Last December, Barack obama signed the Tax Relief Act of 2010 (TRA 2010) into law. Among its many provisions were several that affected the estate tax, most notably one raising the estate tax exemption to $5 million per person. This worry of estate taxes removed for so many people, it can be tempting to neglect estate planning altogether.

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The living trust Marilyn and George created specified two new trusts, referred to as an A/B trust, and will be set up when reduce costs spouse deceased. The living trust also specified that (a) the surviving spouse would serve as trustee among the "B" trust