HB 102-RETIREMENT PLANS; ROTH IRAS; PROBATE  4:03:27 PM CHAIR OLSON announced that the first order of business would be HOUSE BILL NO. 102, "An Act relating to property exemptions for retirement plans, individual retirement accounts, and Roth IRAs; relating to transfers of individual retirement plans; relating to the rights of judgment creditors of members of limited liability companies and partners of limited liability partnerships; relating to the Uniform Probate Code, including pleadings, orders, liability, and notices under the Uniform Probate Code and the Alaska Principal and Income Act, the appointment of trust property, the Alaska Uniform Prudent Investor Act, co-trustees, trust protectors, and trust advisors; relating to the Alaska Principal and Income Act; relating to the Alaska Uniform Transfers to Minors Act; relating to the disposition of human remains; relating to the tax on insurers for life insurance policies; relating to insurable interests for certain insurance policies; relating to restrictions on transfers of trust interests; relating to discretionary interests in irrevocable trusts; relating to the community property of married persons; and amending Rule 64, Alaska Rules of Civil Procedure, and Rule 301(a), Alaska Rules of Evidence." 4:03:52 PM ERNEST PRAX, Staff, Representative Wes Keller, Alaska State Legislature, on behalf of the sponsor, Representative Wes Keller, stated that the proposed committee substitute (CS) for HB 102, Version U, will be before the committee for adoption. This bill would incorporate two changes from the previous meeting. The first change incorporates an amendment, Amendment 1, previously adopted by the committee that corrected a drafting error. The second change would remove language on page 35, lines 18-31, and page 36, lines 1-4, which is Section 38 of the original bill. 4:04:45 PM REPRESENTATIVE REINBOLD moved to adopt the proposed committee substitute, (CS), labeled 28-LS-0335\U, Bannister, 2/26/13, as the working document. CHAIR OLSON objected for the purpose of discussion. 4:05:12 PM MR. PRAX explained that Section 38 pertains to the allowable time for an insurable interest and as he recalled the committee held a discussion on whether it was needed since it was more of a technical legal question. He related that the parties the sponsor was working with decided the language was not necessary. 4:06:28 PM CHAIR OLSON removed his objection. There being no further objection, Version U was before the committee. 4:08:39 PM BETH CHAPMAN, Attorney, Faulkner Banfield, P.C., stated she previously testified in support of the bill. She said she also supported the proposed amendments, including the technical amendment. 4:09:16 PM JONATHAN BLATTMACHR, Attorney, President & CEO, Alaska Trust Company, testified in support of HB 102, which he said could create jobs and bring revenue into the state. 4:10:22 PM DAVID SHAFTEL, Attorney, Shaftel Law Offices, PC, said he is an attorney in trust and estates and is one of the group of attorneys that worked on HB 102 for about three years. He characterized the bill as containing provisions that will help all of Alaska's residents. He urged the committee to give serious consideration to the bill. 4:11:37 PM REPRESENTATIVE JOSEPHSON understood he does probate practice and is familiar with probate practice and the probate bar. MR. SHAFTEL confirmed that to be the case. REPRESENTATIVE JOSEPHSON asked whether those in probate practice like the bill. MR. SHAFTEL replied yes, and noted that a number of provisions in HB 102 will make it easier for the attorneys to administer estates and trusts as well as to plan for Alaska residents. The provisions, he related, were discussed among the probate bar, which is a relatively small group that meets, discusses problems, and when statute changes are necessary ask the legislature for assistance. 4:13:02 PM CHAIR OLSON, after first determining no one else wished to testify, closed public testimony on HB 102. [HB 102 was held over.]