Estate Planning Techniques Regarding Spousal Lifetime Access Trust
1 hour 30 minutes
Fundamentals of Spousal Lifetime Access Trust planning.
Estate planning has progressed well beyond the basic will and powers of attorney. Use of trusts permit detailed and comprehensive planning. Of course, there are many purposes and types of trusts that can be immediately funded during the lifetime of the property owner that will both shield the assets against creditors and still permit a married couple to enjoy the use and income from property. This can be accomplished in every state, not just those domestic assets protection trust states (DAPT states) that permit self-settled trusts. Trusts that name the spouse as the beneficiary (and even with the spouse as trustee to retain control of the property) can be immune from creditors of both spouses. In addition, trusts can be designed to avoid estate tax as well as be surprisingly adaptable and changeable. The topic and materials will describe the issues, opportunities, and methods to maximize the use of trusts to accomplish the above, and sidestep the many pitfalls that could defeat a well-intentioned plan.
• You will be able to discuss advantages of Spousal Lifetime Access Trusts (SLATs).
• You will be able to identify and explain the estate, gift, generation-skipping transfer, and income tax issues and consequences of SLATs.
• You will be able to explain the nontax legal issues of SLATs.
• You will be able to recognize problems, choices and solutions regarding SLATs.