Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
bypass trust
A trust into which a decedent's estate passes, so that the surviving heirs get a life estate in the trust rather than the property itself, in order to avoid estate taxes on an estate larger than the tax-credit-sheltered amount ($650,000 in 1999, increasing to $1 million after 2005). - Also termed creditshelter trust. See united credit under TAx CREDIT.