ALASKA TRUST ACT
Is intended to provide protection against creditors in case of irrevocable trusts provided that a grantor, who also plays the role as a discretionary beneficiary, is present in the trust. The following requirements must be fulfilled in order for the rule to be applicable:
- At least one of the trustees is living in Alaska or there must be an essential place of business in Alaska.
- A percentage of the trusts' asset must be deposited in a brokerage account, checking account, or on other similar account.
- A part of the administration of the trust must occur in Alaska and the trust's records must be also physically present in Alaska.
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