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 An Act to create subchapter XIII of chapter 701 [precedes 701.1301] of the statutes; 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 Section 1 . Subchapter XIII of chapter 701 [precedes 701.1301] of the statutes is created to read:

SB667-SSA1,1,5 Chapter 701

SB667-SSA1,2,1 subchapter xiii

SB667-SSA1,2,2 legacy trusts

SB667-SSA1,2,3 701.1301 Definitions. In this subchapter:

SB667-SSA1,2,5 (1) “Advisor" means a person who, under the terms of a legacy trust, is granted the power to do any of the following: