February 2025 Newsletter
Legal Lines News
Estate Planning and Elder Law
February 2025
Protect Your Wealth and Your Spouse with a Spousal Lifetime Access Trust
While chocolates and flowers are nice gestures in February, a spousal lifetime access trust (SLAT) can make a more lasting gift, especially with the record-high estate tax exemption set to decrease drastically in 2026. In general terms, a SLAT is a trust that allows you to transfer your assets (for example, your accounts, money, and property) to your spouse while minimizing estate taxes and shielding those assets from probate and potential creditors. Read more to discover the world of SLATs.
Maximize Tax Benefits and Protect Your Spouse with a Qualified Terminable Interest Property Trust
While the gift of a qualified terminable interest property (QTIP) trust may not be the most romantic Valentine’s Day gesture, read more to learn about how it could prove to be more thoughtful, caring, and valuable than an off-the-shelf purchase.
Appointing Your Legacy: A Guide to Using a General Power of Appointment Trust to Protect Your Spouse
Through sickness and health, thick and thin, you and your spouse have been there for each other. You may even share almost everything, including your estate plan. That plan expresses the love and trust you have built over the years. Read more to ensure that you and your spouse will be financially and legally taken care of when something happens to one of you.
A Personal Note from Susana
Dear Reader,
This month, we turn our thoughts to the heart. I’m not here to remind you to get a check-up (you already know that!). Recently, I had the privilege of rewriting a chapter for the Bar-sponsored book on elder law.
It’s a great resource full of valuable information, and I was tasked with covering the topic of Retirement.
I have to admit, I’m not fond of that word. Unless you’re unwell, what are you really retiring from? Often, it’s just a job, but the world may see it as retiring from life itself. Don’t buy into that idea. Look ahead! Whether you’re healthy or not, there’s always something to do, always an activity to engage in.
A friend of mine recently moved to a lovely retirement village in North Carolina. They’re actively involved in philanthropy, supporting projects in their hometown, and still make time to enjoy the arts scene in Asheville, North Carolina. Many of my clients have chosen to travel, take on new work, or pursue hobbies with passion. One is a farmer focused on sustainable practices, and I’ve even been invited to their lambing season!
So, my message for this month is: stay engaged with the world—it will love you back. As long as you have your health, you can have joy. And remember, age is relative. You can still enjoy life even with a sore hip or the need for hearing aids.
Stay active and involved,
Susana
- “A Failure to Plan Is a Plan to Fail”
- “Understanding Probate”
- “Understanding Medicaid: Planning for Medicaid – Protecting Your Assets While Ensuring Long-Term Care”
Gain valuable insights to better navigate these important topics. Secure your spot today.
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