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|Posted on August 24, 2012 at 5:39 PM||comments (17)|
Many practitioners are unaware of the use of bypass trusts for married couples for purposes other than estate tax avoidance. A well-crafted bypass trust is able to avoid depletion of the decedent's estate by the surviving spouse in a number of instances. Among those are nursing home expenses and spenddown. A surviving spouse's liability for tort or contract cannot affect the bypass trust of the decedent. This technique is not limited to use by the very wealthy---it protects estates for any citizens who wish to assure that their heirs receive their inheritance, rather than having the funds spent on government reimbursement for services, or on judgment creditors.