People often choose to utilize a revocable living trust as a vehicle of asset transfer rather than a Last Will. These trusts are extremely useful because they enable a quick and efficient transfer of assets outside of the process of probate.
Another advantage lies in the fact that because the trust is indeed revocable you can make changes or dissolve it if you choose to do so. You also may act as both the trustee and the beneficiary while you are still alive so you maintain total control of the assets.
However, because you do retain this control the resources are not protected from litigious individuals or entities seeking redress. They are also considered to be part of your taxable estate by the Internal Revenue Service.
There is however a type of trust that can be utilized to afford asset protection and tax savings while still allowing you to act as the beneficiary. This would be an irrevocable self-settled Alaska trust.
The state of Alaska is one of the handful of states that allows for self-settled trusts. While the rules stipulate that at least one of the trustees must be an Alaskan or someone who operates a business in the state you could simply engage the services of a trust company that is licensed to operate in Alaska.
Should you be interested in learning more about Alaska trusts and other possible financial solutions, don’t hesitate to pick up the phone to arrange for an informative consultation with a good Cleveland OH estate planning lawyer.