Maddy summaryThis bill updates Michigan's laws regarding how trustees of irrevocable trusts can move assets into a new trust using their existing distribution powers. It allows a trustee to transfer all or part of a trust's property to a second trust without reducing specific financial benefits or tax deductions that beneficiaries currently receive. The law includes specific rules to ensure that the new trust maintains the original beneficiaries' rights and that the transfer does not negatively impact their income, annuities, or withdrawal privileges. Additionally, the bill clarifies how certain types of discretionary powers are defined and establishes that the new trust will be treated as both a fresh irrevocable trust and a continuation of the original one for legal purposes.
Sponsored bills
Maddy summaryThis bill updates Michigan laws regarding guardianship and conservatorship to strengthen the rights of individuals facing incapacity proceedings. It requires guardians ad litem, who represent vulnerable people during these hearings, to personally visit the individual and clearly explain their legal rights, such as the ability to contest the petition or limit a guardian's authority over medical decisions. The legislation also mandates that courts provide free legal counsel to indigent individuals who wish to contest a guardianship or request specific limits on a guardian's powers. Additionally, the bill directs guardians ad litem to explore alternatives to full guardianship, such as limited guardianship or patient advocacy designations, and ensures that compensation for these representatives is only granted if they have fulfilled their new reporting duties.
Maddy summaryThis bill updates Michigan's Estates and Protected Individuals Code to regulate the appointment and duties of professional guardians and conservators. It requires courts to find that no suitable family member or friend is available before appointing a professional and mandates that these professionals submit criminal background checks and post a financial bond. The legislation also establishes strict rules for compensation, requiring professionals to disclose any outside income received for their role, and outlines specific care standards such as maintaining a visitation schedule and ensuring adequate staffing. Additionally, the bill clarifies notification procedures for interested parties and defines the limits on what support staff can do, prohibiting them from making major financial or medical decisions.
Maddy summaryThis bill updates Michigan's vehicle code to clarify and standardize the fees that towing companies and storage facilities can charge for abandoned or impounded vehicles. It establishes specific maximum rates for towing and daily storage based on vehicle weight, ranging from $175 to $360 for towing and $25 to $75 per day for storage, while also setting caps on additional services like winching and cleanup. The legislation requires these towing and storage agencies to publicly display their fee schedules on signs at their business locations and on their websites to ensure transparency. Additionally, the bill prohibits charging different rates to individual vehicle owners compared to commercial entities for similar services and allows local governments to set their own fee schedules within these limits.
Maddy summaryThis bill updates Michigan laws regarding the definition of abandoned vehicles and establishes clearer guidelines for towing rates and practices. It directly affects vehicle owners, towing companies, and law enforcement agencies by setting specific timeframes for when a vehicle is considered abandoned on public or private property. Key provisions include defining abandoned vehicles based on location and duration, requiring police to issue written notices before towing, and outlining a process for owners to contest towing fees or the classification of their vehicle as abandoned. The legislation also mandates that information about removed vehicles be entered into a state law enforcement network and made available on a public website. Additionally, it introduces new sections to clarify the responsibilities of towing agencies and repeals an outdated section of the vehicle code.
Maddy summaryThis bill updates the Michigan Strategic Fund Act to formally transfer the responsibilities and assets of the Job Development Authority and the Michigan Economic Development Authority into the new Michigan Strategic Fund. The legislation grants the fund broad powers to issue bonds, make loans and investments, and manage real or personal property to support economic development projects. Additionally, it establishes the fund's ability to certify minority venture capital companies for tax credit eligibility and authorizes the creation of various centers, accounts, and permanent funds to administer state resources. By amending existing sections of the law, the bill provides a legal framework for the fund to operate independently while continuing its role in fostering business growth and job creation across the state.
Maddy summaryThis bill prohibits health insurance companies in Michigan from covering any medical service if the patient's required copayment or coinsurance exceeds 50% of the total cost. It applies to new policies starting after the law is passed and to existing policies when they are next renewed or changed. If an insurer includes such a high-cost service in a plan, they would be violating this rule, and the state insurance director is authorized to investigate complaints about these violations. The measure aims to ensure that patients do not face excessive out-of-pocket costs for services included in their health insurance coverage.
Maddy summaryThis bill creates a new state tax credit program for Michigan companies working in aerospace and defense technology, effective from 2025 through 2028. Eligible businesses, which include defense contractors and their suppliers, can receive a tax credit equal to 20% of their qualified research and development expenses that exceed a specific baseline amount. The program also offers a separate credit for smaller aerospace and defense firms to offset costs related to storing and maintaining finished goods inventory. To claim these credits, companies must be officially designated by the Michigan Strategic Fund, which will manage a total annual budget of $100 million for research credits and $25 million for inventory credits.
Maddy summaryThis bill restricts health insurance companies in Michigan from covering medical services where the patient's share of the cost, such as copayments or coinsurance, exceeds 50% of the total service price. It directly affects health insurers and the individuals enrolled in their plans by setting a clear limit on how much patients can be charged out-of-pocket for covered benefits. The legislation requires the state insurance director to handle any complaints related to violations of this new rule. Changes made by the bill apply only to new insurance policies or to existing policies when they are renewed or modified after the law takes effect.
Maddy summaryThis bill restricts third-party administrators from creating contracts for health plans that require individuals to pay more than 50% of the cost for specific medical services through copayments or coinsurance. It directly affects insurance companies, healthcare providers, and individuals enrolled in these benefit plans by setting a new financial limit on out-of-pocket costs for covered care. The law gives the state insurance director the authority to investigate and rule on any complaints related to these new restrictions. These rules will apply to new contracts immediately after the bill passes and to existing contracts when they are next renewed or modified.