Smith-Petersen Douglas R

Investment Management, Financial Planners, Financial Planning Consultants

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Smith-Petersen Douglas R

Tax Planning
Second, remember that the purpose of a SLAT is to use the gifting spouse’s currently elevated federal exemption before it disappears. As a result, the tax-planning benefits of a SLAT diminish if the beneficiary spouse receives significant distributions from the trust, thereby reducing the trust’s ability to grow for the benefit of the other beneficiaries. If there is a reasonable likelihood that the couple will need access to the SLAT funds during the beneficiary spouse’s lifetime, they may wish to consider funding the SLAT with less than the full exemption, or simply not funding a SLAT (or any irrevocable trust) at all.

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Categories: Investment Management, Financial Planners, Financial Planning Consultants, Insurance, Investment Advisory Service

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Phone: (617) 482-5270

Address: 175 Federal St, Boston, MA 02110

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Smith-Petersen Douglas R

Tax Planning
Second, remember that the purpose of a SLAT is to use the gifting spouse’s currently elevated federal exemption before it disappears. As a result, the tax-planning benefits of a SLAT diminish if the beneficiary spouse receives significant distributions from the trust, thereby reducing the trust’s ability to grow for the benefit of the other beneficiaries. If there is a reasonable likelihood that the couple will need access to the SLAT funds during the beneficiary spouse’s lifetime, they may wish to consider funding the SLAT with less than the full exemption, or simply not funding a SLAT (or any irrevocable trust) at all.
Charitable Giving
To enable you to accomplish your charitable objectives, it can be valuable to use a charitable giving vehicle that is adaptable to the changes that may occur in the future and provides you with a voice in how the use of funds will be adapted. It is also important to have access to expertise to ensure matters are handled appropriately.
Estate Taxes
Tax Services
Tax Deductions
Donors are not taxed on capital gains for contributed assets and typically receive a federal income tax deduction of up to 30% of adjusted gross income for contributions. Unused deductions can be carried forward and used for up to five years.
Income Tax
Bear in mind that because the gifting spouse’s exemption was applied to the trust, the most tax-efficient result is for the beneficiary spouse not to request a distribution from the trust unless it is truly necessary. In this way, the SLAT’s assets can increase in value during the lifetime of the beneficiary spouse and ultimately pass to the other beneficiaries without any further estate or gift tax. In addition, because SLATs are typically structured as so-called “grantor trusts” for income tax purposes, the gifting spouse remains personally responsible for paying all income taxes attributable to the trust assets, allowing the SLAT to grow income tax-free. If the gifting spouse also applies generation-skipping transfer (“GST”) tax exemption at the time of the transfer, SLATs can be highly tax-efficient intergenerational wealth transfer vehicles.
Capital Gains Taxes
Bill H. 4104: An Act to Improve the Commonwealth’s Competitiveness, Affordability, and Equity into law, which impacts several Massachusetts tax laws, including the Massachusetts estate tax, the short-term capital gains tax, the Massachusetts Millionaires Tax, the rental deduction, and more.

Investment Management
Fiduciary Trust is a privately owned wealth management firm focused on families, individuals and nonprofits seeking objective advice to help grow and protect their investments. The firm also provides a range of services to professional financial advisors and single-family offices. Fiduciary’s capabilities include customized wealth planning, investment management, trustee and estate services, and family office, tax and custody services.
Wealth Management
The Wealth for Good Awards recognize demonstrations of commitment to the areas of ESG, Impact, and Diversity and Inclusion within the global wealth management industry. Nominees undergo a rigorous selection process by a panel of independent judges, consisting of asset managers, banks, trust companies, law firms, family offices and independent consultants.

Accounting Services

Financial Planning
Retirement Planning
Asset Management
Private Asset Management Awards for the past seven years, winning the Best Wealth Manager Over $5bn – Client Service, and Best Custodian, in 2022. The firm has also won the Best Custodian, Best Estate Planning Advisory Service, and Best Fiduciary/Trustee Service in 2021.
Asset Protection
The Granite State arguably has the best trust laws in the country, backed by a legislature with a history of staying on the forefront of advantageous trust laws. NH trusts are available to families nationwide and internationally, and their use can deliver tremendous benefits in tax savings, asset protection, and multi-generational asset transfer. They also permit directed trusts, where a grantor’s existing financial advisor can manage trust assets, while the trust administration is provided by a NH-based trust company.

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