JACKSON — A bill headed to Mississippi Gov. Phil Bryant would let people put real estate into trusts for up to 110 years, and money, stocks or other financial assets into trusts for up to 360 years.
The state House voted 105-12 Thursday to pass the final version of the bill, accepting changes made last week by the Senate.
Bryant spokeswoman Nicole Webb said the governor will review the measure, House Bill 153, before deciding whether to sign it. He has not taken a public position for or against it.
Current Mississippi law allows trusts to last about 90 years. The trusts allow wealthy people to protect assets and reduce their tax liability.
Although Democratic Rep. Cecil Brown of Jackson voted for the bill Thursday, he said he doesn’t understand the point of protecting financial assets for centuries.
“I just think it creates more problems than it’s worth,” said Brown, a CPA and financial adviser.
Republican Rep. Mark Baker of Brandon, an attorney, said several other states allow people to establish long-term trusts, called legacy trusts.
“We just faced the reality that this was happening,” Baker said.
During Senate debate last week, Republican Sen. Sally Doty of Brookhaven said some banks and attorneys in Mississippi could lose business if people go to other states to establish long-term trusts.
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