Now that the unified credit changes for 2013 estate planning have taken effect, many individuals wonder whether bypass trusts are still necessary to include their estate plan. A recent article discusses why bypass trusts will still prove beneficial to many estate plans. Bypass trusts are beneficial for many reasons. Importantly, bypass trusts can protect a person’s assets from liability that may arise from creditors, future ex-spouses, and lawsuits. Be aware, however, that the protection garnered by a bypass trust varies from state to state. Bypass trusts can also foster the transfer of assets between two or more generations. For example, the trust creator can design the bypass trust to benefit his or her surviving spouse, then children, then grandchildren. Bypass trusts can also have a plethora of other provisions selected by the trust creator for his or her needs. For example, professional management provisions can provide for assistance in managing the assets, and spendthrift provisions can ensure that the beneficiaries do not quickly and frivolously spend the money. Moreover, if avoiding probate is your goal, this can often be achieved through a bypass trust. If you would like expert assistance in creating a bypass trust as part of your estate plan, please contact us at 818.956.9200.