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Leveraging a Spousal Lifetime Access Trust

VIEW PLANNING UPDATE (PDF)

SUMMARY

While the current estate and gift tax exclusion amount is $11.18 million per individual, there’s no guarantee that it will not be reduced in the future. For some couples, establishing a Spousal Lifetime Access Trust (SLAT) offers additional protections and flexibility to meet long-term goals. This planning update provides an overview of SLATs, including the advantages and planning considerations to help determine if it is appropriate for your situation.

KEY TAKEAWAYS

  • The Tax Cuts and Jobs Act reduces the number of estates impacted by the estate tax, but with changing administrations and the possibility of repeal, estate planning cannot be postponed. Doing so can put your family in a position where they are unprepared to deal with the financial consequences after your deathTax reform legislation has resulted in significant changes for business owners.
  • Spousal lifetime access trusts (SLATs) are a flexible estate planning tool that may help you to be prepared for the long term, despite what happens to the transfer tax system. When funded with appropriately selected assets, SLATs offer the opportunity to maximize growth and tax-advantaged wealth transfer.