In a recent Private Letter Ruling the IRS declared that sales of property between spouses and the spouses’ grantor trusts do not trigger income taxation. This ruling validates a planning technique using special trusts called Spousal Lifetime Access Trusts (SLATS) and transactions between the spouses and these trusts. This type of planning is used to minimize or avoid estate tax and to protect assets from creditors and divorce. Please see PLR 201927003, Rev Rul 85-13, 1985-1 CB 184, and Code Sec. 1041(a).
Contact Carl Holborn at 414-276-5000 or Carl.Holborn@wilaw.com if you would like to learn how these trusts can be used to eliminate the estate tax and protect assets.
O’Neil Cannon is pleased to announce that Dino Antonopoulos, founder of Antonopoulos Legal Group, is…
The recent Tax Court case Estate of Anne Milner Fields v. Commissioner underscores the risks…
In April 2024, the Department of Labor announced a final rule, entitled Defining and Delimiting the…
The recent election of Donald Trump as president signals potential changes to the U.S. tax…
Each year, Super Lawyers surveys the State of Wisconsin’s 15,000 attorneys and judges, seeking the State’s top…
O’Neil Cannon has been recognized regionally in the 2025 edition of Best Law Firms®, ranked…