ESTATES & TRUSTS - NEW LAWS THAT MAY IMPACT YOUR ESTATE PLAN - 2016
1. HB431/SB355 - Maryland Achieving a Better Life Experience (ABLE) Program – Establishment requiring the College Savings Plans of Maryland Board to establish the Maryland ABLE Program to help promote financial savings to support individuals with disabilities in maintaining health, independence, and quality of life.
2. HB472 - Retention of Estate Files Repealing a requirement that a Register of Wills in a County return specified estate files to the personal representative of the estate under specified circumstances; authorizing a register to dispose of specified estate files no sooner than 180 days after the closing of an estate if copies of the files are retained in a specified manner.
3. HB507/SB239 - Maryland Fiduciary Access to Digital Assets Act - Establishing the Maryland Fiduciary Access to Digital Assets Act; authorizing a user to direct a custodian of digital assets to disclose or not to disclose those assets under specified circumstances and in a specified manner; providing that the Act does not change, impair, or expand specified rights with respect to the digital assets of a user; authorizing a custodian to grant a specified fiduciary or designated recipient access to or a copy of specified records under specified circumstances.
4. HB541/SB451- Maryland Trust Act – Revocable Trust – Partial Revocation by Divorce or Annulment Providing for the revocation of specified terms of a revocable trust on the absolute divorce of the settlor and the settlor's spouse or the annulment of the marriage occurring after the creation of the settlor's revocable trust, except under specified circumstances.
5. HB887/SB570 - Maryland Trust Act – Representation - Providing that, if a minor, an incapacitated, unborn, or unknown individual, or an individual whose location is unknown and not reasonably ascertainable is not otherwise represented under a specified provision of law relating to specified trusts, a grandparent or more remote ancestor may represent and bind that individual in specified circumstances.
6. HB888/SB222 - Maryland Trust Act – Non-Judicial Settlement Agreements - Authorizing, on or after October 1, 2016, specified interested persons to enter into a binding non-judicial settlement agreement with respect to a matter involving a trust; providing that the non-judicial settlement agreement is valid only to a specified extent; authorizing an interested person to request a court to make specified determinations with respect to the agreement.
7. HB960/SB853 - Guardians of the Property and Custodians – Authority to Fund Certain Trusts and Accounts - Authorizing a guardian of the property of a specified minor or disabled person to pay or apply income or principal from a specified estate to establish or fund a specified special needs trust, a pooled asset special needs trust account, or an Achieving a Better Life Experience account for the benefit of the minor or disabled person, without court authorization or confirmation.
8. HB981/SB449 - Maryland Medical Assistance Program – Guardianship Fees – Personal Needs Allowance Requiring the Department of Health and Mental Hygiene to include as part of the personal needs allowance guardianship fees payable for guardianship services when determining the portion of income specified recipients of Maryland Medical Assistance Program benefits are required to contribute to the cost of their care under the Program; specifying the amount of the personal needs allowance for specified guardianship fees.
9. HB1378/SB1007 - Maryland Small Business Retirement Savings Program & Trust - Establishing the Maryland Small Business Retirement Savings Program and Trust for private sector employees; establishing the Maryland Small Business Retirement Savings Board to implement, maintain, and administer the Program and the Trust; requiring the Board to take any action to ensure that the Program is not preempted by federal law, to establish procedures and disclosures to protect the interests of participants and employers, and to disseminate to employers and employees information about the Program prior to enrollment.
10. HB920/SB509 - Real Property – Actions to Quiet Title - Authorizing a specified action to be brought to establish title against adverse claims to property; providing for venue and the application of the Maryland Rules in an action under the Act; establishing requirements for a complaint, an answer to a complaint, naming of defendants, joinder of parties, and service of process in an action under the Act; requiring the recording in the land records of the county in which any portion of the property is located of a judgment in an action under the Act.
11. HB335/SB374 - Income Tax Subtraction Modification – College Savings Pla - Providing a subtraction modification under the Maryland income tax for contributions made by specified individuals to specified college savings accounts subject to specified limitations; defining specified terms.