Brinette Bobb Rounds's Answers

What's the maximum dollar amount for real estate income property allowed to be placed in by-pass trust with-in the living trust?

In Washington, the Bypass trust can exempt $2,000,000 worth of assets from State estate tax and 3,500,000 worth of assets from the federal estate tax, so that to the extent the assets in teh trust are not needed for the surviving spouse during their lifetime, they, plus all of their appreciation, can pass to your children or other ultimate benefiiciares free of state and federal estate tax. The trick with income producing properties, however, is to draft two separate "bypass -type trusts,"...