Estate planning for the happily married - Hedge your bets with a SLAT

One of the biggest challenges of estate planning is dealing with uncertainty. For 2022, for example, the federal gift and estate tax exemption is $12.06 million, but it’s scheduled to be cut in half after 2025. And some lawmakers would like to shrink it even more. Given this uncertainty over the exemption’s future, it’s wise to take steps now to lock in the current exemption amount by transferring assets to your children or other heirs — either directly or in a trust — before the exemption is reduced.