LRBs0313/1
KMS:skw&cjs
2023 - 2024 LEGISLATURE
SENATE SUBSTITUTE AMENDMENT 1,
TO SENATE BILL 667
February 16, 2024 - Offered by Senator Knodl.
SB667-SSA1,1,2
1An Act to create subchapter XIII of chapter 701 [precedes 701.1301] of the
2statutes;
relating to: domestic asset protection trusts.
Analysis by the Legislative Reference Bureau
2023 Senate Bill 667 creates a new chapter 669, stats., that governs a new type
of trust, called a legacy trust. This substitute amendment places all of the bill
language from 2023 Senate Bill 667 in a new subchapter of the Wisconsin Trust Code.
In addition, under the substitute amendment, if a person who creates a legacy trust
is married and transfers marital property to the legacy trust, the person must
provide to that person's spouse written notice of the transfer of the property at the
time of the transfer. For further information, see the analysis for 2023 Senate Bill
667.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB667-SSA1,1
3Section 1
. Subchapter XIII of chapter 701 [precedes 701.1301] of the statutes
4is created to read:
SB667-SSA1,2,1
1subchapter xiii
SB667-SSA1,2,22
legacy trusts
SB667-SSA1,2,3
3701.1301 Definitions. In this subchapter: