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Leigh Hiltion, Denton Estate Planning Lawyer
Spruce Up Your Old Trust With New Tax Advantages!

Bypass trusts can now be amended to take advantage of new tax laws. Bypass Trusts are also known as A/B Trusts, exemption trusts and credit shelter trusts. This type of trust includes all trusts are designed to protect against estate tax on the death of the second spouse. These trusts can be amended to receive a better basis increase, take advantage of income tax loopholes and shift income to beneficiaries in lower tax brackets.

Traditional Bypass Trusts are not eligible for a cost basis adjustment on the second spouse’s death. This can cause capital gains taxes when the assets are sold. This is because they are designed to not be included in the surviving spouse’s taxable estate, which is a good result for estate taxes, but not so good for income tax. Another disadvantage to traditional Bypass Trusts is that they are designed to have the capital gains taxes incurred taxed inside the trust. Under the current tax laws, this usually results in higher capital gains tax than would be charged if the capital gains were taxed at the beneficiary’s tax rates.

If you have a Bypass trust in your will or trust, please call my office about upgrading to an Optimal Basis and Income Tax Efficiency Trust.

To find out more about how to apply these new tax advantages, read more at Leigh's blog.


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