A method and system for providing a magnetic element that can be used in a magnetic memory is disclosed. The magnetic element includes pinned, nonmagnetic spacer, free, and heat assisted switching layers. The spacer layer resides between the pinned and free layers. The free layer resides between the spacer and heat assisted switching layers. The heat assisted switching layer improves thermal stability of the free layer when the free layer is not being switched, preferably by exchange coupling with the free layer. The free layer is switched using spin transfer when a write current is passed through the magnet element. The write current preferably also heats the magnetic element to reduce the stabilization of the free layer provided by the heat assisted switching layer. In another aspect, the magnetic element also includes a second free layer, a second, nonmagnetic spacer layer, and a second pinned layer. The heat assisted switching layer resides between the two free layers, which are magnetostatically coupled. The second spacer layer resides between the second free and second pinned layers.