Many revocable living trusts contain bypass planning language. This type of planning language captures assets owned by the grantor at death to form a new trust. The surviving spouse usually has a beneficial interest in the trust assets, such as net income, but does not have absolute ownership of the assets. These trusts are referred to by several names including the family trust, credit shelter trust, bypass trust, or the residuary trust.
The assets captured using this planning strategy typically amountRead More