SB529: Bill Text

SB529,38,17 (i) Continue payments incidental to the membership or affiliation of the principal in a religious institution, club, society, order, or other organization or to continue contributions to those organizations.

SB529,38,20 (2) Authority with respect to personal and family maintenance is neither dependent upon, nor limited by, authority that an agent may or may not have with respect to gifts under this chapter.

SB529,38,24 244.54 Benefits from governmental programs or civil or military service. (1) In this section, "benefits from governmental programs or civil or military service" means any benefit, program or assistance provided under a statute, rule, or regulation, including social security, medicare, and medicaid.

SB529,39,3 (2) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to benefits from governmental programs or civil or military service authorizes the agent to do all of the following:

SB529,39,8 (a) Execute vouchers in the name of the principal for allowances and reimbursements payable by the United States or a foreign government or by a state or subdivision of a state to the principal, including allowances and reimbursements for transportation of the individuals described in s. 244.53 (1) (a), and for shipment of their household effects.

SB529,39,13 (b) Take possession and order the removal and shipment of property of the principal from a post, warehouse, depot, dock, or other place of storage or safekeeping, either governmental or private, and execute and deliver a release, voucher, receipt, bill of lading, shipping ticket, certificate, or other instrument for that purpose.

SB529,39,15 (c) Enroll in, apply for, select, reject, change, amend, or discontinue, on the principal's behalf, a benefit or program.

SB529,39,18 (d) Prepare, file, and maintain a claim of the principal for a benefit or assistance, financial or otherwise, to which the principal may be entitled under a statute, rule, or regulation.

SB529,39,22 (e) Initiate, participate in, submit to alternative dispute resolution, settle, oppose, or propose or accept a compromise with respect to litigation concerning any benefit or assistance the principal may be entitled to receive under a statute, rule, or regulation.

SB529,39,24 (f) Receive the financial proceeds of a claim described in par. (d) and conserve, invest, disburse, or use for a lawful purpose anything so received.

SB529,40,4 244.55 Retirement plans. (1) In this section, "retirement plan" means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including the following plans or accounts:

SB529,40,6 (a) An individual retirement account under section 408 of the Internal Revenue Code.

SB529,40,8 (b) A Roth individual retirement account under section 408A of the Internal Revenue Code.

SB529,40,10 (c) A deemed individual retirement account under section 408 (q) of the Internal Revenue Code.

SB529,40,12 (d) An annuity or mutual fund custodial account under section 403 (b) of the Internal Revenue Code.

SB529,40,14 (e) A pension, profit-sharing, stock bonus, or other retirement plan qualified under section 401 (a) of the Internal Revenue Code.

SB529,40,15 (f) A plan under section 457 (b) of the Internal Revenue Code.

SB529,40,17 (g) A nonqualified deferred compensation plan under section 409A of the Internal Revenue Code.

SB529,40,20 (2) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans authorizes the agent to do all of the following:

SB529,40,22 (a) Select the form and timing of payments under a retirement plan and withdraw benefits from a plan.

SB529,40,24 (b) Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another.

SB529,40,25 (c) Establish a retirement plan in the principal's name.

SB529,41,1 (d) Make contributions to a retirement plan.

SB529,41,2 (e) Exercise investment powers available under a retirement plan.

SB529,41,3 (f) Borrow from, sell assets to, or purchase assets from a retirement plan.

SB529,41,6 244.56 Taxes. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to do all of the following:

SB529,41,14 (1) Prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, Federal Insurance Contributions Act, and other tax returns, claims for refunds, requests for extension of time, petitions regarding tax matters, and any other tax-related documents, including receipts, offers, waivers, consents, including consents and agreements under 2032A of the Internal Revenue Code, closing agreements, and any power of attorney required by the Internal Revenue Service or other taxing authority with respect to a tax year upon which the statute of limitations has not run and the following 25 tax years.

SB529,41,17 (2) Pay taxes due, collect refunds, post bonds, receive confidential information, and contest deficiencies determined by the Internal Revenue Service or other taxing authority.

SB529,41,19 (3) Exercise any election available to the principal under federal, state, local, or foreign tax law.

SB529,41,21 (4) Act for the principal in all tax matters for all periods before the Internal Revenue Service, or other taxing authority.

SB529,41,24 244.57 Gifts. (1) In this section, a gift "for the benefit of" a person includes a gift to a trust, an account under ss. 54.854 to 54.898, and a tuition savings account or prepaid tuition plan as defined under section 529 of the Internal Revenue Code.

SB529,42,3 (2) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to gifts authorizes the agent to do all of the following:

SB529,42,11 (a) Make outright to, or for the benefit of, a person, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under section 2503 (b) of the Internal Revenue Code, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal's spouse agrees to consent to a split gift under section 2513 of the Internal Revenue Code, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit.

