Maryland HB185 modifies the definition of settlor for spousal lifetime access trusts.

Maryland HB185 amends the definition of settlor for spousal lifetime access trusts, ensuring that the individual who creates the trust is not considered the settlor with regard to their interest in the trust under certain conditions. These conditions include the trust being created for the benefit of the individual's spouse during their lifetime, the trust being treated as qualified terminable interest property under federal law, and the individual's interest in the trust income or principal following the termination of the spouse's prior interest.

Maryland HB185 modifies the definition of settlor for spousal lifetime access trusts.

Maryland HB185 amends the definition of settlor for spousal lifetime access trusts, ensuring that the individual who creates the trust is not considered the settlor with regard to their interest in the trust under certain conditions. These conditions include the trust being created for the benefit of the individual's spouse during their lifetime, the trust being treated as qualified terminable interest property under federal law, and the individual's interest in the trust income or principal following the termination of the spouse's prior interest.