How Will the 2024 Election Affect Estate Planning?

The 2024 election is over. But 2025 was already going to be a confusing year for estate planning, and that promises to be even more true now. We talk about what might happen — recognizing that it’s all speculation at this point — under a new administration and new Congress. Our prediction: we probably won’t know what — if anything — needs to be done until well into next year.

There is actually some certainty. Or at least confidence. For most people, there won’t be any important change in their estate plan. That’s because current estate tax limitations kick in at almost $14 million. That figure is unlikely to drop below about $7 million.

So most of the uncertainty is for the quite wealthy. But the 2024 election will likely unsettle many of the expectations and plans for others, as well.