In an article published in GoBankingRates, Reporter Jordan Rosenfeld interviewed Gallet Dreyer & Berkey, LLP Trusts & Estates Partner David I. Faust about the key estate planning changes individuals should make under President Trump. For example:

If you have any assets to pass on after you die, be they physical ones like property and other possessions, or cash-based, such as money in retirement accounts, CDs and liquid savings, it’s in your (and your beneficiaries’) best interest to make a clear estate plan.

As President Donald Trump assumes the White House again, all eyes are on the tax changes his administration may try to pass that will impact estate planning. To explore the ways estate planning may change under a second Trump administration, experts suggested what you should know, and whether you should be making any plans now.

1. Watch for an Expiring Credit
An important thing to know immediately, according to David Faust, partner at Gallet Dreyer & Berkey, is that the federal estate unitary credit is expiring at the end of 2025. For this year, that credit is $13.99 million for individuals, or $28 million for a married couple. 

“The amount which estates will be subject to federal estate tax in 2026 and later years will automatically be reduced to approximately $7 million for individuals, or $14 million for married couples unless Congress and the administration change the law.”

2. Wait To See if the Estate Tax Is Permanent
On the other hand, the Trump Administration could renew the current, rather high exemption amount and make it a permanent fixture, according to…Read the entire article