LRB-3876/1
MDK:jlg:jf
1999 - 2000 LEGISLATURE
December 15, 1999 - Introduced by Senators Moen, Burke, Drzewiecki, Breske,
Fitzgerald, Grobschmidt, Panzer, Shibilski and Robson, cosponsored by
Representatives Gard, Hasenohrl, Underheim, Handrick, Plouff, Ryba,
Schneider, Sherman, Owens, Petrowski, Seratti and Kaufert. Referred to
Committee on Human Services and Aging.
SB307,1,2
1An Act to amend 445.125 (1) (a) 2.; and
to repeal and recreate 445.125 (1) (a)
22. of the statutes;
relating to: amount of irrevocable burial trusts.
Analysis by the Legislative Reference Bureau
Under current law, a person may purchase certain types of funeral and burial
merchandise in advance of need by either establishing a trust or using the proceeds
of certain life insurance policies. If a trust is used for the purchase, only $2,000 of
the funds in the trust may be made irrevocable. On January 1, 2001, the amount that
may be made irrevocable increases to $2,500.
Under this bill, the amount that may be made irrevocable is increased
immediately to $3,500.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB307, s. 1
3Section
1. 445.125 (1) (a) 2. of the statutes is amended to read:
SB307,1,64
445.125
(1) (a) 2. Notwithstanding s. 701.12 (1), such agreements may be made
5irrevocable as to the first
$2,000 $3,500 of the funds paid under the agreement by
6each depositor.
SB307,2,53
445.125
(1) (a) 2. Notwithstanding s. 701.12 (1), such agreements may be made
4irrevocable as to the first $3,500 of the funds paid under the agreement by each
5depositor.
SB307, s. 3
6Section
3.
Effective dates. This act takes effect on the day after publication,
7except as follows:
SB307,2,98
(1)
The repeal and recreation of section 445.125 (1) (a) 2. of the statutes takes
9effect on January 1, 2001.
