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02-Jan-2019 14:39

The life insurance policy is four years old and two of the annual premiums have been paid from your client's earnings after having moved to Wisconsin. Wisconsin and Alaska are the only two states to either adopt or pattern their laws after the Uniform Marital Property Act (herein the "UMPA"). The Alaska trust provisions will be covered in more detail under Article IV of this presentation/outline.Now if your client dies first and his spouse dies second, at least one-half of the death benefit will be included in the spouse's taxable estate under IRC ยง 2036. The IRS has ruled that Wisconsin marital property is the equivalent of community property for income tax purposes. While the Wisconsin statute is mandatory unless a couple elects out, the Alaska statute provides the opposite; Alaska residents must elect the community property treatment of assets if they want it to govern.

In the other five states, income from separate property is treated as separate property.

This presentation/outline will also assist in providing ways to preserve the community property nature of assets brought into a common law state.

Then, following a brief review and analysis of the Alaska community property trust, a listing of select community property law resources will be presented. Alaska has adopted an "elective" community property system for Alaska residents and for non-residents who transfer assets to an Alaska trust.

"Watch out for this" examples will be presented throughout to give the reader practical advice in recognizing problem areas.

Practice tips will be presented as solutions for the problem areas recognized.

In the other five states, income from separate property is treated as separate property.This presentation/outline will also assist in providing ways to preserve the community property nature of assets brought into a common law state.Then, following a brief review and analysis of the Alaska community property trust, a listing of select community property law resources will be presented. Alaska has adopted an "elective" community property system for Alaska residents and for non-residents who transfer assets to an Alaska trust."Watch out for this" examples will be presented throughout to give the reader practical advice in recognizing problem areas.Practice tips will be presented as solutions for the problem areas recognized.Furthermore, in Wisconsin, due to the fact that the marital property regime was recently enacted, classification depends heavily on whether the assets were acquired before or after "the determination date." The determination date in Wisconsin is the last to occur of: (1) marriage, (2) date of establishment of domicile by both spouses in Wisconsin; or (3) January 1, 1986.