Send us a text

Discover the intricate world of estate and gift tax exemptions with Todd Whatley, the Elder Law Coach. What could the re-election of President Trump mean for your financial future? As Todd guides us through the potential shifts in estate planning, he delves into the looming reduction of the estate tax exemption from $13.61 million per individual to a potentially game-changing $5 million by 2026. With Congress's role unclear, Todd sheds light on the strategies you might need to adopt and the political dynamics at play as this fiscal transformation unfolds.
In this episode, Todd also illuminates the nuances of gift tax exclusions, which have risen to $18,000 per person per year in 2024. Understanding this component is critical as it ties into the lifetime exemption and could significantly influence your estate planning strategy. As practitioners and clients brace for these changes, Todd equips you with essential insights to navigate the complexities ahead. Whether you're an established attorney or a budding lawyer, mastering this knowledge could transform how you approach elder law and estate planning in these uncertain times.
Links:
https://www.kiplinger.com/taxes/changes-to-estate-tax-are-coming-congress-options
https://www.kff.org/quick-take/what-trumps-2024-victory-means-for-medicaid
https://www.politico.com/newsletters/politico-pulse/2024/11/18/states-rush-medicaid-requests-before-trump-return-00190062

Check out our new website www.TheElderLawCoach.com.