We do not have a crystal ball, but many experts agree that bringing back the personal estate planning tax deduction will be in the best interest of most Americans. With the onset of COVID-19 across the country, more people than ever have decided to create an estate plan with a professional lawyer. When the Tax Cuts and Jobs Act was passed, a worldwide pandemic was not even considered as an idea, let alone a threat.
The experts at Investopedia predict that a political change may help bring back the deductions lost with the passing of the Tax Cuts and Jobs Act in 2018. This change should occur in 2025 but can happen earlier due to the COVID-19 pandemic and its lasting implications. Either way, many provisions of the Tax Cuts and Jobs Act will no longer be in force without Congress acting to renew them and that may be an opportunity to bring back much needed estate planning deductions.