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Bypass Trust (Marital Life Estate Trust)
The Downside Of A Bypass Trust
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Possible disadvantages of a Bypass Trust include:
- Restrictions on the surviving spouse's use of the property.
- Expense of legal or accounting help setting up the trust and keeping it going.
- Recordkeeping. There must be a separate set of records for the trust.
- Preparing trust tax returns. An annual income tax return has to be filed for the trust.
- There may be a conflict between the needs of the surviving spouse and the beneficiaries who take the assets when the spouse dies.
Edited by:
Jerry Simon Chasen, Esq.
Chasen & Associates, P.A.
Miami, Florida
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