Understanding Spousal Lifetime Access Trusts (SLAT)
Insights and Updates on Estate Tax Minimization
Gain a comprehensive understanding of gifting and trusts and how to leverage their options that best suits your estate planning goals in this eight-part video series.
A Spousal Lifetime Access Trust (SLAT) has several key goals, but they can be summarized into three main objectives:
- Reduce your combined taxable estate
- Provide flexibility and access to assets for your spouse
- Potentially protect assets from future events
Important Considerations:
- Irrevocable nature: Unlike some other trusts, contributions to a SLAT are irrevocable, meaning you cannot reclaim the gifted assets once deposited. Careful planning and understanding your financial situation are crucial before establishing a SLAT.
- Professional guidance: Setting up and managing a SLAT can be complex and requires legal expertise. Consulting with an attorney and financial advisor is essential to ensure the trust is properly drafted and aligned with your specific goals and financial needs.
Overall, a Spousal Lifetime Access Trust can be a valuable tool for married couples seeking to reduce their combined taxable estate, provide for their spouse’s well-being, and achieve greater flexibility in future asset distribution.
This video, the third in the series, explains Spousal Lifetime Access Trusts (SLAT).
Video 3
Spousal Lifetime Access Trusts (SLATs) have emerged as a popular and effective strategy for married couples. These trusts offer valuable options to minimize estate taxes, making them important to consider for those looking to preserve and pass on their wealth. Mark Kassens walks you through the foundational aspects of SLATs, shedding light on their workings and benefits, IRS clawback, and an update on when they can be funded.
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Estate, Trust, and Succession Planning Services
Mark’s background in tax enables him to provide extensive services to the firm’s clients in the areas of estate and retirement planning, and business succession consulting.