Hear topics addressed such as:
* What's a SLAT?
* What are flexible options that can be beneficial in a SLAT?
* What does "Grantor-Trust" status mean and how is that beneficial?
* What happens if a person setting up the trust wants "Non-Grantor Trust" status and how can that be beneficial?
* How can an "Independent Trustee" be helpful in terms of a step-up in basis?
* What is a "Trust Protector" and how can this role be beneficial in a SLAT?
* How can a Trust Protector’s ability to add additional beneficiaries be helpful?
* How can situs of the trust in a jurisdiction such as Nevada or South Dakota be helpful?
* What is a “Floating Spouse" provision and how can this be helpful?
* What does including a "Limited Power of Appointment" allow for and to whom is this power given?
* How can an unmarried individual still benefit from a “SLAT” where we have a person other than a spouse involved?
* How can a married couple with a business entity benefit by setting up a SLAT?
* What is the "Reciprocal Trust" doctrine in terms of SLAT planning?
This episode's guest on The Good Life & Legacy Podcast is Alan S. Gassman, Esq., LL.M., a lawyer practicing in Clearwater, Florida with the law firm of Gassman, Crotty & Denicolo, P.A.
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Estate planning and probate matters will be further explored in more content!
- Video Contents -
00:00:00 Introduction
00:00:28 Alan S. Gassman, Esq., LL.M. Introduction
00:04:05 What is a SLAT?
00:07:42 What is Grantor-Trust status?
00:09:44 When is Non-Grantor-Trust status beneficial?
00:10:37 Why is situs of the trust important?
00:11:49 Asset protection jurisdictions for flexibility
00:13:00 Trust Protector's ability to add beneficiaries
00:16:45 Trust Protector and Independent Trustee and Basis
00:22:55 Distributions and an Independent Party
00:24:13 What is a "Floating Spouse" provision?
00:26:18 What if there is no "Floating Spouse" provision?
00:27:43 What is the "Reciprocal Trust Doctrine"?
00:32:29 What about an unmarried individual setting up a SLAT?
00:33:59 Why is a "Limited Power of Appointment" beneficial?
00:37:00 What about a "General Power of Appointment?"
00:39:27 What about transfers with an LLC and a SLAT?
00:46:12 What about discount challenges and an assignment?
00:48:12 When does a SLAT make sense?
00:52:12 Estate Planning attorneys can help people!
For more information on wills, trusts, estate planning, probate and estate administration, please visit the website of RUTH P. GEORGE LAW PLLC:
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Disclaimer: This podcast does not create an attorney-client relationship. The discussion and information in this podcast are not legal advice nor intended to be legal advice. You should consult an attorney for advice regarding your personal situation.
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By: RUTH P. GEORGE LAW PLLC
Title: Spousal Limited Access Trusts (SLATs) | Creditor & Estate Tax Planning | Good Life & Legacy Podcast
Sourced From: www.youtube.com/watch?v=ammRC-7D9jo
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