August 16, 2022 / Press
Robert Strauss Speaks to Business Insider About Estate Planning Strategies to Take Advantage of Trump Tax Cuts Before They Expire
Robert Strauss was recently featured in Business Insider’s article “Rich Americans are running out of time to take advantage of Trump tax cuts. Here’s how they are giving away millions to their children now.”
According to the article, with the significant tax cuts introduced by the Trump Administration ending in 2025, wealthy taxpayers are currently seeking to make use of estate planning vehicles such as grantor retained annuity trusts (GRATs) while interest rates are still relatively low. However, with some clients reluctant to give away significant portions of their wealth while still living, Rob highlights how another trust option, the spousal lifetime access trust (SLAT), can be a favorable alternative.
“I have a client with $300 million who felt as though he could not afford to do gifts for benefit of his kids, and wanted to maintain access to all of those assets,” shares Rob, noting that SLATs help ensure an individual has indirect access to the trust and that the spouse can even request distributions for approval should financial trouble arise.