While there may be efforts with the new administration to repeal or otherwise replace the Federal Estate and Gift Tax, as of January 1, 2017, the Federal Estate and Gift and Generation Skipping Taxes remain in force. The 2017 Estate and Gift and Generation Skipping Tax exemptions will increase from $5,450,000 to $5,490,000. The annual exclusion for a gift will remain at $14,000 per donee.
Illinois retains a separate estate tax. The Illinois exemption remains at $4,000,000.