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Estate planning: Why Alaska trusts are not half-baked

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in Small Business Tax,Small Business Tax Deduction Strategies

Undoubtedly, you’ve worked hard for a long time to amass your current wealth. It would be a shame if creditors or litigious individuals attack your family fortune.  

Strategy: Set up an Alaska trust to protect your assets. This is the name commonly given to a “self-settled trust” where the grantor and the beneficiary are the same person. The trust receives the type of protection from creditors normally afforded to other types of trusts while you can continue to maintain control.  

This financial planning concept is based on several favorable provisions available under Alaska state law.

Here’s the whole story: In the usual arrangement, a grantor funds a trust with cash and/or property. Funds are then distributed over time or upon the happening of a specified event to the beneficiary (or beneficiaries) designated in the trust document. The grantor names an independent third party as the trustee and is responsible for carrying ...(register to read more)

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{ 2 comments… read them below or add one }

Deborah Koval August 27, 2012 at 7:05 am

I agree with Walny Legal Group. Each of those 14 states have their own legislation on this matter. However, different may be but their ultimate goal is to help each sides.

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Walny Legal Group August 7, 2012 at 8:35 pm

The author of this article may want to do a bit more research. There are 14 states that allow domestic asset protection trusts. Several other states have legislation in the works. All the top DAPT states have no state income tax. South Dakota and Nevada also compare favorably to Delaware and Alaska.

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