Sample Trusts & Forms

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Alaska Descendants Trust

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Alaska Perpetual Family Trust

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Community Property Trust

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Alaska Asset Preservation Trust

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Nevada LLC

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Sample LLP Agreement

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Sample NV Asset Protection Trust

Summary of Sample Trust Documents

This section contains a compilation of sample forms for consideration by legal counsel. Not only is each designed for a different purpose, the dispositive and non­ dispositive provisions vary from form to form. For example, the class of beneficiaries under one form may differ from the class in another. Furthermore, some have provisions for Trust Protectors (who can remove and replace trustees) and others do not. However, each is intended to be an Alaska trust. The client’s attorney will select such provisions, which are appropriate for the client.

(1) Perpetual Alaska Megatrusts1: This form provides for transfers to the Trust to be divided into a GST (generation-skipping transfer) exempt portion (an amount not exceeding the amount which can be protected from generation-skipping transfer tax by reason of the allocation of GST exemption) and non-exempt portion. Each portion is divided into stirpital perpetual trusts for the Grantor’s descendants and their families. The Grantor may be added as a discretionary beneficiary of the trust.

(2) Alaska Perpetual Family Trust: This form provides for the trust to be held for the benefit of the Grantor, the Grantor’s spouse, and descendants, perpetually. There is a contingent QTIP trust for the grantor’s spouse if the trust is includible in the Grantor’s estate. The document may be structured so transfers to the trust are made complete, or alternatively, incomplete for Federal gift tax purposes.

(3) Alaska Perpetual Annual Exclusion (Crummey) Trust: This form is designed to allow transfers to the trust to qualify for the gift tax annual exclusion and to hold a policy of insurance on the grantor alone or to hold other (non-insurance policy) assets. The trust provides for having the Grantor alone or to hold other (non-insurance policy) assets. The trust provides for having the grantor be a discretionary beneficiary of the trust.

(4) Alaska Perpetual Extra-Crummey Trust2: This form is designed to allow transfers to the trust to qualify for the gift tax annual exclusion with one trust for the benefit of each of the Grantor’s descendants, including children, grandchildren and more remote descendants. (A direction for the creation of a trust for each spouse of each descendant also could be added). The trusts designed so that transfers to grandchildren, more remote descendants, and others assigned to their generations (referred to for generation-skipping transfer tax purposes as “skip persons”), may also qualify for the non-taxable (annual exclusion) transfer exclusion for generation-skipping transfer tax purposes for transfers in trusts under IRC § 2642(c)(2).3

(5) Alaska Perpetual Grantor Retained Annuity Trust: In order for a Grantor Retained Annuity Trust (GRAT) described in U.S. Treasury Regulations § 25.2702-3 to be effective as an estate planning strategy, the Grantor’s entitlement to annuity payments must end prior to his or her death. When the entitlement to those payments cease, the property in the ORAT may pass outright to others or remain in trust. As a general rule it is preferable for the property to remain in trust. The attached form so provides. It alternatively provides for the Grantor to be eligible or not to be eligible to receive distributions from the continuing trust after the annuity term. The form can be modified to be a Grantor Retained Unitrust although it is preferable, as a general rule, to use a GRAT.

(6) Perpetual Alaska Qualified Personal Residence Trust: A qualified personal residence trust described in U.S. Treasury Reg. § 25.2702-5, may be an efficient estate planning arrangement in certain circumstances. In order to be effective, the Grantor’s entitlement to the use of the property or the income it generates must end prior to the Grantor’s death. Otherwise, the property will be includible in the Grantor’s estate under IRC § 2036(a)(l ). When the Grantor’s entitlement to the use of and income from the property ceases, the trust may be paid outright to others or remain in trust. As a general rule, it will be preferable for the property to remain in trust. The attached form provides for that and for the Grantor to be eligible to receive distributions in the discretion of the trustee from the continuing trusts. However, the trustee is prohibited from allowing the Grantor to use any real estate held by the trust outside of the State of Alaska or to distribute to the Grantor any income such property generates. It may be appropriate to note that in certain circumstances, the nature of real property can be changed to an intangible by contributing it to another entity, such as a cooperative (housing) association (corporation) or a partnership.

