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Bar seeks parity for spousal-lifetime-access trusts to protect assets from creditor claims
Summary
MSBA witnesses asked the committee to amend state law so assets in certain spousal-lifetime-access trusts (SLATs) get similar state tax and creditor-protection treatment as qualified-terminal-interest-property trusts (QTIPs).
Representatives of the Maryland State Bar Association urged the House Judiciary Committee to support House Bill 50, a technical change to Estates and Trusts law intended to extend existing state protections to spousal lifetime access trusts (SLATs).
Charles Jones and Laura Thomas of the MSBA Estates and Trust section told the committee that a SLAT is an irrevocable trust created by one spouse for the benefit of…
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