Could You Benefit from a Spousal Lifetime Access Trust?

Irrevocable trusts are a great way to minimize estate taxes and keep more of your wealth in the family, but they require you to permanently give up ownership and control of the assets you place in them. For people who are hesitant about the irrevocable aspect of the trust, there is the spousal lifetime access trusts, or SLAT, that can be an excellent estate-planning tool that allows indirect access to trust assets and income through the beneficiary spouse. Plus utilizing the SLAT’s grantor trust status, can make this type of trust especially palatable.