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


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