A good estate plan should not operate in a vacuum. A comprehensive estate plan avoids generalizations about tax laws and creates a unique plan that will work for your family, and the recently passed Federal tax law creates many challenges, according to Financial Planning in "Avoid 'dangerous' planning generalizations after new tax law."
One of the more important things to keep in mind is that public opinion polls suggest that the new tax cuts are unpopular. If they remain so, then it is possible that in 2020 things could easily swing back the other way. The tax cuts could be reversed and there might even be tax increases.
The biggest challenge professional estate planners face now is getting clients to understand that a large estate tax exemption does not solve all estate-planning issues. Many people will foolishly believe that they do not need professional estate planning advice because the estate tax exemptions have been increased.
However, estate planning was never just about taxes. Everyone needs some level of estate planning, and the new tax law has not changed that simple fact.
Comprehensive estate planning consists not only of tax planning, but also of planning for the many non-tax related and personal issues that may arise in any situation (regardless of a person’s wealth).
Therefore, you might want to be cautious before making too many sweeping changes to your estate plan, especially if they are irreversible.
An experienced estate planning attorney can advise you in creating an estate plan that fits your unique circumstances.
Reference: Financial Planning (Jan. 3, 2018) "Avoid 'dangerous' planning generalizations after new tax law."