The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment (donor may override by specifying any age from 18 through 25).Alaska has no state income tax.
While Alaska is a common law state, a married couple can elect to treat certain property as community pursuant to statute.
Alaska does not impose an inheritance tax.
Alaska imposes an estate tax equal to the maximum credit allowed under the federal tax code for paid state estate and inheritance taxes under IRC Sec. 2011. However, the current federal tax code does not permit a credit for paid state estate or inheritance taxes. Therefore, Alaska has no credit estate tax in effect at this time.
Alaska does not impose a GST tax.
Alaska does not impose a gift tax.
The minimum age of a person competent to create a will is 18.
The number of witnesses necessary to execute a will is two.
The original custodial gift may be a life insurance policy or annuity contract.
Custodial property may be invested in or used to pay premiums on (1) a policy on the minor's life if the minor's estate is the sole beneficiary, or (2) a policy on a third party in whom the minor has an insurable interest, if the minor or the custodian is the irrevocable beneficiary.
The custodial arrangement terminates when:
The minor child reaches age 21 for custodial transfers made by irrevocable lifetime gift, will, or trust, or exercise of power of appointment (donor may override by specifying any age from 18 through 25).
The minor child reaches age 18 in regard to other custodial transfers.
The minor child dies.
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Each state describes its own distribution pattern of how property passes to a decedent's spouse, children, parents and siblings. If no such individuals are living, state laws specify other takers among more distant ancestors before awarding property to the state through "escheat" provisions. We do not trace devolution of property beyond those noted above, but cite appropriate statutes for those interested in additional detail.
Many states refer to their distribution regime by simply stating that the heirs of predeceased individuals take "by representation." We use only the statutory verbiage, but may cite other statutory guidance when it exists.
States vary in the way they refer to descendants, using such terms as "issue" or simply children or grandchildren. We use the term "descendant," unless usage of different term adds clarity.
Some states address situations where misconduct or abuse causes forfeiture of a right to receive a share of the estate. Those interested in this information should see the state statutes.
The estate goes to the surviving spouse, as follows:
If there are no surviving descendants or parents—100% of the estate (with special rules for stock owned pursuant to the Alaska Native Claims Settlement Act)
If all descendants are also descendants of the spouse and spouse has no other surviving descendant—100% of the estate
If there are surviving parent(s) but no surviving descendants—$200,000 plus 75% of the balance of the estate
If all surviving descendants are also descendants of the spouse and the spouse has one or more descendants who are not also descendants of the decedent—$150,000 plus 50% of the balance of the estate
If any descendant is not also a descendant of the spouse—$100,000 plus 50% of the balance of the estate
If there is no surviving spouse, or if a portion of the estate does not go to the spouse:
100% (or applicable portion) of the estate goes to descendants, by representation (see AS §13.12.106)
If there is no surviving spouse or descendant:
100% to surviving parent or parents equally
If there is no surviving spouse, descendant or parent:
100% to descendants of parents, by representation (see AS §13.12.106)
If none of the above:
Intestacy laws dictate further distribution steps to the level of grandparents and related individuals. See AS §13.12.103(4).
If no legally described recipient can be found, estate assets go to the state of Alaska
Click here for more information on intestacy.
Non-qualified Annuity Proceeds: An unmatured policy is exempt up to $500,000.
Life Insurance Cash Value: An unmatured policy is exempt up to $500,000.
Life Insurance Proceeds: Exempt from creditors up to $350 per week.
Digital Assets: Alaska follows the Revised Uniform Fiduciary Access to Digital Assets Act to ensure that testators can retain control of their digital property and plan for its ultimate disposition.
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