SPOUSAL LIFETIME ACCESS TRUSTS
Spousal Lifetime Access Trusts, commonly known as “SLATS," received considerable attention from commentators after the 2010 increase in the Federal Estate and Gift Tax Exemption Amount from $1 million to $5 million. They were intended to be utilized to permit married taxpayers to take full advantage of the increased gift tax exemptions available to them by making lifetime asset transfers
NEW JERSEY ESTATE TAX UPDATE
New Jersey Estate Tax Repeal The promised repeal of the New Jersey Estate Tax has come to pass for estates of decedents dying on or after January 1st, 2018. For estates of those dying in 2017, a transitional rule applies: the estate tax affects only those whose gross estate, as determined in accordance with the provisions of the Internal Revenue
FEDERAL ESTATE TAX UPDATE
Increased Federal Basic Exclusion Amount There is good news for many taxpayers at the Federal level: the “Tax Cuts and Jobs Act,” P.L. No. 115-97, increases the Basic Exclusion Amount for estates of decedents dying on or after January 1st, 2018, to $10 million. When the inflation adjustment is added in, the effective Exclusion Amount becomes nearly $11.2 million. As