MI HB6197

Amends section 1213 to clarify that references to unified credits, exemption equivalents, and other tax deductions in wills, trusts, and beneficiary designations include the family-owned business deduction under Internal Revenue Code section 2057, unless stated otherwise.

Creates section 2723 establishing a rebuttable presumption that estate planning documents executed before January 1, 2010 with federal estate tax formulas refer to tax law as it applied on December 31, 2009.

Applies the presumption to documents containing formulas referencing unified credits, exemption amounts, marital deductions, or generation-skipping transfer tax provisions, or measuring shares based on amounts passing free of federal estate tax.

Requires fiduciaries to notify affected beneficiaries of the presumption, allowing beneficiaries or fiduciaries to challenge the presumption in court within two years of death or six months after notice, whichever is earlier.

Takes effect retroactively on January 1, 2010, effective immediately upon Governor's approval on December 10, 2010, addressing federal estate tax changes during the 2010 tax year.