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What is 709 for SLATs? Things to Know about SLATs

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  • What is 709 for SLATs? Things to Know about SLATs

Overview of 709 for SLATs

SLATs stand for Spousal Lifetime Access Trusts which is a type of irrevocable trust. In this type of trust, one spouse will create the trust for the benefit of the other spouse and transfer their assets as a gift to them. Multiple types of assets like marketable securities, insurance plans, and income-generating businesses.

709 for SLATs is a specific form that is used by the grantor to file the tax return for that particular gift. The filing of this form will restrict the IRS (Internal Revenue Service) from taking action and challenging the worth of the assets placed in that particular irrevocable trust.

Benefits of SLATs

Overall, you will find multiple benefits of SLATs over other types of trusts and gift transfers. However, some of them are very prominent as compared to others. Let us share them with you:

     The property kept under the SLAT will be excluded from the tax. For both, the grantor and beneficiary spouse, the property will not be included in the tax estate.

     SLATs are normally named “Grantor Trusts” which impact the taxable estate of the grantor and reduce the overall taxation amount.

     This type of property transfer will not restrict the grantor spouse to not getting back to that property (might be a business). Under specific circumstances, like loss in business, the beneficiary spouse can give indirect access to the grantor spouse and let them manage their expenses from there.

Where You Can Create Your Trust?

Many people are confused about the filing of 709 for SLATs and think they can create trust and file it in their state only. It is completely wrong because you can create this trust in any of the 19 states of the country.

The reason for choosing a different state, as compared to the one you live in, is the tax relaxation. Some states of the country offer favorable tax conditions for SLATs. So, you can find the safe route for the creation of trust and transfer of your assets to your spouse to reduce the tax return.

Choose DimovTax for Filing 709 for SLATs

Struggling to choose the right financial solution for 709 for SLATs? DimovTax is here to serve you with the following qualities making us superior to others.

     Dedicated Team: We have a dedicated team to manage your tax-related tasks.

     Simplified Processing: DimovTax will let you be comfortable while dealing with complex tasks like SLATs.

     Effective Guidance: Our team of professionals will guide you effectively to learn about different conditions of tax filing and take smart steps for further processing.

Our Major Services

     Tax Filing: We have experienced team players who can nicely and carefully take care of your tax filings. Our team will make sure that you don’t have any tax issues or due amounts after filing your tax return.

     Individual and Partner Taxation: DimovTax has been working in the field for years and has extensive experience dealing with individual and partner taxation. We know how to tackle different situations that come under these sectors.

     Tax Settlement: Our team has extensive experience in tax settlement and offers compromise to IRS and state tax departments for the resolution of issues.

Don’t Wait, Contact Now!

Are you ready to transfer your assets to your spouse and file 709 for SLATs to save tax? We are just a click away to serve you with our quality financial strategies. Call us today at (866) 938-4979 or email info@dimovtax.com.  

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