Review the Spousal Unity Rule and what it means.
The Spousal Limited Access Trust, by definition, will be a grantor trust because that's what §677 tells us - the power of a non?adverse person to distribute to or accumulate income for the grantor or the grantor’s spouse. Unless there is an adverse trustee, every SLAT will be a grantor trust and income tax treatment will apply accordingly. This video reviews income tax and the Spousal Unity Rule and exceptions to that rule and discusses planning for grantor trust status after the repeal of §682.
Agenda
Faculty
Gregory V. Gadarian
Gadarian & Cacy, PLLC
- Partner in Gadarian & Cacy, PLLC in Tucson, Arizona
- Has been admitted to the State Bar of Arizona and the State Bar of Florida
- From 1978 - 1980 he was a legislation attorney on the staff of the Joint Committee on Taxation, U.S. Congress
- Prior to that, he was an attorney-advisor to Judge Cynthia H. Hall of the U.S. Tax Court
- Former chair of the Fiduciary Income Tax Committee and former Arizona State chair of the American College of Trust and Estate Counsel, and is an adjunct professor at the University of Arizona College of Law
- L.L.M. degree in taxation, New York University; J.D. degree, cum laude, Northwestern University School of Law; B.A. degree, Northwestern University
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