When you are engaged in long-term financial planning making sure that your assets are shielded from creditors and litigants is going to be one of the primary goals. At the same time, estate tax efficiency may be a concern if your resources are such that they exceed the amount that can be passed on to your loved ones before the death tax kicks in.
Right now that threshold stands at $5.12 million. Anything that you leave behind that exceeds this figure is subject to a 35% federal levy and it should be noted that these figures change in 2013 when the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 expires. At that time the top rate is going up to 55% while the exclusion is reduced to $1 million.
The key is to position your assets optimally in light of these forces of asset erosion. One option would be to place resources into an Alaska trust.
Irrevocable self-settled trusts that allow the individual starting the trust to act as beneficiary and receive financial distributions are not allowed in most states. The 49th state of Alaska is however an exception. You can indeed fund an Alaska trust, receive financial distributions, and enjoy asset protection and estate tax efficiency at the same time.
Asset protection trusts established in the state of Alaska can be a very viable option for people looking for wealth preservation. Contact a good estate planning lawyer to learn more about Alaska trusts and other steps that you can take to keep your assets accessible to you but otherwise untouchable.
Experienced estate planning attorneys Cleveland OH of The O?Brien Law Firm LLC offers estate planning and business planning resources to residents of Cleveland OH. To learn more about these free resources, please visit www.obrienlaw.net today.
http://www.obrienlaw.net/
Source: http://targetlaw.com/viable-asset-protection-option-exists-in-alaska
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