Legislature(2005 - 2006)BELTZ 211
02/23/2006 01:30 PM Senate LABOR & COMMERCE
| Audio | Topic |
|---|---|
| Start | |
| SB289 | |
| SB298 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| *+ | SB 298 | TELECONFERENCED | |
| += | SB 289 | TELECONFERENCED | |
SB 298-TRUSTS: CHALLENGES; CLAIMS; LIABILITIES
2:03:21 PM
CHAIR CON BUNDE announced SB 298 to be up for consideration.
SENATOR RALPH SEEKINS, sponsor of SB 298, said that it revises
Titles 13 and 34 pertaining to the administration of trust
assets. The updates include the clarifying language relating to
the various powers conferred upon the trustee, trustee reporting
requirements and claims made against trust assets. Updates to
language in Title 34 pertain to the exemption from transfer
provisions for certain IRA trust assets, technical corrections
made to AS 32.40.110(b) and the handling of trust assets in
cases of divorce or dissolution.
He explained that since 1997, the Alaska State Legislature has
consistently worked to update and improve the laws regarding the
use and administration of trusts. As a result, Alaska is
considered one of the premier trust jurisdictions in the
country. At least seven other states have enacted legislation
similar to Alaska's. The proposed updates are intended to
preserve Alaska's leading position within the universes of trust
products and services offered nationwide. Alaska's trust laws
encourage citizens to keep their assets in the state and attract
capital from all over the country. SB 298 clarifies previous
trust legislation, makes the administration of trusts in Alaska
more efficient and cost effective. It will keep Alaska as the
jurisdiction of choice for trust administration.
DOUGLAS BLATTMACHR, President, Alaska Trust Company, supported
Senator Seekins comments and SB 298.
2:07:24 PM
MR. RICHARD THWAITES, Chairman, Alaska Trust Company, said that
most of his clients don't use the services of the Alaska Trust
Company, but the estate planning services he does provide are
now more easily attainable and beneficial to them because of
Alaska's trust law.
BETH CHAPMAN, Atty., Faulkner and Banfield, said she also works
with individual Alaskans in planning their estates and this bill
continues to improve the state's law, which assists them in
meeting their estate planning goals, particularly in responding
to changed circumstances in their family. SB 298 continues to
improve Alaska trust laws. She was not aware of any opposition
to SB 298.
STEVEN GREER, private practitioner in Anchorage, said he was not
connected with the Alaska Trust Company, but that SB 298
improved Alaska's trust laws and he supported its passage.
2:09:58 PM
JONATHAN BLATTMACHR, Atty., said he practices primarily in New
York City, but has a license in Alaska. He said that seven other
states have tried to do "copycat" legislation of the Alaska
trust provisions. He supported SB 298 saying it would continue
to draw business to Alaska before people turn to other states.
DAVID SHAFTEL, Atty., said he is a member of the informal group
of estate and trust attorneys who practice in Alaska. His
clients have benefited from Alaska's superior estate and trust
laws. He participated in drafting some of the provisions and
urged passage of SB 298.
2:12:34 PM
RICH HOMPESCH, Hompesch and Evans, Fairbanks, supported previous
testimony and SB 298. He said his clients have benefited greatly
from Alaska's superior trust estate laws. He had heard of no
opposition to this bill.
CHAIR BUNDE asked Senator Seekins if he had heard of any
opposition to the bill.
2:13:42 PM
SENATOR SEEKINS replied that he hadn't heard of any opposition
to this bill. He moved to pass SB 298 from committee with
individual recommendations and attached zero fiscal note.
Senators Seekins, Ben Stevens and Chair Bunde voted yea; and SB
298 moved from committee.
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