(7) Perpetual Alaska Charitable Lead Unitrust: A charitable lead trust provides for annuity or unitrust payments to be made to qualified charitable organizations for a period of years or until the death of certain specified individuals. In limited circumstances, a charitable lead trust can be used to increase the amount of property which becomes distributable to or for individuals whom the Grantor wishes to benefit, such as his or her descendants. See generally, Blattmachr, “A Primer on Charitable Lead Trusts: Basic Rules and Uses”, Trusts & Estates (April 1995). When the charitable term ends, the property may pass outright to others or remain in trust. It may be preferable for the property to remain in trust-the attached form so provides. It provides for the Grantor to be eligible, but not entitled to receive the distributions from the continuing trust after the charitable term, in the discretion of the trustee.

(8) Alaska Completed Gift Discretionary Charitable Remainder Trust: Charitable Remainder Trusts provide for payments of (a) an annuity, (b) a unitrust amount, or (c) an amount equal to the lessor of: the trust’s accounting income for the year, or the unitrust amount to be made each year to or among a class consisting of certain persons, at least one of whom is not a qualified charitable organization, with the remainder passing to charity. Under IRC § 664 and its regulations, charitable remainder trusts may not last for more than a fixed term of 20 years or until the death of a certain specified individual or individuals. Therefore, a charitable remainder trust cannot be perpetual although it can provide for the property to remain in a perpetual charitable trust once the annuity, or unitrust, term ends. As indicated, charitable remainder trusts can provide for payments to be made to one or more named individuals or authorize the trustee to make the payment among a class consisting of individuals. Usually, if the Grantor has retained the right, or eligibility, to receive distributions from the trust, the Grantor will retain the power to revoke the successor interest of successor individual beneficiaries who will succeed to payments when the Grantor dies. The reason is that the trust will be inpludible in the Grantor’s estate, in whole or in part at the Grantor’s death. The benefit in such a case of retaining the power to revoke the interests of the successor beneficiaries is that it prevents the initial transfer to the trust from being a taxable gift. The adverse result, of course, is that the trust will be included in the Grantor’s estate and the value of the interests of the successor non-charitable beneficiaries will be subject to estate tax (unless the Grantor’s spouse is the only successor non-charitable beneficiary and is a U.S. citizen). This estate tax inclusion may occur even if the Grantor is only eligible along with others to receive distributions because, under the law of most states, the Grantor’s creditors can attach the Grantor’s interest in the trust and that causes estate tax inclusion. See Restatement (2d) Trusts,§ 156.2; Rev. Rul. 77-378, 1977-2 CB 346. Generally, it may be preferable from an estate planning viewpoint for the transfer to the trust to be a completed gift and not be in the Grantor’s estate at death. But, as explained above, that would require, under the law of most states, that the Grantor not even be an eligible beneficiary to whom the trustee could choose to distribute the annuity or unitrust amount. However, if the trust is formed in Alaska, the Grantor may be such an eligible beneficiary and make transfers to the trust complete so not to be includible in the Grantor’s estate at death.

(9) Alaska QTIP Trust: This form is designed to permit transfers to qualify, by election, for the gift tax marital deduction under IRC §2523(c) but only if the Grantor’s spouse is a Untied States citizen. After the spouse dies, the property may remain in trust for the benefit of the Grantor and the Grantor’s descendants perpetually without being includible in the Grantor’s estate. (10) Alaska Community Property Trust: This form is designed to permit assets (of couples who live in separate property states) to qualify as community property; which should allow for a double step-up in basis on the death of the first spouse.

