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

Asked over 4 years ago - 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. Dan W. Armstrong

    Contributor Level 14

    1

    Best Answer
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    Answered . 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.
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  2. Douglas Ron Coenson

    Contributor Level 14

    Answered . 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.
    coensonlaw@juno.com
    (561) 315-2120
    Jupiter, FL

  3. Justin Jay Watling

    Contributor Level 15

    Answered . 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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