The time is right for aggressive estate planning because if there is a shift in power in Washington estate taxes could become much harsher. We could face dramatically lower exemptions, a capital gains tax on death, a wealth tax and perhaps more. A key to planning is recognizing that many clients feel very vulnerable financially, recognizing that they may in the future need assets that otherwise could be transferred to reduce estate and other taxes. However, there are strategies that can allow clients to engage in effective wealth transfer tax planning but still be able to access the assets that otherwise would not be included in their estates, when and if the need arises. This presentation will discuss planning techniques that can be employed now to attempt to reduce taxes while maintaining access to assets if needed. The presenters will consider several planning vehicles and various options for each – domestic asset protection trusts (DAPTs and variations of them), spousal lifetime access trusts (SLATs), special power of appointment trusts (SPATs), and Grantor Retained Annuity Trusts (GRATs).
Speaker: Martin Shenkman, Esq.
Sponsor: Maine Estate Planning Council and American Cancer Society
*This may constitute attorney advertising.