LANSING, Mich., July 19, 2022 — Today, Gov. Gretchen Whitmer signed House Bills 4618-4619 into law, giving Michiganders more options when planning their estates and ensuring Michigan’s laws are competitive when it comes to banking and estate planning. This legislation, now Public Acts 145 and 154, introduced by state Rep. Jim Haadsma (D-Battle Creek), received overwhelming bipartisan support and will update Michigan law so residents can continue to use local bankers and trust advisors to ensure their assets are protected from excess federal taxation.

“Federal tax laws are complex and constantly changing, and planning for end-of-life decisions can be confusing. It’s important that people can build a relationship with local experts, rather than rely on out-of-state lawyers and bankers,” Haadsma said. “These two bills Gov. Whitmer signed into law update our tax law and ensure Michigan residents have the same options as people in other states when making major financial decisions for their families.”

Haadsma got the idea for the bills from local attorney David Lucas, who explained, “The legislation sponsored by Rep. Haadsma, and signed by the governor, brings important and innovative changes to Michigan’s laws regarding trusts and estate planning for the citizens of Michigan. Rep. Haadsma’s legislation will give Michigan residents greater flexibility in tax planning, and in addressing the estate planning goals and the needs of Michigan families.”

The bills modernize Michigan law so residents won’t need to go to out-of-state advisors and banks to have access to all the options when it comes to financial planning.

“When Battle Creek attorney David Lucas contacted me to work on a solution to make helpful changes to our property transfer and tax laws, I got to work with my colleagues in the Legislature to get it done,” Haadsma said. “It’s a great day for Michigan families because they now have more local options and more power over their property, making federal tax laws work for them.”