MI HB5237

Establishes a rebuttable presumption that wills, trusts, and beneficiary designations of decedents dying between January 1, 2010 and December 31, 2010 refer to federal estate tax law as it applied on January 1, 2010, if they contain formulas or provisions related to estate tax exemptions or generation-skipping transfer tax.

Requires fiduciaries to notify all affected beneficiaries of the presumption and allows fiduciaries to make available elections, including alternative elections under the federal tax relief act.

Permits beneficiaries and fiduciaries to challenge the presumption through court proceedings or nonjudicial settlements within two years of the decedent's death or six months after notice, whichever is earlier.

Exempts wills, trusts, or beneficiary designations executed or amended after December 31, 2010 from the presumption, and allows exemption if the document manifests intent that a contrary rule applies when no federal estate tax would apply.

Effective retroactively to January 1, 2010 as a remedial response to changes in federal estate and generation-skipping transfer tax law.