Protecting Investments While Remaining Trustor Leader
Making trusts changes easier and protecting those who benefit
Monday, April 10, 2017, Juneau, Alaska – Alaska is slipping in its status as one of the most desirable states for opening and managing trusts. Representative DeLena Johnson (R-Palmer) has introduced a bill that will take Alaska back to the top of the National Rankings of trust managing jurisdictions.
“We can’t sit by and watch as this State loses the race to innovate Statutes that protect, grow, and strengthen financial assets.” said Rep. Johnson. “The simple fixes I, and Senator Costello, offer to the state’s current estate planning laws will protect hard earned dollars, and continue the process that started as early as 1997 with the passage of the Alaska Trust Act.”
House Bill 208 provides changes to four major components of current law. It would allow an easier process for amending trusts, a process called “decanting”, to simplify documentation for federal tax efficiency and clarify to and expand trustee’s powers which ultimately protect the settlor’s intent, and assets, from their beneficiaries’ creditors.
“This is a flexibility bill allowing for the best estate planning, whether you’re Alaskan or not. Having a solid trust system will keep Alaska as one of the most desirable states for trust investments. These changes help our economy, private industries, and State. These are the type of innovative ways that our Caucus is looking to fix our fiscal deficit. It’s time to stimulate industry, not constrict it” said Rep. Johnson.
The bill already has bipartisan support. It is being heard in House Judiciary at 1:00 p.m. on Monday, April 10, 2017 and Wednesday, April 12, 2017.
For more information contact Rep. Johnson’s office at 907-465-4958 or email staffer