Once Removed Episode 18: The Reciprocal Trust Doctrine
Once Removed Episode 12: SLATs and the Case of McKim vs. McKim
Once Removed Episode 11: Spousal Lifetime Access Trusts, or SLATs
The TCJA doubled the lifetime exclusion and GST tax exemption. This exclusion amount, adjusted for inflation, is now $13.61 million and is expected to be approximately $13.99 million in 2025. However, in 2026, the amount will...more
The year 2017, when the Tax Cuts and Jobs Act was signed into law, seems like a long time ago. As you may be aware, many of the tax provisions of that law are set to expire in a relatively short amount of time — on January 1,...more
The Tax Cuts and Jobs Act of 2017 provided major changes to the Internal Revenue Code, specifically doubling the federal estate, gift, and generation-skipping transfer (GST) tax exemption (collectively, the exemption) from...more
If you are in the process of long-term estate planning or updating an existing estate plan, the process for passing assets and accounts to your heirs is about to become much more difficult and expensive. Presently, each...more
Trusts serve a variety of tax, asset protection and estate planning purposes for families, and over the years different types of trusts have evolved to best serve families’ planning needs and objectives. Each type of trust...more
This podcast often discusses the elements of a trust, and how to grant access, control and flexibility to beneficiaries and trustees. But for tax and other purposes, the donor typically cannot retain those kinds of powers. ...more
You may have heard of Spousal Lifetime Access Trusts (SLATS) lately, especially if you have been thinking about using your federal estate and gift tax exemption before the current higher exemption amount of $13.61 million is...more
When creating your estate plan, there’s a certain amount of prognosticating involved. What will your financial picture look like in years to come? How will estate tax laws change?...more
Although the IRS is now on high alert for wealthy individuals, new and existing planning opportunities are available, such as tax-free gifts and other advantageous planning. Wealthy individuals and families should take...more
Steve Murphy, chair of the private wealth services group, dives deeper into the subject of SLATs in this episode. SLATs can work well with estate tax benefits and creditor protection benefits, all while giving the spouse...more
Steve Murphy, chair of the private wealth services practice group at McGuireWoods, discusses the Spousal Lifetime Access Trust, also known as the SLAT. Steve explains the rights that your spouse can have in this trust through...more
Florida’s newest trust laws taking effect this summer are turning up the heat in what is already a hot estate planning scene. With the federal estate and gift tax exemption for U.S. citizens and U.S. domiciliaries at a...more
Spousal Lifetime Access Trusts, or “SLATs,” may be the ideal vehicle for clients interested in pursuing wealth-transfer tax planning. A SLAT is an irrevocable trust created by one spouse for the primary benefit of the...more
Throughout 2021, Congress and the Executive Branch proposed tax code changes that – had they ultimately passed – would have significantly changed various estate planning techniques. Some proposals would have sidelined a...more
The House Committee on Ways and Means has proposed a tax plan intended to fund President Joe Biden's "Build Back Better" $3.5 trillion infrastructure program. Among the many changes in this proposed tax plan are three that...more
What you need to know: On September 13, 2021, the House Ways and Means Committee released its proposed tax plan to fund President Biden’s $3.5 trillion “Build Back Better” social and economic spending package. If enacted as...more
President Joseph Biden and the Democratic majority in Congress are working on a $3.5 trillion tax and spending package that could dramatically increase taxes on the wealthy. In addition, new proposals are being floated almost...more
You have probably heard that the House Ways and Means Committee released proposals for increasing gift and estate taxes in order support legislation being advanced by the Democratic majority in Congress. ...more
The Democrats of the House of Representatives have released a much-anticipated tax plan that would significantly impact the federal estate and gift tax system. Importantly, the House could still amend this legislation and the...more
Estate tax planning can become complicated when multiple parties are involved. For example, you may be concerned about providing assets to a surviving spouse of a second marriage, while also providing for your children from...more
Join Ulmer Trusts and Estates attorneys, Erica N. Carducci, Stephanie M. Glavinos, John R. Harrison, and Linda DelaCourt Summers, as they discuss leveraging spousal lifetime access trusts (SLATs), the advantages of creating...more
Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more
Transfers of appreciating assets to spousal lifetime access trusts (SLATs) have become an increasingly popular and flexible estate planning technique. By making a completed gift now, a donor can lock in gifts of amounts up to...more