701.0414 Modification or termination of uneconomic trust.
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/wi/chapter-701/701-0414-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
701.0414 Modification or termination of uneconomic trust.
(1)In this section:
(a)“Adjustment reference number” means the consumer price index for all urban consumers, as published by the United States bureau of labor statistics, in effect on January 1 of the year in which an adjustment is to be made in accordance with sub.
(3).
(b)“Base reference number” means the consumer price index for all urban consumers, as published by the United States bureau of labor statistics, in effect on January 1 of the base year.
(c)“Base year” means 2014.
(2)After notice to the settlor, if living, each trust protector, each directing party, and the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 or a revised applicable figure, as determined under sub.
(3), may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(3)The dollar amount specified in sub.
(2)shall be adjusted to a revised applicable figure on July 1, 2019, and every 5 years thereafter. The revised applicable figure shall be determined as follows: