Why a SLAT Might Be the Most Romantic (and Tax-Smart) Thing You’ll Ever Do
Imagine this: You’ve just gotten home after back-to-back surgeries, or patient consultations that wouldn’t stop. You finally sit down for a quiet evening, and your spouse casually drops, “Hey, the twins are thinking about Yale. Or Stanford. Or, I don’t know, maybe a school with tuition that looks like a mortgage.” You smile, but inside you’re panicking about those tuition payments. Deep breaths, though, and you remember that you’ve been planning and saving for this kind of thing (you still reserve the right to groan about the cost, though).
If that sounds even remotely familiar, then welcome—you’re the kind of person who should know about a SLAT. Why?
Well, before your eyes glaze over, let’s break it down: SLAT stands for Spousal Lifetime Access Trust. And while that name might sound like a filing cabinet you’d ignore forever, it’s actually one of the most powerful tools around for preserving your wealth and keeping your family financially supported—even if the IRS comes knocking or your malpractice premiums skyrocket or you finally sell the business that you’ve been working so hard to build.
[Read more…] about The Spousal Lifetime Access Trust (SLAT)