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.


Recent Posts


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