I’m a single person and have an estate of approximately $2,500,000. Can I use a bypass trust to reduce my estate tax?
Only a married couple can use a bypass trust. However, there are other techniques that may be available to you that will help eliminate or reduce your estate taxes. For example, if you do not need all your assets to live on, you can make lifetime gifts, usually in the annual exclusion amount, to a custodian under the Uniform Transfer to Minors Act, an irrevocable living trust or a 529 college savings plan for your children and heirs or you can make the outright gift transfers of your assets before you die. Be sure to seek the advice of an estate planning attorney who can design a plan that best meets your needs.
