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10 Things to Know About Spousal Lifetime Access Trusts

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Related: 10 Things Advisors Should Know About Grantor Trusts

For people who want to move assets out of their estate while also providing a legacy for their spouse and children, a spousal lifetime access trust can be the perfect vehicle.

A SLAT is an irrevocable trust set up while both spouses are still alive, in which the other spouse is the designated beneficiary. It can even help you avoid gift tax.

Read through the gallery above to learn how it works.