Estate planning in Tennessee has changed significantly since the beginning of the millennium. Federal estate and gift tax exemptions have grown dramatically, and Tennessee has repealed its inheritance and gift taxes. At the same time, fewer clients today are confident that their wealth will multiply several times throughout their lives. These two factors combine to make transfer tax planning a more limited need for Tennessee residents, and fewer trusts are created with a transfer tax motive. Some assume trusts will no longer have a prominent role in estate plans.