LRBa1319/1
KMS:wlj
2023 - 2024 LEGISLATURE
ASSEMBLY AMENDMENT 1,
TO SENATE BILL 667
February 22, 2024 - Offered by Representative O'Connor.
SB667-AA1,1,21
At the locations indicated, amend the
bill, as shown by senate substitute
2amendment 1, as follows:
SB667-AA1,1,9
84. Page 2, line 18: delete “nonlegacy trust to a legacy trust" and substitute
9“nondomestic asset preservation trust to a domestic asset preservation trust".
SB667-AA1,2,2
1“
(6m) “Domestic asset preservation trust" means a trust created by a written
2instrument, the terms of which do all of the following:
SB667-AA1,2,53
(a) Appoint at least one qualified trustee to accept property that is the subject
4of a disposition, regardless of whether the terms of the trust also appoint a
5nonqualified trustee.
SB667-AA1,2,76
(b) Expressly designate the laws of this state to govern the meaning and effect
7of the terms of the trust, in whole or in part.
SB667-AA1,2,88
(c) Expressly provide that the trust is irrevocable.
SB667-AA1,2,109
(d) Include a spendthrift provision that applies to an interest of a beneficiary
10in trust property, including an interest of a transferor who is a beneficiary.”.
SB667-AA1,2,18
17“
(11m) “Qualified affidavit” means an affidavit that meets all of the
18requirements of s. 701.1312 (2).”.
SB667-AA1,2,24
2112. Page 4, line 9: after “state," insert “the trust company or bank is subject
22to supervision by the department of financial institutions, the federal deposit
23insurance corporation, the U.S. comptroller of the currency, or a successor of any of
24them,".
SB667-AA1,3,7
2“(d) A qualified trustee of the domestic asset preservation trust has the power
3to maintain records for the trust on an exclusive or nonexclusive basis, prepare or
4arrange for the preparation of fiduciary income tax returns for the trust, and
5maintain or arrange for custody in this state of some or all of the property that is the
6subject of a qualified disposition, and a material portion of the administration of the
7trust is performed in this state.”.
SB667-AA1,3,12
11“5. The notice is considered provided to a spouse if one of the following
12requirements is met:
SB667-AA1,3,1413
a. The notice is delivered to the spouse via certified mail, with a return receipt
14requested.
SB667-AA1,3,1615
b. The notice is given to the spouse in-person and the spouse acknowledges the
16receipt of the notice in a signed and notarized document.”.
SB667-AA1,3,20
1917. Page 7, line 3: on lines 3, 5, 11, 12, 14, 18, 19, 20 and 25, delete “legacy"
20and substitute “domestic asset preservation".
SB667-AA1,4,2
119. Page 8, line 1: on lines 1, 4, 5, 8, 14, 17, 18 and 21, delete “legacy" and
2substitute “domestic asset preservation".
SB667-AA1,4,5
320. Page 8, line 11: delete “legacy trust unless the terms of the legacy trust"
4and substitute “domestic asset preservation trust unless the terms of the domestic
5asset preservation trust".
SB667-AA1,4,17
1626. Page 13, line 21: delete “legacy trust and the legacy" and substitute
17“domestic asset preservation trust and the domestic asset preservation".
SB667-AA1,5,3
129. Page 15, line 11: delete “legacy trust, each trustee and each advisor of the
2legacy trust" and substitute “domestic asset preservation trust, each trustee and
3each advisor of the domestic asset preservation trust".
SB667-AA1,5,12
10“
(6) Subsection (1) and ss. 701.1302, 701.1306, 701.1307, and 701.1310 do not
11apply to the collection of taxes and debts owed to or being collected by the department
12of revenue.
SB667-AA1,5,15
13701.1312 Transferor's affidavit required. (1) Except as provided in sub.
14(4), a transferor shall sign a qualified affidavit before or substantially
15contemporaneously with making a qualified disposition.
SB667-AA1,5,17
16(2) A qualified affidavit shall be notarized and shall contain all of the following
17statements under oath:
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(a) The property being transferred to the domestic asset preservation trust was
19not derived from unlawful activities.
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(b) The transferor has full right, title, and authority to transfer the property
21to the domestic asset preservation trust.
SB667-AA1,5,2322
(c) The transferor will not be rendered insolvent immediately after the transfer
23of the property to the domestic asset preservation trust.
SB667-AA1,6,2
1(d) The transferor does not intend to defraud any creditor by transferring the
2property to the domestic asset preservation trust.
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(e) There are no pending or threatened court actions against the transferor,
4except for any court action identified by the affidavit or an attachment to the
5affidavit.
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(f) The transferor is not involved in any administrative proceeding, except for
7any proceeding identified by the affidavit or an attachment to the affidavit.
SB667-AA1,6,98
(g) The transferor does not contemplate at the time of the transfer the filing for
9relief under the federal bankruptcy code.
SB667-AA1,6,12
10(3) A qualified affidavit is considered defective if it materially fails to meet the
11requirements set forth in sub. (2), but a qualified affidavit is not considered defective
12due to any of the following:
SB667-AA1,6,1313
(a) Any nonsubstantive variances from the language set forth in sub. (2).
SB667-AA1,6,1614
(b) Any statements or representations in addition to those set forth in sub. (2)
15if the statements or representations do not materially contradict the statements or
16representations required by that subsection.
SB667-AA1,6,1917
(c) Any technical errors in the form, substance, or method of administering an
18oath if those errors were not the fault of the affiant, and the affiant reasonably relied
19upon another person to prepare or administer the oath.
SB667-AA1,6,21
20(4) (a) A qualified affidavit is not required from a transferor who is not a
21beneficiary of the legacy trust that receives the disposition.
