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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Aug 24 12

    Maximizing Estate Tax Savings with SLATs

    Newport Beach Law Firm

    Spousal Lifetime Access Trusts (SLATs) allow you and your spouse to use
    your full remaining gift tax exemptions while retaining access to the gifted
    property in the event you need it.

    The more complex your goals, the
    more crucial the timing. This is especially true if you want to maximize your
    estate tax savings under the current $5.12 million estate and gift tax
    exemption set to expire at the end of 2012.

    So, how can spouses maximize
    their giveaways and still retain some takeaways when it comes to their wealth? Forbes recently considered this question
    in an article titled “Spousal Lifetime Access TrustsUse Your
    Gift Tax Exemption Without Giving It All Away
    .” The answer: a Spousal
    Lifetime Access Trust—SLAT.

    Essentially, with the SLAT
    approach, each spouse can give their respective $5.12 million exemption amounts
    into separate irrevocable trusts. But each spouse also names the other as
    the SLAT beneficiary and other loved ones (their children, commonly) as
    secondary beneficiaries.

    There are some very important
    steps required for a SLAT to pass IRS muster, to include avoiding application
    of the dreaded “reciprocal trust doctrine.” Do not undertake any estate
    planning without the advice of competent legal counsel.

    Contact Meier Law Firm to discuss how you can incorporate a SLAT into your estate planning.

    Reference: Forbes (August
    9, 2012) “Spousal Lifetime Access Trusts–Use Your
    Gift Tax Exemption Without Giving It All Away

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