Is a Spousal Lifetime Access Trust (“SLAT”) right for me?

SLATs are a fairly new estate planning tool – used to transfer assets out of an individual’s taxable estate to take advantage of the current lifetime exemption amount. There has been much written about them, including the following articles in or by:

• Fidelity;

• Northwestern Mutual;

• Forbes; and

• Wells Fargo.

SLATs are irrevocable trusts and ostensibly cannot be changed (although substituting assets is possible). There are several factors to determine if a SLAT is right for you and your situation. And, while there can be several benefits, there are also serious perils and drawbacks that could affect you. Please reach out to us if you would like to discuss whether or not a SLAT may be right for you and your situation.