December 10, 2020

Locking in Tax Savings, Piedmont Provides Guidance

In the midst of a chaotic 2020, clients desire certainty. Estate planning has never been more important or top of mind.

One particular client with substantial assets wanted to ensure that she could use the current sizable gift tax exemption in 2020. She was not comfortable giving her assets away to her children because of the concern that she and her husband might need her wealth down the road.

Piedmont introduced the client to an experienced estate tax attorney who, at Piedmont’s suggestion, drafted a spousal lifetime access trust (SLAT) to accomplish the client’s goals. The husband understood that he would have the flexibility to avail himself of the trust assets if needed. That certainty gave the client and her husband much comfort that, upon the wife’s eventual death, her estate tax would be minimized, her children would benefit, and the trust assets would still be available to her husband for life. 

Piedmont has over 90 years of experience in helping families work through major life and financial transitions. To learn more about how we have assisted families in times of uncertainty, please contact us!  Our experienced team would love to assist you with an estate plan review at any time.