Alaska Trust Act
Categories: Tax, Real Estate, Trusts and Estates
Like Eat, Pray, Love...if you happen to prefer colder climates, have a naïve streak, and harbor latent thespian ambitions.
Really, it's kind of a tax shelter. If you want all the tax benefits of the Cayman Islands, but prefer moose hunting to sun bathing, and oil pipelines to yachts, then you'll be way interested in the Alaska Trust Act.
In the 1990s, the Alaskan government set up a legal framework not unlike the tax shelters of those island havens so popular with supervillains in the movies. Basically, the law allows the creation of a trust that is protected from creditors and some estate taxes. There are rules, however, such as one of the trustees must either reside in Alaska or have a business there. Also, a portion of the administration has to take place in the state.
