Heading into the election, one of the top concerns for high-net-worth individuals was the prospect of an inheritance tax hike.

With Hillary Clinton the overwhelming favorite to be elected president leading up to Nov. 8, the prevailing wisdom was that estate takings could rise as high as 65 percent under her administration based on promises made by the Democratic nominee during the campaign. That possible bump, up from a current 40 percent inheritance tax rate for top earners, was enough to make at least a few investors pony up for higher life-insurance policies that would guarantee the bulk of their estates went to their heirs.

Now, wealth managers have a new reality to contend with: President-elect Donald Trump.

It’s a dramatic about-face, but one most advisers seem to think their clients will benefit from financially. Beverly Hills-based Merrill Lynch wealth manager Rebecca Rothstein said after a short panic – she got roughly 75 texts and emails from clients on election night – most are optimistic about their money.

“There’s the possibility of having real change made to the tax code and Dodd-Frank rules, which is making people feel really upbeat,” said Rothstein, whose firm is a division of Bank of America Corp. “I’ve had a lot of really upbeat conversations with folks.”

There’s even the possibility that the inheritance tax could be repealed altogether or capped at a certain value, a suggestion Trump put forth during his campaign. While that would save estates – particularly the biggest ones – enormous amounts of money, the tax change could produce even more value for high-net-worth individuals, according to Alan Whitman, a financial adviser and managing director at Morgan Stanley’s wealth management office in Pasadena.

“Typically, estate management requires a lot of complicated planning and trusts,” Whitman said. “If some of that cost and expense goes away, it frees up so much more money to pass down to the next generation.”

Michelle Black, head of wealth advisory for downtown L.A.’s Capital Group Private Client Services, said the firm is urging a measured approach with so much uncertainty right now. Clients are typically focused on long-term results and Capital Group advisers are preaching patience and asking them to avoid knee-jerk reactions.

“We’re really trying to balance client concerns and optimism,” Black said, adding that Capital Group analysts were looking closely at how Trump’s tax plan compares with the one put out by the Republican Party in June.

She said that while there weren’t too many obvious conclusions, a reduction of top rates and consolidation of tax brackets from seven to three looked likely.

“It appears it’s going to be quite favorable for high-net-worth investors,” she said.

As for concerns that a Trump presidency could destabilize the global economy and lead to another recession, most financial advisers dismissed the notion outright, predicting the moderate businessman version of Trump would replace the bombastic candidate.

“I think Trump goes back to the middle,” Rothstein said. “He’s not going to be conciliatory, but he’s much more middle of the road than he showed during the campaign.”