Trusts to consider
"Each member of the team at Peak Trust Company is professional, personable, and capable. Peak Trust offers a wide range of services, but they allow each client to use the services needed without pressure to use services unneeded by that client. Peak Trust Company is a good choice for clients who want a job done well with flexibility and friendliness."
"A great trust company to work with, attentive, responsive, and professional."
"There’s no question Peak has the experience and skill to handle complex issues, but I recommend Peak to all of my clients because they treat my clients like royalty."
"My partners and I have been using Peak (formerly Alaska Trust Company) as a trustee of income tax and estate planning trusts for some 20 years and innumerable trusts. Never once has Peak disappointed me, my partners or any of my clients; never once has any client lost any money to IRS on an audit where a Peak trust was involved."
Trusts to consider
|Types of Trusts||Possible Uses|
|Revocable Living Trust||Avoid probate, retain control of the assets during your life, and protect assets and yourself if you become disabled.|
|Irrevocable Living Trust||Avoid probate and give up control of certain assets to reduce your taxable estate, and provide creditor protection.|
|Lifetime Trust||Leave assets to beneficiary in trust to assure professional management, protect assets from creditors and ex-spouses, and reduce estate taxes on beneficiary’s death.|
|Grantor-Retained Annuity Trust (GRAT)t||Can be used to transfer assets at reduced estate and gift tax cost.|
|Qualified Personal Residence Trust (QPRT)||Can be used to transfer a residence (or values of residence) at reduced estate and gift tax cost.|
|Credit-Shelter Trust or Bypass Trust||Provide for maximum use of the unified credit in the estates of both spouses.|
Interest Property Trust (QTIP)
|Provide income from trust assets to your spouse for life and qualify for the marital deduction, but, upon your spouse’s death, regain the income for yourself and retain control over who will receive assets.|
|Charitable Remainder Trust||Maximize use of appreciated assets, provide income to you or other family members, then gift assets to charity to receive a current income tax charitable deduction.|
|Charitable Lead Trust||Provide income to charity and, ultimately, can be used to transfer trust assets to children or grandchildren at a greatly reduced gift and estate tax cost.|
|Irrevocable Life Insurance Trust||Leave insurance proceeds to beneficiaries gift- and estate-tax-free.|
|Generation-Skipping Trust||Leave assets for your grandchildren (and more-remote descendants) while taking advantage of the $1 million exemption ($2 million for married couples) from the generation skipping tax.|
|Defective Grantor Trusts||Used to increase gifted assets to younger generation without additional gift taxes.|
• 2503c Trust
• The Extra-Crummey℠ Trust
|Allow gifts to qualify for the $10,000/$20,000 annual gift-tax exclusion.|
|Perpetual Trust (Millennium Trust℠)||Provide for a long-term trust that saves estate and gift taxes while increasing the family wealth, using the Alaska jurisdiction.|
|Asset-Protection Trust (Alaska Asset-Preservation Trust℠||Maximize protection of assets from potential creditors while retaining benefits and control, using Alaska jurisdiction.|
|Alaska Community Property Trust||Allows married couples who live in separate property states, (and even more-restrictive community property states) to get a double step-up in basis on selected assets on the death of first spouse. A significant income- tax advantage.|