February 2025 Sivia Segment: How Trump's Tax Policies Could Reshape Estate Planning Strategies

February 6, 2025

How Trump's Tax Policies Could Reshape Estate Planning Strategies

The Trump administration's tax policies could significantly impact estate planning strategies, particularly if the provisions of the 2017 Tax Cuts and Jobs Act (TCJA) are extended or made permanent. The current federal estate tax exemption of $13.61 million is set to revert to approximately $7 million in 2026 unless changes are enacted. 


There is also renewed discussion about a complete estate tax repeal, though this would require legislative approval. In the meantime, individuals may benefit from making substantial gifts now to take advantage of the higher exemption limit and potentially reduce their taxable estates.


Given these potential changes, it's crucial to review and update estate plans to align with current laws and maximize tax-saving opportunities. Lifetime gifting strategies are increasingly important as uncertainty remains around future exemptions. Additionally, state estate taxes may differ from federal rules, requiring careful planning to avoid unexpected tax burdens. Consulting with our firm is essential to navigate these shifting tax policies and ensure effective wealth preservation.


If you have questions about what this could mean for you and your estate plan, please give us a call at 618-659-4499!

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If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.


Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.


With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.

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