SLATs, CRTs, and IDGTs, Oh My! Utilizing Trusts to Optimize Estate Planning and Business Sale Proceeds Artwork

Poised for Exit

Welcome to the Poised for Exit podcast! Poised for Exit is an under 30-minute strategic planning guidance podcast for busy small business owners. Each week you’ll hear certified exit planning advisor, Julie Keyes, talk with a range of entrepreneurs and professionals about preparing your business for a future transition. Guests at every stage of company ownership will share their personal stories and lessons learned about topics such as the anatomy of the exit planning process, developing a growth strategy, how to sell on your terms, exit planning for women small business owners, handling business diversity, and how to sell a family business. Whether you’re planning an exit in the near future or not, this show will provide you with the same action-oriented content that Julie utilizes while consulting with Keyestrategies clients. Building an exit strategy can be overwhelming, especially with all the decisions and details you have to consider. “Poised for Exit” will simplify the process and help you unwrap the unknowns, giving you more confidence in your planning process. Previous episodes are available for download, so if you are new to our show, you can listen to them in any order that suits you. Join us each week for timely, relevant content that will surely impact your business exit outcome! Subscribe to our newsletter below to receive your weekly episode link and stay updated on new strategic planning content. Find “Poised for Exit” on Spotify, Apple Podcasts, Google Play, iHeart Radio, Amazon Music, and others. Thank you to our Sponsors: Sunbelt Business Advisers and JAK CPA's. A special note of thanks to Tyler Keyes who produced the music for the “Poised for Exit” show.

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Poised for Exit

SLATs, CRTs, and IDGTs, Oh My! Utilizing Trusts to Optimize Estate Planning and Business Sale Proceeds

July 11, 2024 • Julie Keyes • Season 1 • Episode 201

SLATs, CRTs, and IDGTs, Oh My! Utilizing Trusts to Optimize Estate Planning and Business Sale Proceeds

Our episode today featured Christine Schmidt and Julie Westbrock, advisors with Trust Point. Both are heavily involved with business owner clients; one from the Family Office area and the other from the Wealth Management area. Today's topic was not one we've covered at such length, so we felt that it was time for us to dive into it a bit deeper.

We spent our time discussing some of the most commonly used Trust instruments.

An Irrevocable Trust can be a good option for a family with a business or other significant assets that are appreciating in value. An attorney with knowledge in estate and business drafting is crucial. A knowledgeable and supportive trustee to administer or family office to engage all parties; this would be a role Trust Point would play, along with accounting and Valuation experts. These help families to transfer the value of the business out of the owners estate and still

maintain control of the business with the owner during their lifetime.

A couple of other commonly utilized Trust instruments are Intentional Defective Grantor Trust (IDGT) a SLAT (Spousal Lifetime Access Trust) and a CRT (Charitable Remainder Trust). Christine and Julie explained the typical reasons for use of these as well as benefits and risks of each.

Listen to the podcast to learn more here.

Connect with Christine Schmidt here and Julie Westbrock here

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor