A new Alaska law promises to attract a lot more trust money to the frozen North. The Alaska legislation, enacted in 1997, permits clients to set up perpetual trusts, and to name oneself as a beneficiary and obtain protection from future creditors' claims. Alaska views the modifications to the Alaska Trust Act as a potential font of legal and trust fees.
Banks expect to do a large volume of perpetual trusts, which avoid federal taxation.
However, the creditor-protection provision of the law, which involves the transfer of assets after a certain time period, could be challenged in the courts. It's not for everyone. The ideal profile is someone who has been successful in business and has no creditors chasing him. KeyCorp acquired a bank in Alaska years ago and is now in a position to profit from this new legislation, and I would venture to guess, would be more than happy to assist you.