It comes as a surprise to many people that federal law permits civilians to own machine guns, suppressors, short barreled rifles and shotguns, destructive devices, and “any other weapon” (exotic firearms like pen guns and disguised firearms). That law, enacted in 1934, is called the National Firearms Act (NFA). In this paper I will refer to items regulated by the NFA as “NFA firearms.” Texas law also allows individuals to own and possess NFA firearms.

• Texas law allows individuals to own and possess NFA firearms.  
• As of 2007, there were approximately 2 million firearms registered in the National Firearms Registration and Transfer Record
• Is it a good idea to allow civilians to own these items?

One hallmark of an attractive trust jurisdiction, like Alaska and Nevada, are their comprehensive statutory laws governing trusts. In contrast, many non-U.S. jurisdictions rely more heavily on common law.

This Guide is intended to explain some of the unique features of the Alaska and Nevada trust regimes to professional advisors, institutions and their clients. This Guide specifically addresses the use of Alaska and Nevada trusts in an international context

Many people associate trusts with the very wealthy, because they are often used in the media and pop-culture in the context of two other words: “fund” and “baby”. The reality is that a trust is a helpful estate planning instrument for most of your clients, not just the wealthy. Clients with $250,000 to $1 million in investable assets should consider a trust to help tackle their estate and financial planning challenges.

Another reason trusts are commonly associated with the very wealthy is because in the past for many families the cost of creating a trust was prohibitive. Additionally many trust companies require a minimum deposit of $1+ million in order to open a trust. However, at Peak Trust Company, we tailor our services to meet the needs of your clients by allowing them to create a trust with as little as $250,000. Now your clients can enjoy the benefits that were previously only available to the very wealthy.

Many deductions allowed to an individual for federal income tax purposes for certain expenses or costs incurred have been permanently eliminated, or suspended or limited until 2026 by the 2017 Tax Act(“Act”—also commonly known as the Tax Cuts and Jobs Act) for tax years after 2017.1The deduction under Section 164 for state and local income, sales, and property taxes has been limited to $10,000 annually for individual taxpayers including estates of decedents and non-grantor trusts3through 2025.

Joe is a married 55-year-old surgeon with three adolescent children. He has accumulated substantial assets in addition to his high annual income. Joe would like an estate plan that provides for his family and future descendants as well as current asset protection.

Based on these facts, it appears that Joe might be a good candidate for a self-settled Alaska Asset Preservation Trust. This trust provides great estate planning and an element of asset protection for Joe and his family.