Introduced
by
To revise the <a href="http://www.michiganvotes.org/2008-HB-5909">2008 law</a> that allows "dynastic" or perpetual trusts that enable a person to pass wealth from generation to generation without paying estate and similar taxes, subject to certain federal law restrictions. Before 2008, Michigan prohibited such trusts, but this was changed because wealthy people would just set them up in states where they were permitted. The bill revises a detail of the law related to who may be appointed to receive property from the trust.
Referred to the Committee on Judiciary
Reported without amendment
With the recommendation that the substitute (S1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Passed in the Senate 36 to 0 (details)
To revise the <a href="http://www.michiganvotes.org/2008-HB-5909">2008 law</a> that allows "dynastic" or perpetual trusts that enable a person to pass wealth from generation to generation without paying estate and similar taxes, subject to certain federal law restrictions. Before 2008, Michigan prohibited such trusts, but this was changed because wealthy people would just set them up in states where they were permitted. The bill revises a detail of the law related to who may be appointed to receive property from the trust.
Referred to the Committee on Judiciary
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 109 to 1 (details)
