Spousal Lifetime Access Trusts: Income, Gift, Estate, and GST Tax; State Limitations; Building in Powers and Options
An encore presentation with Live Q&A.
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE course will guide trusts and estates counsel on leveraging spousal lifetime access trusts (SLATs) in estate planning in light of the current and ever-changing tax law. The panel will discuss critical issues concerning income, gift, estate, and GST taxes, including pitfalls to avoid. The webinar will explore SLAT basics, discuss how to design SLATs to incorporate flexibility to anticipate an ever-changing landscape, and review the best way to minimize tax liability and ensure multi-generational gifting and flexible long-term planning.
Outline
- Considerations for the use of SLATs in estate planning
- Definition and key characteristics
- Benefits
- Potential drawbacks
- Access to SLAT assets
- Building in flexibility
- Critical tax considerations under the current tax regime
- Dual trusts (reciprocal trust doctrine)
- Funding the SLAT (including impact of joint property)
- SLATs as grantor trusts
- Divorce
- Other tax issues
- Alternative methods for multi-generational gifting and long-term planning
Benefits
The panel will review these and other key issues:
- What are the critical considerations for the use of SLATs in estate planning?
- How can you incorporate flexibility and options into your SLATs, and what are the pitfalls to avoid?
- What is the impact of joint property? What if the property is not held in the desired grantor's name?
- What tax issues arise in the use of SLATs under current tax law?
- How does a divorce impact SLATs?
- What are other methods available for multi-generational gifting and long-term planning?
An encore presentation featuring Live Q&A.
Faculty
Diedre Wachbrit Braverman
Attorney
Braverman Law Group
Ms. Braverman practices in the areas of estate planning, special needs planning, asset protection, elder law and... | Read More
Ms. Braverman practices in the areas of estate planning, special needs planning, asset protection, elder law and business planning.
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Samuel M. DiPietro
Associate
Spencer Fane
Mr. DiPietro collaborates with families and their advisors to create customized estate plans that consider the specific... | Read More
Mr. DiPietro collaborates with families and their advisors to create customized estate plans that consider the specific needs of each family, ensuring the protection and seamless transfer of wealth. He has extensive experience in crafting estate plans tailored to the unique requirements of modern families. Mr. DiPietro a certified public accountant with two advanced degrees in taxation, has successfully implemented plans that reduce income, gift, estate, and generation-skipping transfer taxes in the context of succession planning for individuals and privately held businesses.
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Brad Frandsen
Senior Vice President and Wealth Strategies Advisor
Bank of America
Mr. Frandsen is a Senior Vice President and Wealth Strategies Advisor at Bank of America Private Bank in Phoenix,... | Read More
Mr. Frandsen is a Senior Vice President and Wealth Strategies Advisor at Bank of America Private Bank in Phoenix, Arizona. Working with clients and their advisors, he can assist with a range of strategies to help maintain and transfer client wealth. Mr. Frandsen can help clients with sophisticated planning strategies include estate tax and asset protection, business succession, change in marital status, and philanthropic giving. He works closely with Merrill Advisors to help address client concerns about locking up their assets when planning for future generations. Mr. Frandsen can offer a perspective on how clients can take advantage of certain wealth transfer and estate tax strategies that offer them some level of flexibility to access their assets, prior to their distribution to the intended beneficiaries. When appropriate, he can offer referrals to other professionals, such as attorneys or tax professionals, who can help clients execute their trust and wealth transfer strategies.
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