It is currently difficult to know what the best possible estate planning method might be in the near future, since tax reform is uncertain. A spousal lifetime asset trust can be used as a way to plan around that uncertainty.
Given recent events in Washington, it is understandable if wealthy people are more than a little nervous about their estate plans. Just as it appeared that Congress was about to turn its attention to long-promised tax reform, President Trump has been distracted by ongoing investigations into his campaign.
While a special counsel has been appointed to oversee that investigation, a continuing steady stream of leaks has kept the pressure on lawmakers. This casts doubt over their plans for tax reform, since it is a contentious issue that has many in Congress deeply divided.
It is not clear what the President wants on some of the key items of reform.
All of this makes it difficult for many wealthy people to know how effective their estate plans might be and how to make changes to them.
Recently, Wealth Management offered a solution to the uncertainty in the form of a spousal lifetime asset trust in "SLATs Provide Flexible Plans for Many Clients."
Like any other trust, SLATs do not have to go through probate. They also offer estate tax and capital gains tax benefits.
They key thing about them, is that they are an extremely flexible form of trust. They are more adaptable to changing circumstances than many other trusts.
That makes them a great tool for uncertain times, when no one can be certain what the tax future will look like.
If you are interested in a SLAT or want to know what your other current estate planning options are, talk to an estate planning attorney.