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I have a client with a trust that did not address setting up a Bypass Trust. There was mention about being able to disclaim assets under the Internal Revenue Code. Unfortunately no assets were disclaimed, and the 706 was just filed 2 years after the date of death, with no extensions filed. I have heard that the IRS is not super rigid on allowing the funding of the bypass trust as long as it is being done fairly and not aggressively. Has anyone seen the allowance of a bypass trust in this type of situation? It certainly seems to be worth funding with assets that have not appreciated, the worst case scenario is the IRS disallows it?
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