1Megatrust is a servicemark held by Jonathan G. Blattmachr and is licensed to New York Life Insurance Company and the Alaska Trust Company.

2Extra-Crummey Trust is a servicemark of Jonathan G. Blattmachr and is licensed to the New York Life Insurance Company and the Alaska Trust Company.

3Transfers to this type of trust are preferable to transfers to Uniform Transfers (Gift) to Minors Accounts or trusts described in IRC § 2503(c), among other reasons, because the beneficiary in those cases will hold a unilateral right to the property by age 21 and that may turn out not to be appropriate.

Download File: Sample Nv Asset Protection Trust

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REGINA HOOVER,

OFFICE MANAGER- NEVADA

rhoover@peaktrust.com

PROFESSIONAL EXPERIENCE
Regina joined Peak Trust Company in 2016 after being in the trust industry for over 4 years in the state of Nevada, much of which was spent as an Officer Manager. Regina is a recent addition to the company with its expansion into Nevada.

 

EDUCATION & PROFESSIONAL DEVELOPMENT

Regina studied at Kansas State University and moved to Nevada in the 1979. She has worked in office management for multiple industries and has over 7 years experience in the Trust, Wealth Management, and Estate Planning purview of office management. Regina enjoys spending time with her daughter, son-in-law-, and 3 grandchildren along with her husband. She also loves to read and cook with her daughter.

“The best preparation for good work tomorrow is to do good work today.” – Elbert Hubbard

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RITA HENDRIKS,

TRUST ASSISTANT, TAX COORDINATOR, SPECIAL PROJECTS

PROFESSIONAL EXPERIENCE

Rita joined Peak Trust Company as a result of the recent merger with Alaska USA Trust Company, where she worked as a Trust Assistant for two years after coming out of retirement. Prior to her retirement she was a Trust Officer for another Alaskan trust company. She has an extensive 25 – year background in banking which started in Central and Western Washington, and included banks in Fairbanks and Anchorage, in various segments of the industry. That experience in account services, commercial lending, real estate lending, commercial construction lending, tax analysis and various administrative positions, prepared her well for trust services. In trust services, she specialized in agency accounts, profit sharing accounts and IRAs, as well as estate settlements. At PTC, Rita specializes in coordinating the preparation of client tax returns and special projects.

EDUCATION & PROFESSIONAL DEVELOPMENT

Rita graduated magna cum laude from the University of Alaska with a BA in Business, Accounting major, Law minor and an AA in Banking. She was formerly a “qualified” CPA. She at one time in her career owned her own small business in accounting services and was a licensed realtor.

“I so enjoy working in the trust business, especially Peak Trust Company, where attention to detail is a highly important key for success and everyone in the company is keenly aware of that.”

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DEB ERDMANN,

VICE PRESIDENT, TRUST OFFICER

derdmann@peaktrust.com

PROFESSIONAL EXPERIENCE

Deb has over 20 years of experience in the financial services industry specializing in qualified plans, self-directed IRA’s and pension administration. Her expertise is in the qualified and non-qualified plan space. Deb is a member of the Southern Nevada Estate Planning Council, the Las Vegas PBS Women’s Engagement Council, ASPPA (American Society of Pension Professionals and Actuaries) since 1999 and the Gift Planning Advisors Board.

EDUCATION & PROFESSIONAL DEVELOPMENT

Deb earned her Bachelor of Science Degree in Management Information Systems from Buena Vista University in Storm Lake, Iowa. Her professional accreditations include QKA (Qualified Pension Administrator), and CISP (Certified IRA Services Professional). She also holds her series 7, 63, 65 securities licenses.

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JAMIE ROWLEY,

TRUST ASSISTANT

PROFESSIONAL EXPERIENCE

Jamie Rowley is a Trust Assistant with Peak Trust Company team. Since her start in April of 2013, Jamie has focused on Administrative and Operations matters. She is a dedicated, reliable, and hard-working member of Peak Trust Company.

