Solutions for Spouses

Spousal Lifetime Access Trust

In February, we celebrate Valentine’s Day, a holiday created exclusively for couples.  While getting something for your Valentine is fun in the short-term, there are potentially more valuable things that can be done for a spouse in the long-term.  These cold winter months are a great time to consider the options and start some planning.

There are some advantages when implementing long-term financial planning for spouses.  One example is establishing a Spousal Lifetime Access Trust (SLAT).  Gifts can be made to a SLAT just like in a traditional irrevocable life insurance trust (ILIT).  However, this trust variation grants a spouse access to assets inside the trust for health, education, maintenance, or support (HEMS) while serving the purpose of a traditional ILIT.  Click on this link to read about the basics of a SLAT and to consider who would benefit the most from implementing this type of trust.  While reviewing this linked article from our partner, please keep in mind that the annual gift tax exclusion amount for 2024 is $18,000 and the 2024 federal lifetime exemption is $13.61 million for individuals ($27.22 million for couples). 

Contact us with any questions or opportunities to help your clients achieve their goals.  This is what we enjoy doing for only a select number of families, businesses, and charitable institutions each year, and we look forward to hearing from you.