Now that Donald Trump has taken office as the President of the United States, many are wondering if he will make good on his promise to repeal the Federal Estate Tax. For now, the question remains unanswered; but if it is repealed, how will it affect the average American? The answer is…not much. As it stands, the Estate Tax impacts only the wealthiest of Americans; in fact, only 0.2 percent of estates are impacted by the Estate Tax. If you do fall into that category, it’s still important to evaluate your Estate Plan prudently. The Estate Tax has been through multiple changes historically and any changes made under the Trump administration could very likely be changed in the next election cycle. It’s a strong possibility that changes to the Estate Tax will be temporary. Whether or not the Estate Tax directly impacts you, we advise you to remember that Estate Planning is so much more than tax planning; it’s ensuring that all of your affairs are in order and accounted for so that your personal legacy goals are met.
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