EDUCATION & PROFESSIONAL DEVELOPMENT

Jamie has ten years of experience in the financial industry. She is focused on providing individualized customer service, exhibiting a strong work ethic, and a positive attitude when working with both clients and co-workers. Her experience has given her the tools to efficiently help clients reach their goals on a day-to-day basis. Jamie finds it interesting to learn about our clients’  financial objectives, their goals and the future they are planning for themselves and their families.

“Clients and their families are unique! I am happy to be a part of a team that focuses on finding creative ways to make our clients’ wealth grow!”

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ELIZABETH GRANVILLE,

Elizabeth

TRUST OFFICER

PROFESSIONAL EXPERIENCE
Elizabeth joined Peak Trust Company as a result of the recent merger with Alaska USA Trust Company. One of Elizabeth’s area of focus at Peak Trust Company is in the administration of Special Needs Trusts. Prior to her entry into the trust business Elizabeth served as the Associate Dean of Legal Studies and Criminal Justice at Charter College.

EDUCATION & PROFESSIONAL DEVELOPMENT

Elizabeth has a B.A., Legal Studies from the University of California, Berkley, and later returned to academics to study mathematics and psychology. In addition to being an Associate Dean at Charter College she was also a faculty instructor – teaching algebra I, algebra II, business statistics and law. She is an Associate member of both the Elder Needs section of the Alaska Bar Association and the Real Property, Trust, and Estate Law section of the American Bar Association. She attended the Cannon Financial Institute in February of 2015 focusing on Special Needs Trust.

Elizabeth enjoys Italian motorcycles, baseball, dip net fishing, and gardening.

“Nothing has such power to broaden the mind as the ability to investigate systematically and truly all that comes under thy observation in life.” – Marcus Aurelius

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DAVE HALLING,

Team-05

SENIOR WEALTH MANAGEMENT SPECIALIST

dhalling@peaktrust.com

PROFESSIONAL EXPERIENCE

David Halling is the Senior Wealth Management Specialist for Peak Trust Company.  He is responsible for business development and spreading the Peak Trust story to the financial community.   David has 25+ years of experience in the financial services sector.  Prior to joining Peak Trust Company he held a variety of positions at firms such as Key Bank, Oppenheimer, Charles Schwab and D.A. Davidson.

EDUCATION & PROFESSIONAL DEVELOPMENT

David has a Bachelor of Arts, Economics and a Minor in Political Science from the University of California, Davis.  He holds several FINRA licenses including the Series 7, 8, 63 and 65.

“My experience in the financial services sector has taught me the importance of dealing with highly ethical and client focused firms-the traits of Peak Trust Company.  Our cutting edge trust services and sophisticated investment management platform help our clients grow and protect their family’s wealth.”

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JANET TEMPEL, JD

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SENIOR TRUST OFFICER

PROFESSIONAL EXPERIENCE

Janet Tempel joined Peak Trust Company in 2014, as a Senior Trust Officer following the acquisition of Alaska USA Trust Company. In addition to her extensive trust administration experience, Janet also practiced law with a concentration in estate planning and business law.  Her vast knowledge and background allow her to work seamlessly with attorneys, financial planners and other professionals to facilitate the implementation of a wide range of estate plans.

EDUCATION & PROFESSIONAL DEVELOPMENT

Janet received Juris Doctor and Bachelor of Arts degrees from the University of Iowa, is a member of the Alaska Bar Association, and is a graduate of the American Bankers Association Trust School and Graduate Trust School. She is actively involved with Alaska’s estate planning community, has taught community education classes on wills, trusts, probate and LLCs, has served on the boards of several non-profit organizations, and continues to keep abreast of estate planning and tax developments.

