A

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 ...