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Spousal Lifetime Access Trust (SLAT)

Back to Estate Trust Legal Services

In today’s constantly evolving estate planning landscape, finding a strategy that helps you preserve your wealth while remaining flexible is essential. Enter the Spousal Lifetime Access Trust (SLAT), an estate planning tool for married couples looking to optimize their finances while navigating tax laws and inheritance. 

What Is a Spousal Lifetime Access Trust?

A Spousal Lifetime Access Trust allows you to place assets into a trust benefitting your spouse or family members. This arrangement helps reduce both spouses’ combined estate value to potentially lower taxes.

While SLATs are irrevocable, you can still benefit from the trust as long as you remain married. Your spouse can withdraw money from the trust to pay for living expenses and other needs for both of you. However, removing money from the trust is generally not advisable, as it then becomes subject to estate taxes again.

If your spouse passes away, the remaining funds in the trust will go to any remaining beneficiaries, such as your children or grandchildren. They will not have to pay taxes on the inheritances they receive from the trust either, making this trust a great option to protect your legacy while reducing the amount of taxes your beneficiaries pay.

Spousal Lifetime Access Trust Pros and Cons

Before placing assets into a SLAT as part of your estate planning, take some time to understand the pros and cons this type of trust provides:

Pros

  • Flexible withdrawals: The beneficiary spouse can choose whether they want to withdraw funds from the income or principle to maintain their lifestyle.
  • Greater control over assets: When you establish the trust, you will decide how and when your heirs will receive their assets, allowing for structured financial support, such as staggered distributions, based on a specific age or life milestone.
  • Asset protection: Any assets you place into the trust are free from creditors and legal claims, so if your spouse or children face any lawsuits, the trust assets will remain safe.
  • Exclusion from taxable estate: Any assets in the SLAT are not part of your taxable estate, allowing more funds to transfer to heirs without tax liability.

Cons

  • Limited donor access: Once you decide to place assets in a SLAT, you cannot access your funds, which may be a concern if you face unexpected financial needs later in life. 
  • Dependency on marriage: The benefits of a SLAT depend on the couple remaining married throughout the donor’s lifetime. If the couple were to divorce, the beneficiary spouse would no longer have access to assets.
  • Complex to set up: Establishing a SLAT requires an expert estate attorney to draft the trust documents and understand all tax implications.
  • Potential tax implications: If the beneficiary spouse withdraws distributions from the trust early, those funds become taxable again.

Situations Where a SLAT Is Beneficial

While many tools are available to assist with estate planning, it’s important to choose an option that offers the most benefit for your specific financial needs. Some situations in which a SLAT is your best option include:

  • You are a high net worth couple: If your combined estate is worth more than $5 million, a SLAT is a great way to reduce estate taxes while still providing funds for the other spouse.
  • You want to transfer wealth to other generations: Families who want to pass wealth to their children or grandchildren can benefit from a SLAT to ensure their assets grow without taxes or penalties.
  • You want to safeguard your wealth: If you work in a profession with a high risk of lawsuits, using a SLAT can protect your trust assets from creditors and other legal claims.
  • You want to plan for future changes: Creating a SLAT can be a great tool to lock in current exemptions and protect your assets from future tax liabilities.

Choose Crow Estate Planning & Probate to Protect Your Legacy

Keeping your legacy safe is easy when you choose Crow Estate Planning & Probate for your estate planning needs. Our team has years of experience helping individuals and couples keep their assets safe, and we look forward to providing you with the same exceptional service. Contact us today to learn more about our services for residents across Tennessee and Kentucky!

 

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Hear From Our Clients

Krystal Rivas

I had a great experience with Crow Estate Planning & Probate! They made a complicated process feel simple, took the time to explain everything clearly, and were incredibly professional from start to finish. I felt supported and confident every step of the way. Highly recommend!

Emily Richardson

I had a great experience working with Crow Estate Planning and Probate. They made the entire process of writing my will feel simple, organized, and far less overwhelming than I expected. From start to finish, they were professional, patient, and very knowledgeable. They took the time to clearly explain everything and made sure all of my questions were answered, which gave me a lot of peace of mind. I truly appreciated how smooth and efficient the process was, while still feeling very personal and thorough. I would highly recommend them to anyone looking for help with estate planning!

Steve Baker

I can’t say enough about Crow Estate Planning & Probate. They did an excellent job explaining and drafting my estate plan. I would highly recommend.

David Sweatt

Professional above all expectations. Every question asked answered to understanding. Took time to tailor my request to the exact detail. Documents were explained to the details there in before signing. Super friendly and not showing sign of disconcerting attitude. I respect this firm and they have my “complete” trust.

Ute Bennett

We are very happy with the services provided and will recommend to family and friends.

Donald Hutcherson

The Crow law firm was absolutely wonderful from start to finish.the entire team was professional, knowledgeable and courteous. Above all they were absolutely caring in helping me through a difficult time. I highly recommend this law firm.all my needs were taken care of and were handled in a timely manner…I am forever grateful.

Bill Boyd

Where do I begin? I truly can’t say enough nice things about Crow Estate Planning & Probate and Alexandra Hulme, without her and everyone around her, I can truly say I don’t know where I would be today. Like many after losing my mother, I was lost, in a dark place and things weren’t happening how my mother had planned in her trust and will. Before waiting too long, I retained Alexandra’s services and she took me through the process step-by-step. Something that I never thought I could afford or I’d have to do. She knew I wasn’t asking her to do anything more than complete my mother’s last wishes. She did just that. They did it because they’re passionate about what they do. Communication was A+. She never left me hanging. I know family means a lot to her/them. I am indebted to her and these people forever. If you need help, call her today. I promise you won’t be disappointed. Thank you Alexandra from the bottom of my heart.
 
 

Travis Henry

I was referred to John by a fellow real estate investor when I needed guidance on structuring a couple of LLCs. From the start, he made the process incredibly smooth and straightforward. John was consistently responsive, thorough in his explanations, and showed a genuine commitment to getting everything completed on time—even working late to accommodate my schedule while I was operating from Hawaii, several time zones away. His mix of professionalism, attention to detail, and approachable demeanor made the entire experience seamless. I’m grateful to have him as a resource and wouldn’t hesitate to recommend him to anyone looking for a reliable and knowledgeable attorney.
 
 
 

Andre Christophe

Bridget and Thomas were very professional and knowledgeable in responding to my needs. Also, they were very organized and easy to work with. 
 
 
 

Allen Moser

This firm has done several things for me and real estate clients. Most recently setting up a TIST (Tennessee Investment Services Trust). And redoing my Will, Medical Power of Attorney, and Healthcare Directive. Appreciated their understanding of all of the intricacies of each document. Their timely communication and prompt service.
 
 
 

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931-218-7800
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Nashville, TN 37212

615-558-8002
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Hopkinsville, KY, 42240

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(423) 709-5401
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