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DONN LASSILA, CFIRS

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CHIEF COMPLIANCE OFFICER

PROFESSIONAL EXPERIENCE

Donn Lassila continues full time employment as the Chief Compliance Officer for Peak Trust.  He is completing nearly five years of service.  Donn brings deep experience with IT back office systems integration, transaction monitoring, and business process engineering.  He has been in the financial services industry in several capacities since 1981.  His primary responsibility is focused on the continuous development and oversight of the Company’s regulatory and fiduciary best practices compliance program. Each 3rd party examination or audit includes comments praising a consistent development in the Company’s regulatory and best practices compliance procedures.

EDUCATION & PROFESSIONAL DEVELOPMENT

Prior to joining Peak Trust Company, Donn served as CIO for a Pacific Northwest brokerage firm.  He was an entrepreneur as President & CEO of his own systems integration firm providing document imaging, CRM, and business intelligence programs to financial services, medical and government business.  Donn holds the Certified Fiduciary Risk Investment Specialist (CFIRS) designation from Cannon Financial School.  He maintains that certification via continuing education programs and continues to apply that knowledge to mature the enterprise wide compliance program.

“I thoroughly enjoy working for a Company and team of fellow employees who are endeared to the essence of doing what is right for the client, now and always.”

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LISA RUSSELL, CFA

Team-04CHIEF INVESTMENT OFFICER

lrussell@peaktrust.com

PROFESSIONAL EXPERIENCE

Lisa Russell is the Chief Investment Officer for Peak Trust Company. She specializes in designing unique investment programs for high-net-worth clientele and trust accounts. She is especially sensitive to the tax consequences of investment actions. Lisa has 21 years of investment experience. Prior to joining Peak Trust Company, Lisa held investment positions at other firms, most recently at US Bank, where she worked with high-net-worth individuals as a Senior Portfolio Manager.

EDUCATION & PROFESSIONAL DEVELOPMENT

Lisa has a Bachelor of Science in Business Administration from the University of Southern California and a Masters of Business Administration in Finance from Emory University. Lisa holds the designation of Chartered Financial Analyst (CFA), and is a member of the CFA Institute and the CFA Society of Seattle.

“Peak Trust Company allows me to focus on my clients and only my clients – since we aren’t a big institution and don’t have any proprietary products, I can dedicate myself to my number one priority…you!”

– Lisa Russell, CFA
Chief Investment Officer
Alaska Trust Company

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JONATHAN BLATTMACHR,

DIRECTOR OF ESTATE PLANNING

jblattmachr@peaktrust.com

PROFESSIONAL EXPERIENCE

Jonathan has been involved with many of the most important developments in recent times in estate planning and administration.  He was the developer and drafter of legislation, adopted by all states, that allowed fiduciaries, such as executors (personal representatives) and trustees, to be able to distribute property otherwise to be received by a minor to a custodian under the Uniform Gifts to Minors Act (now the Uniform Transfers to Minors Act).  He also drafted the legislation that expanded the type of property a custodian may lawfully hold in such an account.

He pioneered, in the early 1970s, granting trustees the power to invade a trust by paying its assets to another trust, known as “decanting.”  He wrote the first  two decanting statutes in the country (for New York and Alaska).

He developed the concept of and wrote the first article explaining an installment sale to a grantor trust. See Blattmachr, “Adventures in Partial Interest Transfers: Avoiding the Zero Valuation Legacy of Section 2702,”  USC Law Center Institute, para. 1305.5(G) (1992).

He developed the concept of “rolling” GRATs and “asset splitting” GRATs.

He helped draft a number of provisions in the Internal Revenue Code including Section 2055(e)(3) which permits the reformation of charitable remainder trusts and charitable lead trust to be in qualifying form.

Jonathan developed and wrote the first legislation in the United States allowing asset protection (self-settled) trusts.

He developed wrote the first legislation in many areas of trust and estate administration in many states including New York, Delaware and Alaska.

He developed and wrote the Alaska Community Property act, which is the only form of “opt in” community property in the company, including the concept of a Community Property Trust, which allows non-Alaskan married couples to create community property.

