Alan Macpherson is a Tacoma estate planning attorney with Gordon Thomas Honeywell. We have enjoyed working with him on estate and business planning issues for a few mutual clients.
Macpherson recently shared with us a couple of opportunities to provide an extra layer of meaningful risk protection to investors and self-employed individuals (particularly those with above-average liability, like physicians).
One idea is to form and fund an Alaska self-settled trust. Under the laws of most states (including Washington), a trust one establishes for one’s own benefit is not protected from claims. Alaska is one of few states that does give protection to “self-settled” trusts; Delaware is another. To be effective this must be done before large claims arise.
Another opportunity is to place assets in an Alaska limited liability company (LLC). Alaska’s laws give greater protection that do Washington’s, to the holder of an LLC interest who has claims against him or her.
For more information about the asset protection benefits of Alaska trusts and LLCs, please contact Alan Macpherson at firstname.lastname@example.org, or 253-620-6468.