http://estateplanblog.com/index.php/2007/03/14/is-funding-the-bypass-trust-optional/ Estate planning, administration, and litigation in California Sun, 28 Jun 2009 14:33:51 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://estateplanblog.com/index.php/2007/03/14/is-funding-the-bypass-trust-optional/comment-page-1/#comment-810 karin marke Sat, 29 Sep 2007 16:13:41 +0000 http://estateplanblog.com/index.php/2007/03/14/is-funding-the-bypass-trust-optional/#comment-810 My father passed away 4 years ago and my mother (with her accountant) put her assets (House) into a bypass trust. When my father died, we had her house reappraised so that she can take advantage of the 250K tax exemption when she sold the house. We just found out that because the house is in the bypass trust, she is not eligible for such an exception. This came as a shock to use all (even her accountant). The only reason that we found this out was because her friend in a similar situation moved and found out that she was not elibible for that either. As my mother is thinking of downsizing and moving, is there any way to correct this? Any help would be appreciated. My father passed away 4 years ago and my mother (with her accountant) put her assets (House) into a bypass trust.
When my father died, we had her house reappraised so that she can take advantage of the 250K tax exemption when she sold the house.
We just found out that because the house is in the bypass trust, she is not eligible for such an exception. This came as a shock to use all (even her accountant). The only reason that we found this out was because her friend in a similar situation moved and found out that she was not elibible for that either.
As my mother is thinking of downsizing and moving, is there any way to correct this? Any help would be appreciated.

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