Spousal Access Trusts (SPAT)
A Spousal Access Trust is a trust established by one spouse with the other spouse and of their children named as a beneficiaries of the trust. One of the major benefits of a SPAT is that it allows beneficiaries to use the assets or receive income from the assets during their lifetime (or until divorce in the case of a spouse). Additionally, a SPAT still allows you to take advantage of certain gift and estate tax exemption.