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Have You Considered Including Slats In Your Estate Planning?

By the end of 2025, the rules about estate planning most likely will be considerably different. That’s because the 2017 Tax Cuts and Jobs Act, commonly known as the Trump Tax Law, will most likely expire.

Included in that is a significant reduction in the estate tax exemption, reducing the amount one can pass on to heirs by nearly $7 million.

Plus, depending on who is in the White House and who controls Congress, the exemption could be much lower.

That said, there are steps you can take now to significantly lower the tax burden on your estate when you pass away. One item you should be looking at is the creation of the Spousal Lifetime Asset Trust or SLAT.

By creating these types of trusts, you can help shield significant assets from the Internal Revenue Service while still utilizing these assets.

The attorneys at The Orlando Law Group can work with you to find ways to limit your estate’s tax liabilities, regardless of who is in office.

Why should we act now?

We’ve discussed this in other articles, but it will be very difficult to extend the estate tax exemption past 2025.  That is because the exemption is not something easily overturned. After all, the law was written with sunset provisions in place.

To overturn the exemption, a new law must be passed by Congress, a virtually impossible task considering how close the majorities are in the Senate and the House of Representatives.

Many groups are working hard to show how the Tax and Job Cuts Act of 2017 helped spur the economy and to convince Congress to eliminate the sunset provisions that were part of that act.

Still, don’t bet millions on that being successful.

Read More. 

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