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May/June 2024 » 2025 Planning Should Begin Before...
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Martin M. Shenkman, JD, CPA/PFS, AEP
Planning for 2025 is becoming a hotter topic as the scheduled halving of the transfer tax exemption draws closer. But while many are focusing on the end of 2025 as the critical deadline, the end of 2024 warrants greater attention. The first reason on the minds of many is that, for nonreciprocal spousal lifetime access trusts (SLAT), it may be preferable to create one in 2024 and a second in 2025. Having more time between the creation of the two trusts may help differentiate them from a reciprocal trust doctrine attack. Planners tend to feel more secure when each trust has a different tax year; this makes year-end 2024 an important deadline for pre-2026 planning.
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