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SUBSTITUTE FOR HOUSE BILL NO.
HB-4033, As Passed House, April 23, 2025 SUBSTITUTE FOR HOUSE BILL NO.
(d) "Income" means that term as defined in section 102 of the DAW H00164'25 (H-1) bqh8uk 1 uniform principal and income act, 2004 PA 159, MCL 555.502.
(d) "Income" means that term as defined in section 102 of the DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 uniform principal and income act, 2004 PA 159, MCL 555.502.
(k) "Principal" means that term as defined in section 102 of DAW H00164'25 (H-1) bqh8uk 1 the uniform principal and income act, 2004 PA 159, MCL 555.502.
(k) "Principal" means that term as defined in section 102 of DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 the uniform principal and income act, 2004 PA 159, MCL 555.502.
(iv) Exemption in whole or in part of a trust from the federal generation-skipping transfer tax imposed by section 2601 of the internal revenue code of 1986, 26 USC 2601, because the trust was irrevocable on September 25, 1985, if there is any possibility that DAW H00164'25 (H-1) bqh8uk 1 either of the following could happen:
(iv) Exemption in whole or in part of a trust from the federal generation-skipping transfer tax imposed by section 2601 of the internal revenue code of 1986, 26 USC 2601, because the trust was irrevocable on September 25, 1985, if there is any possibility that DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 either of the following could happen:
For a DAW H00164'25 (H-1) bqh8uk 1 unitrust administered under a unitrust policy, the unitrust amount means the applicable value, multiplied by the unitrust rate.
For a DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 unitrust administered under a unitrust policy, the unitrust amount means the applicable value, multiplied by the unitrust rate.
DAW H00164'25 (H-1) bqh8uk 1 (3) Subject to subsection (4), the terms of a trust prevail over any provision of this act.
DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 (3) Subject to subsection (4), the terms of a trust prevail over any provision of this act.
(2) If the court determines that a trustee has abused the trustee's discretion, the court may, by following the rules provided in section 105(3) of the uniform principal and income act, DAW H00164'25 (H-1) bqh8uk 1 2004 PA 159, MCL 555.505, place the beneficiaries in the positions they would have occupied if the discretion had not been abused.
(2) If the court determines that a trustee has abused the trustee's discretion, the court may, by following the rules provided in section 105(3) of the uniform principal and income act, DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 2004 PA 159, MCL 555.505, place the beneficiaries in the positions they would have occupied if the discretion had not been abused.
(a) The trustee sends a notice in a record, in the manner DAW H00164'25 (H-1) bqh8uk 1 required by section 7, describing the proposed action.
(a) The trustee sends a notice in a record, in the manner DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 required by section 7, describing the proposed action.
(6) A trustee may release or delegate the power to convert an income trust to a unitrust under subsection (1)(a), change the percentage or method used to calculate a unitrust amount under DAW H00164'25 (H-1) bqh8uk 1 subsection (1)(b), or convert a unitrust to an income trust under subsection (1)(c), for reasons analogous to the reasons for releasing a power to adjust between principal and income described in section 104(6) of the uniform principal and income act, 2004 PA 159, MCL 555.504.
(6) A trustee may release or delegate the power to convert an income trust to a unitrust under subsection (1)(a), change the percentage or method used to calculate a unitrust amount under DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 subsection (1)(b), or convert a unitrust to an income trust under subsection (1)(c), for reasons analogous to the reasons for releasing a power to adjust between principal and income described in section 104(6) of the uniform principal and income act, 2004 PA 159, MCL 555.504.
DAW H00164'25 (H-1) bqh8uk 1 (2) The representation provisions of part 3 of article VII of the estates and protected individuals code, 1998 PA 386, MCL 700.7301 to 700.7305, apply with regard to notice and consent under this section.
DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 (2) The representation provisions of part 3 of article VII of the estates and protected individuals code, 1998 PA 386, MCL 700.7301 to 700.7305, apply with regard to notice and consent under this section.
DAW H00164'25 (H-1) bqh8uk 1 (a) The unitrust rate or the method for determining the unitrust rate under section 10.
DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 (a) The unitrust rate or the method for determining the unitrust rate under section 10.
DAW H00164'25 (H-1) bqh8uk 1 (i) Using fewer preceding periods under section 11(2)(e)(i) if the trust was not in existence in a preceding period.
DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 (i) Using fewer preceding periods under section 11(2)(e)(i) if the trust was not in existence in a preceding period.
(b) A limit on how low the unitrust rate determined under DAW H00164'25 (H-1) bqh8uk 1 subsection (1)(b) may fall.
(b) A limit on how low the unitrust rate determined under DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 subsection (1)(b) may fall.
(d) Identification and treatment of cash or property held for DAW H00164'25 (H-1) bqh8uk 1 distribution.
(d) Identification and treatment of cash or property held for DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 distribution.
DAW H00164'25 (H-1) bqh8uk 1 (b) A 12-month period other than a calendar year.
DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 (b) A 12-month period other than a calendar year.
(iii) Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating DAW H00164'25 (H-1) bqh8uk 1 the unitrust amount.
(iii) Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating DAW H00164'25 (H-1)_HB4033_APH_1 nswkbg 1 the unitrust amount.
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