When the Trump administration effectively doubled the estate tax exemption in 2018, the number of wealthy Americans seeking the services of lawyers with “LL.M.” next to their name for the purposes of estate planning plummeted.
Former President Donald Trump’s 2017 Tax Cuts and Jobs Act took the tax exemption—the amount of money exempt from the 40% estate tax when someone dies—from $5 million to $11.2 million, effective January 2018.
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