August 26, 2024 / Press
Rob Strauss Joins Financial Sense Newshour Podcast to Discuss Potential Changes to Estate Tax Law
Rob Strauss recently joined the President of Financial Sense Wealth Management, Jim Puplava on the podcast, Financial Sense. In the podcast episode, Advanced Estate Planning Strategies: SLATs, ILITs, and Charitable Remainder Trusts, Rob sheds light on estate tax exemption usage.
Rob outlines the way estate tax is changing, “The estate tax exemption amount is scheduled to change in two ways. And these ways are already built into the law. And it would literally take an act of Congress to do something otherwise. So the first way in which the estate tax exemption is changing is it is increasing with inflation.”
Rob goes on to explain the role that the upcoming political elections play in tax exceptions, “And the question really is that all my clients are asking is that going to happen? And the short answer is, I don’t know. But the longer answer is it’s a political question. It’s a question of who ends up taking control of the federal government. And it breaks down into three parts. Who’s going to have the presidency? Who’s going to have the House of Representatives? And will either party have a supermajority in the Senate? People who think that the exemption won’t actually fall are kind of saying they believe that the Republicans will win all three of those positions because we would assume that the Republicans would want to keep the exemption high or maybe even increase it.”
When asked about whether to use tax exemptions, Rob advises that people who are dealing with estate planning should wait until after the election to use the exemptions because there is no reason to take action that they normally wouldn’t have to take unless the size of their estate warrants it.
Tune in to the Financial Sense episode below for all of Rob’s insight:
Rob Strauss on Advanced Estate Planning Strategies: SLATs, ILITs, and Charitable Remainder Trusts