What type of trust gives a spouse a right to income, as well as access to principal for purposes of health, education, support, or maintenance, without the property being included in his or her estate at death?

Question

Quizplus · Accepted Answer

Bypass trusts gives a spouse a right to income, as well as access to principal for purposes of health, education, support, or maintenance, without the property being included in his or her estate at death. A bypass trust is funded with assets equal to the exemption equivalent, and the remaining property is divided in any desired proportions to other trusts. The assets transferred to the bypass trust are taxed at the first spouse's death event though he use of the unified credit results in no tax being due.

What Type of Trust Gives a Spouse a Right to Income