Alaska was the first state to take action when its then-governor, Tony Knowles, signed the "
Alaska Trust Act" into law on April 1, 1997.
One of several Alaskans who worked to pass the
Alaska Trust Act of 1997, Blattmachr is steeped in the intricacies of trust law.
Prior to the passage of the
Alaska Trust Act in 1997, U.S.
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.(145) Alaska was the first to enact laws allowing self-settled spendthrift trusts, and Delaware followed just three months later.(146) Most of the essential provisions of the new trust laws are the same, but there are a few significant differences to be noted.(147) The Delaware Act was closely modeled after Alaska's legislation and in fact expressly stated its intention "to maintain Delaware's role as the most favored domestic jurisdiction for the establishment of trusts."(148)
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.
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Alaska Trust Act repealed the Rule against Perpetuities, which prohibited trusts from lasting forever.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 34.77), signed into law on May 22, 1998.
It is that aspect of the tax law that the
Alaska Trust Act impacts.
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 company provides wealth management services and innovative trust and investment management services.
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.