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Are there special forms needed to set up a by-pass trust?

Tallahassee, FL |

My uncle's will states that a trust with a certain amount of real estate should be established to by-pass inheritance tax. He was a Georgia resident and all his estate property is in GA. Can I just list the property descriptions on the estate tax return or do I need to complete some type of form to create the trust?

Attorney Answers 3

  1. Best answer

    Before you have some personally liability and breach a fiduciary Personal Representative/trustee responsibility you should scone a Probate/Trust attorney in GA preferably one in the county where your uncle resided. Certain probate matters need to be dealt with before administering a trust. Normally the Will and death certificate should be filed, along with a Notice of Trustee Acceptance and Notice of Trust in Florida before any trust administration is done.
    If you think this post was helpful, please check the thumbs up (helpful) tab below. Thank you!
    My comments are not intended to establish an attorney-client relationship, are not confidential, and are not intended to constitute legal advice. Proper legal advice can only be given by an attorney who agrees to represent you, who reviews the facts of your specific case, who does not have a conflict of interest preventing the representation, and who is licensed as an attorney in the state where the law applies.

    Dan W. Armstrong, Attorney
    Law Offices of Dan W. Armstrong, P.A.
    822 A1A North, Suite 303
    Ponte Vedra Beach, FL 32082
    (O) 904.280.0058, (F) 904.280.0109

  2. Although his intention is to avoid taxes, his estate is subject to probate rules of Georgia. An attorney should review his will as well as evaluate his assets to determine which property is exempt from taxes. In Florida, for example, homestead provides protection for real estate used as the primary residence. I am not familiar with Georgia law, thus the need for a Georgia probate attorney.

    Douglas R. Coenson, Esq.
    (561) 315-2120
    Jupiter, FL

  3. You need local estate and trusts counsel ASAP.

    A bypass (or credit shelter) trust is used only by a married couple. There is no language that can be put in a Will or a Trust for an unmarried individual which would circumvent the application of the federal or state estate tax laws. If the asset is includable in the gross estate under applicable law, then no language in the Will/Trust can change that.

    Usually, the preparation and filing of an Estate Tax Return is not a do-it-yourself project.

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