A Spousal Lifetime Access Trust (SLAT) is a trust established between spouses. Essentially, one spouse gives the other spouse assets in an amount that uses up the unused Federal Estate Tax Exemption. The trust of one spouse must be materially different from the trust of the other spouse. The reciprocal trust doctrine allows the IRS Read the full article…
Spouse
Window to Make Portability Election is Extended to Five Years
Since lifetime gift exemption has drastically increased by the Tax Cuts and Jobs Act (TCJA), which went into effect in 2018, considerably fewer people are subject to estate tax filing. According to the TCJA, for 2022, decedents with an estate valued less than $12,060,000 are not required to file an estate tax return. However, to Read the full article…