- On August 24, 2017
If you are married and thinking about selling or gifting assets to your loved ones, yet have concerns about losing access to the transferred property, its income, or placing someone other than your spouse in control, one solution might be a Spousal Lifetime Access Trust (SLAT).
SLATs can be flexibly designed to benefit and protect any one or more of your spouse, children, grandchildren or other loved ones from estate taxes, generation-skipping transfer taxation (“GST”), personal spending habits, mental disability, creditors, divorces and the like.
With SLAT planning your spouse can be both the trustee and the primary beneficiary. So, as both trustee and the primary beneficiary, your spouse can maintain control and have access to the protected in-trust assets.
You can create a SLAT for your spouse and your spouse can create a SLAT for you as long as the two trusts are sufficiently different.
SLATs can be used with most assets (i.e., businesses, stock portfolios, real estate, etc.) and are especially effective when leveraged with proper life insurance planning.
SLATs can provide enhanced asset protection.
SLATs can be designed to fully utilize the GST exemption to provide dynasty trust planning thereby avoiding transfer taxes over multiple generations.
For more information regarding the many benefits of SLAT planning, please call Kelleher & Buckley, LLC at (847) 382-9130 or contact us through our website.
The contents herein are for discussion purposes only and not legal advice.