From Schlessel Law PLLC - In this episode, we delve into the intricacies of ‘What is a Spousal Lifetime Access Trust?’, a potent estate planning tool designed to provide financial security for your spouse while preserving wealth for future generations. Our discussion covers how a SLAT allows the grantor to transfer assets into an irrevocable trust, benefiting the non-grantor spouse during their lifetime. This strategic move leverages gift tax exemptions and reduces the taxable estate, ultimately minimizing estate taxes and protecting assets from creditors.

We'll explore the advantages of establishing a SLAT under New York trust laws, including the use of federal lifetime gift exemptions and the implications of the Tax Cuts and Jobs Act of 2017 (TCJA). By transferring assets into a SLAT, couples can enjoy significant tax-free gifting opportunities, ensuring their wealth remains intact and secure. Additionally, we'll discuss how the non-grantor spouse can access trust assets, providing financial stability and peace of mind for the family.

Our experienced NY asset protection lawyers at Schlessel Law PLLC are committed to helping you understand the complexities of asset protection and estate planning. We'll guide you through the benefits and potential drawbacks of SLATs, including the impact of divorce, loss of access if the non-grantor spouse passes away, and the potential for capital gains taxes. This comprehensive overview will equip you with the knowledge to make informed decisions about safeguarding your assets and legacy.

Tune in to learn more about Spousal Lifetime Access Trusts and how they can be a valuable addition to your financial strategy. Whether you're considering reducing your estate tax liability, ensuring lifetime access for your spouse, or understanding the role of grantor trusts, this episode offers essential insights. Contact Schlessel Law PLLC at (516) 574-9630 to schedule a consultation and take the first step towards securing your family's financial future.

Schlessel Law PLLC

34 Willis Ave Suite 300, Mineola, NY 11501, United States

(516) 574-9630

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