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SB 636 - This act modifies the requirements for a type of trust known as a qualified spousal trust. Currently trusts that hold a certain kind of property owned by a husband and a wife will be considered a qualified spousal trust if the property is held in one trust or the property is held in two separate shares of one trust. This act allows a trust to be considered a qualified spousal trust if the trust consists of both property held in one trust for both spouses and property held in two shares of one trust for each spouse. MIKE HAMMANN
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