Open an Account
- Draft document to Peak Trust Company for review (Please see section 11 for required provisions.
- Completed Data Information Questionnaire.
- Signed Affidavit of Solvency
Peak Trust Company Will
- Review document.
- Consult with drafting attorney and reviewing attorney, if any.
- Communicate any changes or concerns.
- Upon approval, sign finalized document and return duplicate to drafting attorney
Due Upon Account Set-Up
If Peak Trust Company will have custody of individual assets:
- Information on institution currently holding assets; including name of firm, contact, and phone number.
- List of assets to be set-up with cost and Cusip numbers, etc.
- Attorney review fee, if applicable.
If Peak Trust Company will not have custody of individual assets:
- Appropriate set-up fee (see attached Fee Schedules).
- Appropriate annual fee (see attached Fee Schedules).
- $10,000 or other appropriate amount to be deposited in a Certificate of Deposit account at a bank.
- Attorney review, if applicable.
Peak Trust Company will set-up an account on its Trust System, and assets as required. Peak Trust Company will set out send out statements according to frequency indicated in Data Information
(4) Requirements for a Trust to Qualify for Alaska Situs
(I) MUST HAVE QUALIFIED ALASKA TRUSTEE “QUALIFIED PERSON” WHO IS: (see act p.4 sec.5,1)
a trust company that is organized under AS 06.25 and that has its principal place of business in this state; or an individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a present intention of moving from this state, and who has the intention of returning to this state when away; a bank that is organized under AS 06.05, or a national banking association that is organized under 12 U .S.C. 21-216d, if the bank or national banking association possesses and exercises trust powers and has its principal place of business in this state;
(2) PORTION OF TRUST ASSETS MUST BE HELD IN ALASKA: (see Act p.3 Sec.3,1)
some or all of the trust assets are deposited in this state and are being administered by a qualified person; in this paragraph, “deposited in this state” includes being held in a checking account, time deposit, certificate of deposit, brokerage account, trust company fiduciary account, or other similar account or deposit that is located in this state;
(3) POWERS OF TRUSTEE MUST INCLUDE: ( see Act p.3 Sec.3,3a)
maintaining records for the trust on an exclusive basis or a nonexclusive basis; and preparing or arranging for the preparation of, on an exclusive basis or a nonexclusive basis, an income tax return that must be filed by the trust; and
(4) PORTION OF ADMINISTRATION MUST OCCUR IN ALASKA (see Act p.3 Sec.3,4)
part or all of the administration occurs m this state, including physically maintaining trust records in this state
Requirements for a Trust to be Protected from the Claims of Creditors
UNDER THE ALASKA TRUST ACT…
- The transfer to the trust cannot have been a fraudulent conveyance
- A. The transfer cannot render the Grantor insolvent i.e. unable to pay obligations.
- B. The transfer can not be intended to remove assets from the reach of a specifically known, or anticipated, creditor.
- C. Alaska statute of limitations to commence a suit that the transfer is a fraudulent conveyance is (4) four years. (note: it is possible that the statute of limitations of the Grantor’s “home” state would apply, which might be longer).
- The Grantor cannot have been in default by more than (30) thirty days on child support payments.
- The Grantor cannot retain the power to revoke the trust. (note: the Grantor can retain the power to veto distributions to other beneficiaries and a testamentary special power of appointment. These powers will render the gift to the trust incomplete for federal gift and estate tax purposes.)
- The Grantor cannot retain entitlement to income or principal of the trust but can only be eligible in the discretion of a trustee, other than the grantor, to receive distributions.