February 27, 2024 / Press
Rob Strauss Joins Financial Sense Newshour Podcast to Discuss Estate Planning Ahead of the 2024 Election
Rob Strauss recently joined Jim Puplava, President of Financial Sense Wealth Management, for a Lifetime Planning episode of the Financial Sense Newshour podcast. The pair discussed a wide range of topics during the episode, including the potential impact of election outcomes on estate tax exemptions.
Rob outlines two ways the 2024 election will impact the estate tax exemption. First, he shares, the estate tax exemption increases with inflation, which is affected in part by who controls the executive branch. “Today it’s 13.61 million in the year 2024,” Rob explains. “We would expect that as we transition from the year 2024 to the year 2025, the exemption will increase again to reflect inflation.”
He continues to note that the party in control of the Senate and the House after the election will be significant as well. “We would assume that the Republicans would want to keep the exemption high or maybe even increase it,” he shares, “and we assume that the Democrats are fine with the exemption falling.”
Despite these common assumptions, Rob explains that compromise is always possible, so clients cannot know for sure what will come of the exemption until after the election.
“You never know where a compromise is going to come from or what a compromise is going to be. And so the best way that I have right now of handicapping what will happen in Washington and in two years, January 1 of 2026, is to think that it’s unlikely that Republicans win all three and therefore it’s unlikely that the exemption won’t fall.”
For this reason, Rob urges clients to wait until after the election before making any decisions regarding their estate and making transfers that use the tax exemption.
Tune in to the Financial Sense episode below for all of Rob’s insight:
Rob Strauss on Advanced Estate Planning Strategies Ahead of the 2024 Elections