Laws in different states vary, and sometimes you can take advantage of favorable statutes by establishing legal instruments in a particular state. When it comes to asset protection and estate tax efficiency Alaska is a popular choice.
Some people choose to establish irrevocable self-settled trusts in the state of Alaska. These “Alaska trusts” are useful because the grantor can also be named as the beneficiary of the trust and realize monetary distributions throughout his or her life. However, under the laws of the state of Alaska these trust assets are still out of the reach of creditors and claimants and they do not count as part of your estate for estate tax purposes.
The rules stipulate that at least one of the trustees must either be a resident of Alaska or maintain a primary business presence in the state. If you don’t happen to have a trusted, business savvy relative or friend living up north you can simply engage the services of a reputable Alaska-based trust company or bank.
Once you are able to accumulate a significant store of financial resources you have to start considering things like asset protection and estate tax exposure. If you are pragmatic and proactive there are ways that you can position your assets intelligently and preserve your wealth.
Should you be interested in discussing wealth preservation strategies with a seasoned professional, right now would be a good time to pick up the phone to arrange for a consultation with an Oklahoma City estate planning lawyer who has made a career out of this particular legal specialty.
Author, President and Founding Attorney
Parman & Easterday
- Founding Attorney, Larry Parman, Shares a Personal and Insightful Message about the Coronavirus Situation and How the Firm is Handling It (click on the video below) - March 27, 2020
- Understanding Estate Planning – Developing a Fair Inheritance Plan - March 26, 2020
- Use Trust Protectors for Added Protection and Flexibility - March 25, 2020