Estates and Trusts - Spousal Lifetime Access Trusts

This bill modifies Maryland's trust laws to protect certain assets for married couples. It allows a person who creates a trust for their spouse's lifetime benefit to not be considered the "settlor" for tax purposes, and prevents creditors from seizing trust assets under specific conditions. To qualify, the trust must be irrevocable, created for the spouse's benefit during their lifetime, and meet IRS requirements for qualified terminable interest property. This directly affects married individuals establishing such trusts, shielding their spouse's trust assets from creditors while the spouse is alive.