bypass trust

Definition

An irrevocable trust which allows the passing of one's assets to one's children to reduce estate taxes.

Use bypass trust in a sentence

We thought we could get a bypass trust and everything would work out for the future of our family and everyone in it.

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The siblings inherited their mothers house, because she had added them to her bypass trust several years before her death.

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My lawyer recommended that I set up a bypass trust in my daughter Faith's name when my dad passed and left me all the land that he had in Georgia, that way I wouldn't have to pay so much in taxes.

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