Utah Asset Protection
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Utah Asset Protection Trusts
Utah Estate Planning & Assistance Asset Protection Services
Consider A Utah Asset Protection Trust
Utah law is extremely favorable for those wishing to protect assets from potential creditors. Asset protection trusts can be used to protect both the trust creator and future generations from creditors. It is important to note that no one vehicle, be it a Utah Domestic Asset Protection Trust, or a business entity such as an LLC provide complete entities or combinations of entities needed to protect both your future as well as your present.
The most important part of a Utah Asset Protection Trust is its irrevocability. Standard Revocable trusts are strictly organizational tools used to avoid guardianship and probate, while important, these do not afford any protection from creditors. An irrevocable trust can provide powerful protection against creditors.
Utah Asset Protection Trusts are extremely flexible considering the protection they provide. For example you can be the beneficiary of the trust and may retain the power to substitute assets in the trust, designate after-death beneficiaries of the trust, and replace trustees. At least one of the Trustees must be a Utah resident. The trust can hold your residence, recreational property, business assets, investments such as stocks, insurance and other assets.
Nevertheless it is important to note that with any Asset Protection Trust, there is some sacrifice in control over the property entrusted to it. In a Utah Domestic Asset Protection Trust, you cannot serve as the sole trustee over your own trust, although you can serve as a co-trustee. This means that somebody else must serve as the trustee over distributions. This individual can be a child, sibling or other family member but not your spouse.
Utah law immediately bars future creditors from accessing the assets in a Utah Domestic Asset Protection Trust. After an asset is transferred into a trust, current creditors generally have two years to challenge the transfer, but this period can be reduced to just 120 days with notice to the creditor.
In order to be valid the trustmaker must sign an affidavit at the creation of the trust certifying among other things that:
- The settlor has full right, title, and authority to transfer the assets to the trust.
- The transfer of the assets to the trust will not render the settlor insolvent.
- The trustmaker does not intend to defraud a known creditor by transferring the assets to a trust.
- There are no pending or threatened court actions against the settlor.
- The trustmaker does not currently intent to file for bankruptcy.
Utah Domestic Asset Protection Trusts can provide peace of mind for those who work in high risk professions such as Doctors or for those who want to protect at least enough of their estate to ensure their comfort in an uncertain future. At the end of the day, no legal tool can guarantee complete security but a Utah Asset Protection Trust is about as good as it gets.
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