With the Great Recession still fresh in the nation's collective memory and its wealth still seemingly in flux, and as the lifetime gift tax exemption shot up from $1 million to $5 million in 2011 and continued to rise (despite the threat of a return to $1 million after 2012), many individuals who were in a position to take advantage of the increase were hesitant to part with a significant amount, fearful that they could give away assets they may later need. Accordingly, practitioners began to advise their clients on a much more frequent basis (as the technique was not new) 1 to fund spousal trusts or “Spousal Lifetime Access Trusts” (SLATs) under which their spouses (in addition to descendants and/or others) are permissible distributees. Click here to read the full article*.

*Subscription based publication.