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Maura Curran, Attorney
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Crafting Your Legacy: Advanced Trust Strategies for Business Executives

Business Executive/Business Owner–Estate Planning–Part Two

As a business executive, your vision and strategy have not only propelled your career but have also built a legacy that reflects your dedication and success. However, the true challenge lies in ensuring that this legacy is preserved and passed on according to your wishes, with minimal exposure to taxes and creditors. This is where advanced estate planning strategies, particularly irrevocable trusts, play a pivotal role.

The Lifetime Qualified Terminable Interest Property (QTIP) Trust and the Spousal Lifetime Access Trust (SLAT) are two sophisticated tools designed to protect and control the transfer of your wealth, ensuring that your spouse benefits during their lifetime while also securing the assets for future generations. These trusts offer a strategic balance between maintaining access to the assets and shielding them from estate taxes and potential creditors.

The QTIP Trust allows you to support your spouse while ensuring that the assets ultimately pass to the beneficiaries you designate, such as your children, upon your spouse’s death. It leverages the unlimited marital deduction to avoid immediate estate taxes and places the assets in a controlled environment where they are protected and can be utilized to benefit your spouse.

The SLAT operates on a similar principle but with a focus on asset transfer and tax efficiency. By creating a SLAT, you can move significant assets out of your taxable estate into a trust that benefits your spouse and potentially other family members, thereby reducing your estate’s value while still providing for your loved one’s needs.

Strategic planning and legal expertise are vital for implementing these trust strategies effectively. Collaborating with an estate planning attorney ensures tailored solutions, optimizing benefits, and securing your legacy.

Check out our next blog in this series here

Call The Curran Law Firm to schedule your estate planning appointment at 561.935.9763