Yes—You Might Owe More Taxes Under President Biden. Here’s How to Avoid It

Use a spousal limited access trust (or SLAT) Of all of the proposed changes, the most significant is the reduction of the estate and gift tax exemption from $11 million to $5 million. This decrease can be avoided by transferring wealth now. One option is the spousal limited access trust (or SLAT). To use a SLAT, one or both spouses creates a trust for the benefit of the other spouse. Because the trust is funded by gift while both spouses … Continued