MD HB50

Expands conditions under which a trust creator is not considered the "settlor" for purposes of their own interest in the trust, specifically for Spousal Lifetime Access Trusts (SLATs) where the trust benefits a spouse during their lifetime

Requires qualifying SLATs to be irrevocable and allows the trust creator to become a beneficiary only after the spouse's death through a power of appointment exercised by the spouse or another non-creator

Protects SLAT assets from creditors of the trust creator, preventing them from attaching, reaching, or compelling distribution of trust principal, income, or the creator's interest

Extends creditor protection to assets in other trusts that are attributable to qualifying spousal trusts

Preserves existing state law regarding fraudulent transfers to trustees; effective October 1, 2025