Beneficiary

A beneficiary is an individual or entity designated to receive assets, benefits, or rights under a legal document such as a will, trust, or insurance policy.

Beneficiary Defective Inheritor’s Trust (BDIT)

A BDIT is an irrevocable trust typically set up by a family member that allows a beneficiary to control trust assets without technically owning them and be the grantor for income tax purposes, thus preserving asset protection and potential tax advantages.

Bypass Trust (Credit Shelter Trust / A/B Trust)

A bypass trust is an estate planning tool used by married couples to preserve the federal estate tax exemption of the first spouse to die, shielding assets, and the growth of those assets, from future estate taxes.