Alaska

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The information given on this page is for educational and informational purposes only, and does not constitute any legal or tax advice or opinion. This page is meant to give a quick start to research by other professionals, but it should absolutely not be relied upon for any purposes whatsoever. Additionally, this page is kept current only as our time allows, and the information given here may not be current. We make NO GUARANTEES as to the accuracy of the information herein and you should not rely on it. Even professionals who use this information must independently verify whether it is correct and current.

Nothing in the information given below should imply that the drafters of this webpage are admitted to practice law in the referenced state or have any special expertise in the areas listed. Nothing herein should be construed as a solicitation by the drafters of this website to practice law in the referenced state. Persons desiring planning should contact a licensed attorney or other appropriate planning professional in this state. Certainly, nothing herein is any substitute for the services, advice, or counsel of a properly licensed attorney in the relevant state!

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Alaska Asset Protection Overview

A debtor, who is a resident of Alaska, may only claim the state exemption in a bankruptcy proceeding.

Alaska was the first state to codify the self-settled spendthrift trust a/k/a (“Domestic Asset Protection Trust”, in an attempt to compete with offshore trusts. To say that Alaska’s trust legislation is anti-creditor is an extreme understatement. Although many professionals (including us) have serious reservations about whether Alaska’s DAPT legislation provides effective asset protection, Alaska’s very low premium tax rate for life insurance makes Alaska a useful jurisdiction for those desiring to purchase life insurance inside a trust.

Alaska Statutory Creditor Exemptions

For additional detailed information on the use of life insurance, annuities, pension plans, and employee benefit plans for wealth preservation and asset protection, see advanced life insurance

Alaska Homestead

• The Homestead exemption limit in Alaska is $67,500.

Statute

Adjustment to exemptions

Alaska Homestead Cases

• National Bank of Alaska v. Nancy Ketzler,
  71 P.3d 333 (Alaksa 06/06/2003)

Alaska Life Insurance

• An individual is entitled to exemption of unmatured life insurance and annuity contracts owned by the individual. If the contracts have accrued dividends and loan values available to the individual aggregating more than $12,500, a creditor may obtain a court order requiring the individual debtor to pay the creditor, and authorizing the creditor on the debtor's behalf to obtain payment of, the amount of the accrued dividends and loan values in excess of $10,000 or the amount of the creditor's claim, whichever is less. [Alaska Statute Section 09.38.025] [Alaska Adm. Code Tit. 8 Section 95.030]

  Statute

• Proceeds or benefits paid or payable on the death of an insured, if the individual was the spouse or a dependent of the insured, is not exempt. Proceeds are treated as earnings, income, cash or other liquid assets. [09.38.030(e)(4)] There is an exemption for income, which has increased from a $350 exemption for weekly net earnings, set out in AS 09.38.030 (a), to $438 per week. [Alaska Adm. Code Tit. 8 Section 95.030].

Statute

Alaska Annuities

• A life insurance annuity up to $12,500 is exempt. Life insurance proceeds are exempt if the beneficiary is the insured’s spouse or dependant.

Statute

Adjustment to exemptions

Alaska IRAs & Pension Plans

• ERISA qualified benefits are exempt if the funds were deposited over 120 days prior to filing for bankruptcy.

Statute

• IRAs are exempt.

Statute

Alaska Fraudulent Transfers

For additional detailed information relating to fraudulent transfers, including the text of the Uniform Fraudulent Transfers Act, see fraudulent transfers

Alaska Fraudulent Transfer Act

• Alaska Fraudulent Transfers Act

Alaska Fraudulent Transfer Cases

State Appellate Court

• Donald R. Reynolds and Parris A. Reynolds v. The Sisco Group,
  70 P, 3d 388 (Alaska 05/09/2003)

• Nerox Power Systems Inc. et al. v. M-B Contracting Company Inc. et al.
  54 P.3d 791 (Alaska 09/13/2002)

• Anton Roeckl v. Federal Deposit Insurance,
  885 P.2d 1067 (Alaska 12/02/1994)

• Donald L. Summers v. William E. Hagen,
  852 P.2d 1165 (Alaska 05/28/1993) Civil Conspiracy

• F. Ernest Gransbury and Walter Stephan v. United Building Supply,
  531 P.2d 1247 (Alaska 02/18/1975)
  

Alaska Trusts

For additional detailed information relating to the use of trusts for asset protection, including foreign and domestic asset protection trusts, see trusts.

Alaska Trust Act (Non Self-Settled)

• Alaska Trust Act

Alaska Trust Act (Spendthrift)

• Alaska Spendthrift Trust Act

Alaska Spendthrift Trust Cases

• Leonard Helgason and Kenneth Wood v. Thomas Merriman,
  36 P.3d 703 (Alaska 12/07/2001)

Alaska Business Entities

Alaska Acts

• Link to Corporation Act
• Link to Limited Partnership Act
• Link to Limited Liability Company Act

Alaska Charging Order

• Alaska Charging Order (LLC)

Alaska Charging Order Cases

• Joe B. Hall v. TWS, Inc., a Georgia Corporation,
  113 P.3d 1207 (Alaska 06/10/2005)

Alaska Alter Ego & Corporate Veil Cases

• No cases yet.

Useful Alaska Links

For additional detailed information relating to financial frauds and tax scams, see http://www.quatloos.com

• Alaska Secretary of State
• Alaska Attorney General
• Alaska Department of Securities
• Alaska Bar Association

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