criminal defense lawyer condo association digital evidence denial of life insurance Buffalo Grove real estate attorney mass shooting traffic crimes Riverwoods estate planning lawyer Buffalo Grove corporate attorney pedestrian-automobile accident Barrington workers compensation attorney landlord insurance claims liability rollover accidents fatal car accidents power of attorney for healthcare wills and trusts Rolling Meadows real estate attorney expungement fiduciary rule delay Barrington estate planning attorney Rolling Meadows marijuana attorney Barrington injury attorney drunk driving statistics Mt Prospect Attorney job lawyers Long Grove real estate attorney Whistleblower Claims agent Fair Labor Standards Act real estate zoning Crystal Lake medical malpractice law firm drunk driving Illinois registered agent employee rights Illinois Sales Representative Act Exclusions cell phone Buffalo Grove personal injury attorney pain and suffering Schaumburg car accident attorney Illinois medical malpractice case car accident installment contracts pizza emoji Illinois personal injury dram shop law Illinois employment law personal injury claims insurance disputes Illinois bicycle safety hands free device Crystal Lake estate planning lawyer Illinois traffic attorneys automated cars South Barrington real estate attorney Arlington Heights Traffic Lawyer IRA trust transfer Inverness accident lawyer privacy laws trusts traffic violations civil litigation Self-Directed IRA Accounts traffic violations defense Illinois real estate lawyer internet traffic deaths Crystal Lake employment law attorney Palatine law firm Palatine estate planning lawyer Rolling Meadows boating crash lawyer Fourth of July Rolling Meadows traffic attorney residential real estate traffic accidents insurance agent negligence creditors Illinois mortgages living wills Palatine elder law attorney Illinois Transfer on Death Instrument Chicago insurance claim attorneys Des Plaines insurance attorney Crystal Lake car accident attorney sole proprietorship CAM preventing accidents construction accidents Schaumburg insurance lawyers Illinois insurance claim dispute lawyers Arlington Heights personal injury attorney license revocation elder law texting while driving Des Plaines tax law firm estate tax insurance claim dispute Palatine traffic lawyer Barrington employment law attorney Illinois LLC creation Des Plaines Traffic Lawyer Illinois employment attorneys Chicago will attorney Policy Cancellation Barrington personal injury lawyer Rolling Meadows insurance lawyer DUI penalities Inverness traffic law firm Illinois construction accident attorney Schaumburg corporate attorney employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, personal injury lawyer Chicago trucking accident attorney Illinois real estate Detainer Actions Joliet general practice lawyers probate fees Arlington Heights personal injury lawyer Rolling Meadows accident lawyer small business Liquor Control Act Illinois jet ski accident lawyer employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys Rolling Meadows corporate lawyer Illinois will lawyer Illinois medical malpractice attorney Illinois car accident attorney Des Plaines motorcycle accident attorney Federal Food Drug and Cosmetic Act Crystal Lake employment lawyer motorcycle accident lawyer Schaumburg injury lawyer Arlington Heights injury attorney Illinois traffic accident lawyer

Archive