He developed and obtained the first private letter ruling for private (family) split dollar insurance arrangements (PLR 96-36-003).

He developed a obtained the first private letter ruling under which a charitable remainder trust could mimic a retirement plan–both the Chase Manhattan Bank and JP Morgan offered commercial products using the concept (respectfully called the Private Retirement Trust and the Charitable Deferred Income Trust)

He is the Co-Developer of Wealth Transfer Planning, a computerized software system using document assembly for lawyers and providing specific client advice using artificial intelligence

He author or co-author of six books and over 500 articles on tax and estate planning topics

Mr. Blattmachr served in the US Army during 1970-1972 rising to the rank of Captain and was awarded the Army Commendation Medal

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MATTHEW BLATTMACHR, CFP

VICE-PRESIDENT AND TRUST OFFICER

mblattmachr@peaktrust.com

PROFESSIONAL EXPERIENCE

Since 2010, Matthew Blattmachr has been Vice-President & Trust Officer at Peak Trust Company. He is an active member of the Trust Committee and is responsible for managing account opening, administration and review, in addition to client and vendor relationship management, reviewing and approving trust documents, performing trust and estate administration, discretionary distributions, and performing private foundation creation and administration. Matthew is also on the Board of the Anchorage Senior Center Endowment Fund.

EDUCATION & PROFESSIONAL DEVELOPMENT

Matthew holds a Master’s in Business Administration from Alaska Pacific University, a Bachelor degree from the University of Alaska Anchorage, a CFP designation from the College of Financial Planning, and has earned a Certified Fiduciary & Investment Risk Management Specialist designation from the Cannon Financial Institute.

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BRANDON CINTULA, CTFA

 

SENIOR VP AND SENIOR TRUST OFFICER

bcintula@peaktrust.com

PROFESSIONAL EXPERIENCE

Brandon Cintula is the Senior Vice President & Senior Trust Officer for Peak Trust Company. Brandon has been with Peak Trust Company since 1998 and has worked in trust, estate planning, investment management, and consulting services for 20 years. Brandon is highly regarded by estate planning attorneys familiar with his work, as well as high-net worth clients and their advisors because of his in-depth knowledge, expert advice, and creativity at problem-solving.

EDUCATION & PROFESSIONAL DEVELOPMENT

Brandon has a Bachelor of Science in Business Administration – Finance from Northern Arizona University. He has played a significant role in the continuous revisions of the unique Alaska statues and has often presented on complex estate planning issues.

“Family is our most prized possession – protect them now and for generations to come.”

– Brandon Cintula
Senior VP and Senior Trust Officer
Peak Trust Company

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DOUG BLATTMACHR

Team-01PRESIDENT AND CEO

dblattmachr@peaktrust.com

PROFESSIONAL EXPERIENCE

Douglas Blattmachr founded Peak Trust Company (formerly Alaska Trust Company)  in 1997. Since 1997, Douglas has been President & CEO, Shareholder, and Director of Peak Trust Company. He brings with him over 30 years of trust and investment management experience. Prior to starting Peak Trust Company, he was Senior Vice President and Chief Investment Officer for a $5 billion trust division at WestOne, President & CEO of Neuberger & Berman Trust Company, and headed up the D.A. Davidson Trust Company.

EDUCATION & PROFESSIONAL DEVELOPMENT

Douglas has a Bachelor of Science degree from Clemson University, a Master of Business Administration in Banking & Finance from Adelphi University, and is a graduate of Pacific Coast Banking School. He has taught investment management at the university level and has been a speaker at many seminars on investments, retirement plans, and estate planning. He has also authored or co-authored 10 articles on estate planning and investment topics.

“Our goal is to make Peak Trust company a recognized superior provider of financial and estate planning services. Our board and key officers share this as our principal mission.”

– Douglas Blattmachr
President and CEO
Peak Trust Company

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