Spousal Lifetime Access Trusts: Income, Gift, Estate and GST Tax, State Limitations, Building in Powers and Options
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE webinar with Q&A
This CLE course will guide trusts and estates counsel on leveraging spousal lifetime access trusts (SLATs) in estate planning in light of the current tax law. The panel will discuss critical issues and pitfalls to avoid concerning income, gift, estate and GST taxes, key state law challenges and limitations, structuring or modifying trusts to building powers and options, and other items to minimize tax liability and ensure multi-generational gifting and flexible long-term planning.
- Considerations for the use of SLATs in estate planning
- Access to trust assets
- Choice of trustee
- Impact of joint property
- Building in substitution powers and options
- Critical tax considerations under the current tax regime
- Dual trusts (reciprocal trust doctrine)
- SLATs as grantor trusts
- Other tax issues
- Potential state law limitations
- Other alternative methods for multi-generational gifting and long-term planning
The panel will review these and other key issues:
- What are the critical considerations for the use of SLATs in estate planning?
- What are the state law limitations?
- How can you build in substitution powers and options in SLATs, and what are the pitfalls to avoid?
- What is the impact of joint property?
- What tax issues arise in the use of SLATs under current tax law?
- How does a divorce impact SLATs?
- What other methods are available for multi-generational gifting and long-term planning?
Luke C. Bean, LLM
Rico, Murphy, Diamond & Bean
Mr. Bean concentrates on estate planning, developing strategies to transfer wealth efficiently using sophisticated... | Read More
Mr. Bean concentrates on estate planning, developing strategies to transfer wealth efficiently using sophisticated planning techniques that defer or eliminate taxes. He also focuses on tax aspects of estate administration. In his prior position, he designed and drafted estate plans for clients with an emphasis on probate avoidance and creditor protection.Close
Kenneth J. Crotty, J.D., LL.M.
Gassman, Crotty & Denicolo
Mr. Crotty practices in the areas of estate planning, health law and corporate & business law.| Read More
Mr. Crotty practices in the areas of estate planning, health law and corporate & business law.Close