Prudence in Establishing a Spousal Lifetime Access Trust

Gallo, Jon J.
December 2011
Journal of Financial Planning;Dec2011, Vol. 24 Issue 12, p44
Academic Journal
The article offers the author's insights on the establishment of Spousal Lifetime Access Trust (SLAT) in the U.S. He says that SLAT is a trust made by married individuals for the benefit of their spouses, who are usually given a life estate, and is an innovative way for them to use their gift-tax exemption. He notes that estate planners should be cautious whenever both spouses propose to make SLATs and consider each other as beneficiaries or trustees. He discusses several cases involving the use by the U.S. Internal Revenue Service (IRS) of the reciprocal trust doctrine, also known as the cross trust doctrine.


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