How Can Couples Reduce Estate Taxes Without Giving up Control?
Most affluent families know about estate taxes. They’ve seen the headlines, heard that today’s exemption levels may not last and have likely been encouraged to plan ahead. Yet surprisingly few actually do. Why? In my experience, it’s rarely about tax savings—it’s about control.
Successful business owners and investors have spent years building their wealth. Transferring substantial assets to the next generation feels premature, but losing flexibility feels even riskier. So, many families do nothing, which often proves costly.
Appreciating assets—a growing business, a concentrated stock position, an investment real estate portfolio—can become significantly more valuable over time, and the longer they remain in a taxable estate, the greater the potential exposure. The challenge is finding a strategy that reduces future taxes without making a family feel it has lost access to its own wealth.
One strategy affluent married couples often use is a Spousal Lifetime Access Trust (SLAT). While attorneys handle the technical details, the concept is simple: assets are transferred to a trust that benefits a spouse, moving future growth outside the taxable estate. For many couples, this reframes the decision from all-or-nothing to one that creates options.
Some families use a SLAT to hold appreciating investments. Others use it to own permanent life insurance, where a relatively small transfer today can create a substantially larger legacy while keeping the death benefit outside the insured’s taxable estate. Done right, a SLAT can move future growth outside the estate while preserving flexibility if life doesn’t unfold as expected.
That doesn’t mean a SLAT is right for everyone—some families prioritize access over tax planning, others have no estate tax exposure at all. But high-net-worth families often find comfort knowing the choice isn’t simply between keeping everything and giving it all away. The most successful estate plans are put in place well before they’re needed.
As founder and CIO of Campus Private Wealth, Bill Milby brings nearly four decades of experience, built from the ground up, to every client conversation. Known for his no-nonsense approach (“no robo portfolios, no cookie-cutter financial plans”), he’s earned a reputation for clear, personal and strategic financial guidance.
Awards & Honors
– “The Face of Investment Management,” Arlington Magazine, 2026
– CFP Professional since 1997
– Member of Financial Planning Association since 1999
The information in this article is for informational and educational purposes only and should not be construed as specific tax, legal, or accounting advice. You should consult your own qualified tax professional or CPA before making any financial or tax-related decisions.