summary
Introduced
11/09/2023
11/09/2023
In Committee
02/20/2024
02/20/2024
Crossed Over
02/20/2024
02/20/2024
Passed
03/21/2024
03/21/2024
Dead
05/14/2024
05/14/2024
Vetoed
03/29/2024
03/29/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT to create subchapter XIII of chapter 701 [precedes 701.1301] of the statutes; relating to: domestic asset preservation trusts.
AI Summary
This bill creates subchapter XIII of chapter 701 of the Wisconsin statutes, which establishes "domestic asset preservation trusts." These trusts allow individuals to transfer assets into an irrevocable trust and protect those assets from certain creditors. The bill defines key terms, sets guidelines for the creation and administration of these trusts, and places limitations on creditors' ability to access assets in the trusts. It also requires the transferor to provide certain disclosures to their spouse and sign an affidavit attesting to the legitimacy of the transfer. The bill aims to enable Wisconsin residents to establish asset protection trusts governed by Wisconsin law.
Committee Categories
Government Affairs
Sponsors (8)
Mary Felzkowski (R)*,
Dan Knodl (R)*,
Barbara Dittrich (R),
Dave Murphy (R),
Jeff Mursau (R),
Amanda Nedweski (R),
Jerry O'Connor (R),
Nik Rettinger (R),
Last Action
Failed to pass notwithstanding the objections of the Governor pursuant to Joint Rule 82 (on 05/14/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://docs.legis.wisconsin.gov/2023/proposals/reg/sen/bill/sb667 |
| BillText | https://docs.legis.wisconsin.gov/document/enrolledbills/2023/REG/SB667.pdf |
| Assembly Amendment 1 | https://docs.legis.wisconsin.gov/document/amends/2023/REG/SB667-AA1.pdf |
| Analysis - LC Amendment Memo | https://docs.legis.wisconsin.gov/document/lcamendmentmemos/2023/REG/SB667.pdf |
| Senate Substitute Amendment 1 | https://docs.legis.wisconsin.gov/document/amends/2023/REG/SB667-SSA1.pdf |
| SB667 ROCP for Committee on Shared Revenue, Elections and Consumer Protection On 2/9/2024 | https://docs.legis.wisconsin.gov/2023/related/records/senate/shared_revenue_elections_and_consumer_protection/1777361.pdf |
| BillText | https://docs.legis.wisconsin.gov/document/proposaltext/2023/REG/SB667.pdf |
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