 Category: TAX QUESTIONS |
Q01. Does the State of Alaska have personal property or sales tax?
A01. No. The Great State of Alaska has no personal property or sales tax on automobiles. There are sales taxes, but they do not apply to automobiles and trucks.
|
Q02. Will I owe personal property and sales tax in my home state for my vehicle?
A02. No. When your vehicle is re-titled, the Alaskan Trust is the owner of the vehicle. That means the Trust will owe taxes to the State in which the Trust is located. Since your Trust is situated in Alaska, the Trust will not have to pay taxes.
|
Q03. Will I have to pay personal property taxes on my vehicle?
A03. You should consult an accountant. In general, if you reported to your State that you owned the vehicle on the previous Dec. 31, then you will owe taxes for the last year. After that, since a vehicle is titled and registered to the Alaskan Trust, no personal property taxes will be owed thereafter.
|
Q04. Who owns my vehicle after I start an Alaskan Auto Trust™?
A04. After you sign up with Alaskan Auto Custodian LLC to place the vehicle in an Alaskan Auto Trust™, the vehicle is re-titled with your individual Trust name (example: SmithTrust1). The Trust becomes owner. In signing the Trust Agreement, you and Alaskan Auto Custodian LLC become co-trustees. The Trust is revocable which means you can cancel the Trust in writing at anytime you wish.
|
| Category: TRUST QUESTIONS |
Q05. What happens if I change my mind after signing up for a Trust?
A05. You, as Grantor, may revoke your Trust at any time. There is a $50 dollar revocation fee charged for doing so. At the point you revoke the Trust, you become owner of the vehicle. You will then owe personal property taxation in whatever jurisdiction you re-title and register the car.
|
Q06. What is a co-trustee?
A06. A co-trustee is a person or legal entity that maintains and administers Property or Assets in a Trust. By being a co-trustee, a person or legal entity has rights and obligations with regard to the Trust. A co-trustee can exercise wide discretion with regard to Trust Property but is limited by the Trust Agreement as to those powers. Both co-trustees must act in full agreement to conduct a Trust. Never will you lose your rights as co-trustee unless you surrender or transfer your rights.
|
Q07. Why am I going to be a co-trustee of my Trust?
A07. You, as the Grantor, placing the vehicle in the Trust, will have the obligation to maintain the vehicle to the standards set forth in the Trust Agreement. These standards are the same as you might expect from responsible vehicle ownership. In addition, you have the right to use the vehicle as you did before. The status of co-trustee confers on you the obligation to maintain the trust property and to protect it for the beneficiary.
|
Q08. Why do I need Alaskan Auto Custodian LLC to register my vehicle? Couldn’t I just mail in my registration to the Alaskan DMV?
A08. In order for a Trust to be legally valid, some of the Trust Property must be held at a physical address in the State under whose laws the Trust was formed. Vehicle titles constitute part of the new Trust’s Property. Alaskan Auto Custodian LLC maintains safe and secure offices in Alaska to hold the new titles for Trust vehicles. Without this, it would be expensive and difficult to re-title and register your vehicle in Alaska without being an Alaskan resident.
|
Q09. What is the Administrative Resident Trustee?
A09. The Administrative Resident Trustee or ART is the entity who becomes your co-trustee. Alaskan Auto Custodian LLC serves as the ART and maintains legal residence in Alaska. This allows the Trust to be housed or maintained in Alaska.
|
| Category: GENERAL QUESTIONS |
Q10. Can I save money on Business vehicles?
A10. Yes. Since these are revocable Trusts, you can re-title and register your business vehicles. We only limit you to 10 vehicles on the website. If you have more vehicles you would like to put in an Alaskan Auto Trust™ you should contact us by email, phone or fax.
|
Q11. What is the maximum number of vehicles that I can place in my Trust?
A11. Currently, the maximum number of vehicles allowed in one Trust is ten (10). If you would like to place more in one Trust, then please contact us directly by email, phone or fax.
|
| Category: LOCAL QUESTIONS |
Q12. What happens in an accident?
A12. It is the same procedure as before you created the Trust. Exchange insurance and registration information and file a police report with the on-site Police. Remember to inform the officer that the vehicle is owned by the Trust and not yourself.
|
Q13. If a police officer asks for my vehicle registration, what should I do?
A13. Provide a copy of the registration which will be mailed to you and inform the officer that the vehicle is owned by the Trust.
|
Q14. What happens if I get pulled over with my Alaskan plates?
A14. Show the officer your license and registration as you would normally. Since your registration is in the Trust name, it is as if you were driving a company car or a borrowed car. In this case the Trust has authorized you to drive the vehicle. However, you are responsible for any legal infraction you incur while driving no matter the location.
|
Q15. How do I go about obtaining insurance?
A15. As you would normally, consult your insurance agent. Normally, you will not have to change your policy. If you would like to shop around for auto insurance you can find a link on our webpage.
|