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


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