Trump and the Estate Tax

With the Trump administration in full swing we are eager to see the fate of the federal estate tax. At the end of this year, the annual estate tax exemption amount, currently at $13.99 million per person, is to sunset and revert to $5 million, adjusted for inflation, which will likely be around $7 million, unless Congress passes further legislation to keep the current exemption amount or repeal the estate tax all together. President Trump has expressed his desire to either extend or repeal the estate tax, although, as for now, he has yet to make any official move on this front. If estate taxes are repealed, there is speculation that we may see changes in the capital gains tax as a replacement. As estate planning attorneys we are considering how these potential changes may impact our clients and tracking them as they materialize.