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Slang for Bypass trust. A trust which divides into Trust A and Trust B upon the death of the first settlor. This is trust mechanism created to utilize the unified credit upon the death of the first spouse in order that an estate may entirely escape estate tax by having half of the assets pass tax free on the first death and the other half of the assets pass tax free on the death of the second spouse. The unified credits of course change over the years but as for an example if the unified credit is $2,000,000; trust A would pass the first $2,000,000 of the estate and Trust B would pass its $2,000,000 tax free. 

The first trust, trust A, the survivor's trust can be revocable and contains the survivor's property interests, over which the surviving settlor has control. If the survivor is the deceased settlor's spouse, this trust usually receives all assets that exceed the applicable exclusion, qualifying for the marital deduction and deferring any estate tax until the surviving settlor's death. If the survivor and the deceased settlor are not married, the deceased settlor's assets are usually not added to the survivor's trust ...

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