§ 3-401. Definitions
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2020
Effective: October 1, 2020
MD Code, Estates and Trusts, § 3-401
§ 3-401. Definitions
(b) “Augmented estate” means an estate as calculated under § 3-404 of this subtitle.
(c) “Court” means:
(d) “Estate subject to election” means the portion of an augmented estate that is subject to election as calculated under § 3-404 of this subtitle.
(e) “Marital trust” means any trust created for the exclusive lifetime benefit of the spouse of a decedent or of the settlor of the trust if:
(f) “Person responsible for filing the estate tax return” means the person responsible for filing a Maryland estate tax return for a decedent under § 7-305 of the Tax--General Article, regardless of whether a Maryland estate tax return actually is required to be filed for the decedent.
(h) “Qualifying joint interest” means an interest in property held as a joint tenant with right of survivorship or equivalent, or a tenancy-by-the-entireties equal to:
(i)(1) “Qualifying lifetime transfer” means:
(ii) An irrevocable transfer made during the lifetime of the transferor in which the transferor retained an interest described in item (i) of this paragraph that actually terminated before the transferor's death, and the remaining value of the property transferred then passed to a recipient other than the transferor or the transferor's spouse; or
(j) “Qualifying power of disposition” means a power, whether or not the holder has the capacity to exercise that power, by which the holder, during the life of the holder or on the holder's death, may:
(1) Appoint the property subject to the power to the holder, the holder's estate, the holder's creditors, or the creditors of the holder's estate, unless the power of appointment is not created, directly or indirectly, by the holder and is limited by an ascertainable standard relating to the holder's health, education, support, or maintenance;
(l) “Revocable trust of the decedent” means any trust of which a decedent was the settlor that was revocable by the decedent before the decedent's death or incapacity.
(n) “Spousal benefits” means the aggregate value of property passing to or in trust for the benefit of the surviving spouse by reason of a decedent's death and property held for the benefit of the surviving spouse in any trust created during a decedent's lifetime of which the decedent was a settlor, reduced by:
(o) “Value” means:
Credits
Added by Acts 2019, c. 435, § 1, eff. Oct. 1, 2020.
MD Code, Estates and Trusts, § 3-401, MD EST & TRST § 3-401
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |