The Bypass Trust not only preserves the deceased person’s death tax credit, but it also shelters the assets from the surviving spouse’s creditors and future spouses. The Bypass Trust can also be crafted to ensure that the assets pass to the deceased spouse’s children or family at the surviving spouse’s death, keeping them out of the hands of the surviving spouse’s subsequent spouse.
Here are some questions clients, beneficiaries, and Trustees ask:
The Bypass Trust is funded with assets that use the deceased’s estate tax and generation tax exemption. This means that when the surviving spouse dies, the exemption shelters the trust assets from tax. Further, if the trust uses Dynasty Trusts, this same protection is passed down the bloodline.
Tax shelter and asset protection.
Yes, limited only by legal obligations you may have to your spouse.
No, they are often called “Family Trusts” because the spouse and children can be beneficiaries.
Feel free to contact us for more information. Once we understand what you need, we provide you a flat rate for your estate planning documents. If you have us do additional work, such as transferring deeds or obtaining an appraisal for your business, we will bill hourly. For more than two decades Klenk Law has focused only on Estate Law. This experience allows us to help you understand the process. We make it easy for you to understand.
We listen and provide our experience where you need it.
Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!
Peter explained a complex subject very clearly, helped us to decide the best approach to managing our estate and then made it very easy for us to execute the required documents. He will be a valuable resource for years to come and clearly has a great understanding of estate law that will lead to innovative solutions for us. I would unhesitatingly recommend him for estate planning.
Very knowledgeable! Peter Klenk always has a thorough answer, and the associates have more experience than you'll find at most firms. They really only do estate work.
Peter and his staff handled all of our needs in a very professional and timely matter.
Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.