Maryland Revocable Trusts Legislation

The Maryland legislature recently passed Senate Bill 25, an act concerning the transfer of property held as tenants by the entireties to a trust. The synopsis provided by the Maryland General Assembly website is below:

Establishing that specified property of a husband and wife that is held as tenants by the entirety and conveyed to a trustee or trustees, and the proceeds of that property, shall retain its immunity from the claims of separate creditors under specified circumstances; providing that specified property continues to have specified immunity from the claims of specified creditors after the death of a specified individual; etc.

This Act will take effect October 1, 2010.

Special thanks to Matthew Bogin (attorney, Rockville, Maryland) for bringing this to my attention.