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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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.
Specifically, the new Alaska Trust Act allows Alaskans and residents of other states to establish perpetual trusts in Alaska for the benefit of themselves and their families.
With the goal of making Alaska the best jurisdiction for establishing and administering trusts, brothers and nationally recognized financial experts Jonathan and Douglas Blattmachr conceived and drafted the Alaska Trust Act, which passed the state legislature in 1997.
In 1997, the Alaska Trust Act repealed the Rule against Perpetuities, which prohibited trusts from lasting forever.
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.
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.
The Alaska Trust Act (which became effective April 2, 1997) enables Alaska to offer something more to the "Lower 48" beyond beautiful scenery and oil production.
In April 1997 the Alaska Legislature passed the Alaska Trust Act.
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