February Newsletter: Love and Estate Planning
We’re celebrating love and estate planning in February’s newsletter—not with flowers and chocolates, but with strategies that show your sweetheart how much you care. This month, we cover three trusts that help protect your spouse, minimize taxes, and keep your legacy intact because true love means planning for the future together.
Protect Your Wealth and Your Spouse with a Spousal Lifetime Access Trust
Have you considered safeguarding your spouse’s financial future with a Spousal Lifetime Access Trust (SLAT)? A SLAT allows one spouse to set up an irrevocable trust for the other and provides a strategic way to transfer assets while minimizing estate taxes and protecting wealth from creditors. Furthermore, the record-high estate tax exemption is set to drop in 2026, so act now! Be sure to note that proper structuring is key to avoiding IRS scrutiny and unintended tax consequences.
Maximize Tax Benefits and Protect Your Spouse with a Qualified Terminable Interest Property Trust
A Qualified Terminable Interest Property trust—QTIP for short—is also another lasting way to show love. It allows you to provide for your spouse after your passing while ensuring your assets ultimately go to your chosen beneficiaries. It offers estate tax savings, creditor protection, and flexibility in how and when funds distribute. If you have children from a previous marriage or unique family circumstances, this trust gives you control while providing for those you love.
Appointing Your Legacy: A Guide to Using a General Power of Appointment Trust to Protect Your Spouse
A General Power of Appointment (GPOA) trust gives your spouse control over your assets while keeping your long-term wishes intact. With a GPOA trust, your spouse receives and manages assets upon your passing, with the ability to adjust distributions, allowing for adaptability in changing family dynamics. Unlike more restrictive trusts, a GPOA trust lets your spouse make decisions based on future needs, from financial shifts to unexpected life events. If you value both security and flexibility, this trust can help your legacy stand the test of time.
Read February’s full newsletter on love and estate planning to learn more, and contact the experts at Law Stein Anderson so that we can guide you in creating an estate plan that aligns with your wishes and protects your sweetheart.