AccountingWEB Life news July 2008

AccountingWEB Life

Protect client assets in an Alaska trust

Your clients have worked hard to amass their wealth. So it's unfortunate when the family fortune is exposed to creditors or litigious individuals. Fortunately, there's an innovative technique for safeguarding their assets.Strategy: Establish an "Alaska trust" that meets certain requirements (see box). This is a self-settled trust where the grantor and the beneficiary are the same person. Yet the trust receives the same protection normally afforded to other types of trusts.