SB529,42,14 (b) Consent, under section 2513 of the Internal Revenue Code, to the splitting of a gift made by the principal's spouse in an amount per donee not to exceed the aggregate annual gift tax exclusions for both spouses.

SB529,42,18 (c) Make a gift of the principal's property only as the agent determines is consistent with the principal's objectives if actually known by the agent and, if unknown, as the agent determines is consistent with the principal's best interest based on all relevant factors, including all of the following:

SB529,42,19 1. The value and nature of the principal's property.

SB529,42,20 2. The principal's foreseeable obligations and need for maintenance.

SB529,42,22 3. Minimization of taxes, including income, estate, inheritance, generation skipping transfer, and gift taxes.

SB529,42,24 4. Eligibility for a benefit, a program, or assistance under a statute, rule, or regulation.

SB529,42,25 5. The principal's personal history of making or joining in making gifts.

SB529,43,6 244.61 Statutory Form Power of Attorney for Finances and Property. A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this chapter. An appendix shall be attached to this form that includes the text of ss. 244.44 to 244.56. The appendix is for definitions only. The agent has powers only regarding the subjects initialed on the form.

SB529,43,10 WISCONSIN STATUTORY FORM POWER OF ATTORNEY FOR FINANCES AND PROPERTY

SB529,43,11 IMPORTANT INFORMATION

SB529,43,19 This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself. The meaning of authority over subjects listed on this form is explained in the Uniform Power of Attorney for Finances and Property Act in chapter 244 of the Wisconsin statutes.

SB529,43,21 This power of attorney does not authorize the agent to make health-care decisions for you.

SB529,43,25 You should select someone you trust to serve as your agent. Unless you specify otherwise, generally the agent's authority will continue until you die or revoke the power of attorney or the agent resigns or is unable to act for you.

SB529,44,2 Your agent is entitled to reasonable compensation unless you state otherwise in the special instructions.

SB529,44,7 This form provides for designation of one agent. If you wish to name more than one agent you may name a coagent in the special instructions. Coagents are not required to act together unless you include that requirement in the special instructions.

SB529,44,10 If your agent is unable or unwilling to act for you, your power of attorney will end unless you have named a successor agent. You may also name a 2nd successor agent.

SB529,44,15 This power of attorney becomes effective immediately unless you state otherwise in the special instructions. This power of attorney does not revoke any power of attorney executed previously unless you so provide in the special instructions.

SB529,44,21 if you revoke this power of attorney, you should notify your agent and any other person to whom you have given a copy. If your agent is your spouse or domestic partner and your marriage in annulled or you are divorced or legally separated or the domestic partnership is terminated after signing this document, the document is invalid.

SB529,44,24 If you have questions about the power of attorney or the authority you are granting to your agent, you should seek legal advice before signing this form.

SB529,44,25 DESIGNATION OF AGENT

SB529,45,1 I .... (name of principal) name the following person as my agent:

SB529,45,2 Name of agent: ....

SB529,45,3 Agent's address: ....

SB529,45,4 Agent's telephone number: ....

SB529,45,6 DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL)

SB529,45,7 If my agent is unable or unwilling to act for me, I name as my successor agent:

SB529,45,8 Name of successor agent: ....

SB529,45,9 Successor agent's address: ....

SB529,45,10 Successor agent's telephone number: ....

SB529,45,12 If my successor agent is unable or unwilling to act for me, I name as my 2nd successor agent:

SB529,45,13 Name of 2nd successor agent: ....

SB529,45,14 Second successor agent's address: ....

SB529,45,15 Second successor agent's telephone number: ....

SB529,45,16 GRANT OF GENERAL AUTHORITY

SB529,45,19 I grant my agent and any successor agent general authority to act for me with respect to the following subjects as defined in the Uniform Power of Attorney for Finances and Property Act in chapter 244 of the Wisconsin statutes:

SB529,45,20 INITIAL each subject you want to include in the agent's general authority.

SB529,45,21 .... Real property

SB529,45,22 .... Tangible personal property

SB529,45,23 .... Stocks and bonds

SB529,45,24 .... Commodities and options

SB529,45,25 .... Banks and other financial institutions

SB529,46,1 .... Operation of entity or business

SB529,46,2 .... Insurance and annuities

SB529,46,3 .... Estates, trusts, and other beneficial interests

SB529,46,4 .... Claims and litigation

SB529,46,5 .... Personal and family maintenance

SB529,46,6 .... Benefits from governmental programs or civil or military service

SB529,46,7 .... Retirement plans

SB529,46,8 .... Taxes

SB529,46,9 LIMITATION ON AGENT'S AUTHORITY

SB529,46,12 An agent who is not my spouse or domestic partner MAY NOT use my property to benefit the agent or a person to whom the agent owes an obligation of support unless I have included that authority in the special instructions.

SB529,46,13 SPECIAL INSTRUCTIONS (OPTIONAL)

SB529,46,14 You may give special instructions in the following space ....