PRESS RELEASE
Published December 31, 2024
Pittsburgh, PA – Fragasso Financial Advisors, a leading provider of wealth management and financial planning services, has published a new blog post spotlighting the advantages of Spousal Lifetime Access Trusts (SLATs). The article provides valuable insights for individuals and families seeking to mitigate taxes and maintain control over their gifting strategies.
As families and high-net-worth individuals face increasing complexities in estate planning, SLATs have emerged as a powerful tool to safeguard assets while optimizing tax efficiency. The blog post, available on the Fragasso Advisors’ website, breaks down the key benefits of SLATs, including tax mitigation, enhanced flexibility, and long-term financial security.
What Are SLATs?
A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust that allows one spouse to gift assets to the trust for the benefit of the other spouse. This strategy not only removes the gifted assets from the taxable estate but also provides a layer of financial security by allowing the beneficiary spouse access to the trust assets during their lifetime. Fragasso’s blog post explains how this unique structure can offer dual advantages: reducing estate taxes while ensuring the donor spouse retains indirect benefits through their relationship with the beneficiary spouse.
Key Benefits Explored
Fragasso Advisors’ blog post highlights several advantages of incorporating SLATs into a comprehensive financial plan:
- Tax Efficiency – By removing gifted assets from the taxable estate, SLATs can help individuals maximize their lifetime gift and estate tax exemptions, potentially saving millions in taxes for high-net-worth families.
- Gifting Flexibility – Unlike traditional gifting strategies, SLATs enable the donor to maintain some level of control and indirect access to the trust assets, ensuring the funds align with family goals.
- Asset Protection – SLATs can safeguard assets from creditors and lawsuits, offering peace of mind to families concerned about potential financial risks.
- Wealth Preservation for Future Generations – By combining tax advantages with structured control, SLATs ensure that wealth is preserved and distributed according to the donor’s wishes, benefiting children and future generations.
Who Can Benefit from SLATs?
Fragasso Financial Advisors emphasizes that SLATs are particularly advantageous for married couples with substantial estates who are interested in minimizing tax liabilities while maintaining access to gifted assets. The blog also notes that SLATs should be designed with careful attention to IRS regulations and coordinated with a comprehensive estate plan to avoid unintended tax consequences. It is recommended that individuals consult their attorney and accountant in addition to working with a financial advisor.
The team at Fragasso Financial Advisors is well-positioned to help clients navigate complex financial strategies like SLATs. The firm’s Certified Financial Planners(R) and Certified Private Wealth Advisor(R) professionals work closely with clients to tailor solutions that meet their unique goals, providing personalized guidance every step of the way.
Read the Full Blog Post
To learn more about Spousal Lifetime Access Trusts and their potential benefits, visit the Fragasso Financial Advisors blog: Mitigate Taxes and Maintain Gifting Control with Spousal Lifetime Access Trusts (SLATs).
Investment advice offered by investment advisor representatives through Fragasso Financial Advisors, a registered investment advisor.
About Fragasso Financial Advisors, Inc.
Fragasso Financial Advisors, Inc. operates as an independent, primarily fee-based, employee-owned financial advisory establishment. Since its inception in 1972, the firm has been providing personalized financial planning and investment management services to individuals, non-profit organizations, and businesses. With a focus on long-term relationships and a commitment to providing an exceptional client experience, Fragasso Financial Advisors is a fiduciary, acting in their clients’ best interests with every decision.
Media Contact
Name
Fragasso Financial Advisors
Contact name
Marsha Posset
Contact phone
412-227-3206
Contact address
3402 Washington Road, Suite 301
City
McMurray
State
PA
Zip
15317
Country
United States
Url
https://www.fragassoadvisors.com/
