Relating to: domestic asset protection trusts.

This bill would have established a new legal framework in Wisconsin for domestic asset preservation trusts, allowing individuals to place property into these trusts to protect it from creditors. The legislation defined specific requirements for creating such trusts, including the need for a qualified trustee, irrevocable terms, and a spendthrift clause that limits a creditor's ability to reach the assets. It also outlined rules for married couples, requiring spousal notice or consent before assets could be transferred into the trust. Although the bill passed the legislature, it was vetoed by the Governor and did not become law.