Amendment AA1-SB667

SB667-AA1,4,19 27. Page 14, line 11: on lines 11, 12 and 22, delete “legacy" and substitute “domestic asset preservation".

SB667-AA1,4,21 28. Page 15, line 5: on lines 5, 6, 9, 15 and 18, delete “legacy" and substitute “domestic asset preservation".

SB667-AA1,5,3 29. Page 15, line 11: delete “legacy trust, each trustee and each advisor of the legacy trust" and substitute “domestic asset preservation trust, each trustee and each advisor of the domestic asset preservation trust".

SB667-AA1,5,4 30. Page 15, line 25: delete “(8)" and substitute “(6m)".

SB667-AA1,5,6 31. Page 16, line 1: on lines 1, 5, 11 and 21, delete “legacy" and substitute “domestic asset preservation".

SB667-AA1,5,8 32. Page 16, line 3: delete “nonlegacy" and substitute “nondomestic asset preservation".

SB667-AA1,5,9 33. Page 16, line 21: after that line insert:

SB667-AA1,5,12 “(6) Subsection (1) and ss. 701.1302, 701.1306, 701.1307, and 701.1310 do not apply to the collection of taxes and debts owed to or being collected by the department of revenue.

SB667-AA1,5,15 701.1312 Transferor's affidavit required. (1) Except as provided in sub. (4), a transferor shall sign a qualified affidavit before or substantially contemporaneously with making a qualified disposition.

SB667-AA1,5,17 (2) A qualified affidavit shall be notarized and shall contain all of the following statements under oath:

SB667-AA1,5,19 (a) The property being transferred to the domestic asset preservation trust was not derived from unlawful activities.

SB667-AA1,5,21 (b) The transferor has full right, title, and authority to transfer the property to the domestic asset preservation trust.

SB667-AA1,5,23 (c) The transferor will not be rendered insolvent immediately after the transfer of the property to the domestic asset preservation trust.

SB667-AA1,6,2 (d) The transferor does not intend to defraud any creditor by transferring the property to the domestic asset preservation trust.

SB667-AA1,6,5 (e) There are no pending or threatened court actions against the transferor, except for any court action identified by the affidavit or an attachment to the affidavit.

SB667-AA1,6,7 (f) The transferor is not involved in any administrative proceeding, except for any proceeding identified by the affidavit or an attachment to the affidavit.

SB667-AA1,6,9 (g) The transferor does not contemplate at the time of the transfer the filing for relief under the federal bankruptcy code.

SB667-AA1,6,12 (3) A qualified affidavit is considered defective if it materially fails to meet the requirements set forth in sub. (2), but a qualified affidavit is not considered defective due to any of the following:

SB667-AA1,6,13 (a) Any nonsubstantive variances from the language set forth in sub. (2).

SB667-AA1,6,16 (b) Any statements or representations in addition to those set forth in sub. (2) if the statements or representations do not materially contradict the statements or representations required by that subsection.

SB667-AA1,6,19 (c) Any technical errors in the form, substance, or method of administering an oath if those errors were not the fault of the affiant, and the affiant reasonably relied upon another person to prepare or administer the oath.

SB667-AA1,6,21 (4) (a) A qualified affidavit is not required from a transferor who is not a beneficiary of the legacy trust that receives the disposition.

SB667-AA1,6,25 (b) A subsequent qualified affidavit is not required in connection with any qualified disposition made after the execution of an earlier qualified affidavit if that disposition is a part of, is required by, or is the direct result of a prior qualified disposition that was made in connection with that earlier qualified affidavit.

SB667-AA1,7,6 (5) If a qualified affidavit is required under this section and a transferor fails to timely sign a qualified affidavit or signs a defective qualified affidavit, then, subject to the normal rules of evidence, that failure or defect may be considered as evidence in any proceeding commenced pursuant to s. 701.1306, but the domestic asset preservation trust or the validity of any attempted qualified disposition shall not be affected in any other way due to that failure or defect.

SB667-AA1,1m Section 1m. Nonstatutory provisions.

SB667-AA1,7,8 (1) Reconciliation provisions.

SB667-AA1,7,13 (a) If 2023 Wisconsin Act .... (Senate Bill 759) creates s. 702.102 (11), the language “special power of appointment” in ss. 701.1301 (6) (b) and 701.1304 (2) of this act is changed to “nongeneral power of appointment.” If 2023 Wisconsin Act .... (Senate Bill 759) does not create s. 702.102 (11), the language “special power of appointment” in ss. 701.1301 (6) (b) and 701.1304 (2) of this act is unchanged.

SB667-AA1,7,17 (b) If 2023 Wisconsin Act .... (Senate Bill 759) creates s. 702.102 (11), the language “, as defined in s. 702.02 (7),” in s. 701.1304 (2) of this act is void. If 2023 Wisconsin Act .... (Senate Bill 759) does not create s. 702.102 (11), the language “, as defined in s. 702.02 (7),” in s. 701.1304 (2) of this act is not void.”.

SB667-AA1,7,18 34. Page 16, line 24: after that line insert:

SB667-AA1,7,19 “ Section 3. Effective date.

SB667-AA1,7,20 (1) This act takes effect on July 1, 2025.”.

SB667-AA1,7,21 (End)