Get taxonomy terms in hierarchichal format in WP

get-taxonomy-tree.php

<?php
function get_taxonomy_tree($taxonomy, $parent=0){

    $args = array(
		'hide_empty'=>false,
		'parent'=>$parent
	);
	
	$terms = get_terms( $taxonomy, $args );
	if($terms){
		$list=array();
		foreach($terms as $term){
			$holder = (array) $term; // Cast as array
			$holder['children'] = get_taxonomy_tree($taxonomy, $term->term_id); // Call function recursively
			$list[] = $holder;
		}
		return $list;
	}
	return array();
}

//Usage
print_r( get_taxonomy_tree('category') );