Achieve Three Objectives With Alaska Trusts It is nice to be able to achieve multiple objectives through a single action and in many cases this can be done in the financial planning field. For those who are seeking asset protection, income, and estate tax benefits, Alaska trusts may be just one of these very efficient multipurpose tools. Generally trusts that allow you to have access to the resources are not going to be protected from litigants or creditors because you retain incidents of ownership. Revocable living trusts would fit this description, and because of the retention of incidents of ownership the resources that you utilize to fund the trust would be considered part of your taxable estate. Most states in the United States do not want people to be able to access financial resources that they placed into a trust while simultaneously gaining asset protection and estate tax efficiency. There are however a handful that will allow irrevocable self-settled trusts that do indeed allow the grantor to act as beneficiary while still enjoying asset protection and tax savings. Alaska is one of the most favorable states for creating self-settled trusts. These Alaska trusts do require a trustee that resides in Alaska. Business entities that are located in Alaska can also serve as trustee, so many people will work with a trust company that has a presence in Alaska to meet this requirement. Building wealth can be a difficult but very rewarding task. Once you have been able to meet your goals the next step is to protect your assets for the long haul while enjoying your success. An Alaska trust may be able to help you reach these objectives. Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers estate planning and business planning resources to residents of Oklahoma City OK. To learn more about these free resources, please visit www.parmanlaw.com/ today.
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