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Bypass trust |
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Bypass trust An irrevocable trust that is designed to pay trust income (and principal, if needed) to an individual's spouse for the duration of the spouse's lifetime. The bypass trust is not part of the beneficiary spouse's estate and is not subject to federal estate taxes upon his/her death. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| THE FOLLOW-THROUGH: While the Vinsons have wills, living wills, a durable power of attorney for healthcare, and a durable power of attorney for property, the bypass trust is still on their to-do list. For example, recommending a bypass trust designed to avoid estate tax at the survivor's death that is consistent with the statute and intent of Congress, would not be covered opinion advice. Under current law, married couples can cut their estate taxes by leaving money to children in a bypass trust. |
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