Alaska Trust Act

Alaska Trust Act

A 1997 state law in Alaska that allows any American to place assets in an irrevocable trust that protects those assets from creditors and, in some circumstances, excludes them from the grantor's estate for tax purposes. In order for a trust to fall under the jurisdiction of the Act, at least one of the trustees must live or have a business in Alaska and the trust's records must be maintained in Alaska. Additionally, a certain percentage of the administration of the trust must take place in Alaska. The Act effectively made Alaska a tax shelter along the lines of the Cayman Islands, the Bahamas, and other offshore locations.
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A: Prior to the Alaska Trust Act, in order for a trustor to be able to protect assets from creditors and to be eligible to receive the money from the mist, the trustor had to create such trusts offshore, in places like the Cook Islands, Cayman Islands and Bermuda.
The legislation, approved as amendments to the Alaska Trust Act earlier this year, provides Alaskans and residents of other U.
The Alaska Trust Act changed two aspects of the Alaska statutes, offering significant advantages that may be of interest to individuals outside of Alaska.
moved into uncharted waters in Alaska, breaking ground as the first independent trust company formed in the state after passage of the Alaska Trust Act.
6 /PRNewswire/ -- New York Life Insurance Company and Alaska Trust Company have formed a strategic alliance to educate and inform attorneys and accountants about the Alaska Trust Act and the unique estate planning advantages it contains for many Americans, the companies announced today.
Less than a year after the enactment of the Alaska Trust Act, the Alaska legislature again created planning opportunities for residents and nonresidents by passage of the Alaska Community Property Act (AS 34.
One of several Alaskans who worked to pass the Alaska Trust Act of 1997, Blattmachr is steeped in the intricacies of trust law.
The Alaska Trust Act does not prevent a creditor from voiding a transfer to an asset protection trust on grounds of fraud.
The Alaska Trust Act and Delaware's Qualified Disposition in Trust Act amend their codes to allow settlors to make lifetime transfers into trust from which they are eligible, but not entitled, to receive distributions according to the discretion of a third-party trustee.
The Alaska Trust Act became effective April 2, 1997, and provides protection from creditors as well as unlimited trust duration.
6 /PRNewswire/ -- Alaska Trust Company and New York Life Insurance Company have formed a strategic alliance to educate and inform attorneys and accountants about the Alaska Trust Act and the unique estate planning advantages it contains for many Americans, the companies announced today.
In 1997, the Alaska Trust Act repealed the Rule against Perpetuities, which prohibited trusts from lasting forever.
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