Insights Is Now the Time to Consider a Spousal Lifetime Access Trust?

Oct 28, 2020
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Highlights

  • Current enhanced estate, gift, and generation-skipping transfer tax exemptions are scheduled to revert to their previous lower levels on January 1, 2026, but it could possibly happen sooner, and the exemptions could be lowered even further.
  • Making large gifts to take advantage of these enhanced exemptions this year is possible, but many — particularly those who may be concerned about running short of funds in later years if they give away too much now — find the spousal lifetime access trust (SLAT) to be a more attractive alternative.
  • Bessemer’s estate planning professionals are available to help determine if a SLAT would make sense for you and your family.
 

About the Authors

Mark R. Parthemer
Senior Fiduciary Counsel
In this role, Mark is responsible for working with clients and their advisors to develop practical and efficient wealth transfer plans, and for guiding the firm on fiduciary issues.

Kerri G. Nipp
Associate Fiduciary Counsel
In this role, Kerri is responsible for working with clients and their advisors to develop practical and efficient wealth transfer plans, and for guiding the firm on fiduciary issues.