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Committee advances Senate File 97 to modernize trust code, adds trustee discretion to reimburse settler tax liabilities
Summary
The Minerals, Business & Economic Development Committee voted to recommend Senate File 97, which makes multiple technical changes to Wyoming's trust code including clarifying who qualifies as a trustee and allowing trustees discretionary authority to reimburse settlors for certain tax liabilities following new IRS guidance.
Senate File 97, a package of trust-code updates presented to the Minerals, Business & Economic Development Committee, received a committee recommendation to pass after testimony from bill sponsors and trust-industry representatives.
The bill, introduced in committee by Senator Case, would revise the definition of a "qualified trustee" in state law and add a statutory discretionary power permitting a trustee to reimburse a settlor (also called a grantor) for certain tax liabilities the Internal Revenue Service has said can fall back to that person in some cases.
Committee members were told the changes are largely technical and intended to harmonize and modernize Wyoming's trust statutes. "This bill is really just an amalgamation of a few little changes to the trust code to bring it up to kind of modernize it," Senator Case…
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