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:

  1. The settlor has full right, title, and authority to transfer the assets to the trust.
  2. The transfer of the assets to the trust will not render the settlor insolvent.
  3. The trustmaker does not intend to defraud a known creditor by transferring the assets to a trust.
  4. There are no pending or threatened court actions against the settlor.
  5. 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.

Utah Asset Protection Trusts Done Right!  Call Today | 801-874-5644


                                                                                                                                                                                                                                                                     

 

 

 


Veterans Benefit Planning Utah Law Firm Morgan & Associates
Sami Draper
Sami Draper
04:17 18 Mar 19
Answers the phone on the weekend and is so willing to help you on their days off. Extremely helpful and friendly.read more
lynn lindstrom
lynn lindstrom
22:45 15 Mar 19
They were kind and helpful explaining every thing helped me with other things I needed done would use them again no problem excellentread more
Charlotte Stock
Charlotte Stock
17:23 01 Feb 19
Christopher Morgan listens closely and is very knowledgeable about Utah law concerning estate planning, health care directives, and wills. I was amazed at his ability to give me the help and advice I needed to be completely satisfied and at peace with every document he made for me. He certainly has my vote of confidence. I highly recommend him to everyone. Charlotte Stockread more
Janelle Wakley
Janelle Wakley
22:23 25 Jan 19
Chris was very helpful when my husband and I had questions about our Medicaid application. He is friendly and professional.read more
Wolfiere Labs
Wolfiere Labs
20:38 25 Jan 19
JoAnna Hall
JoAnna Hall
17:14 21 Dec 18
If you're looking to get your estate planning, trust in order, Chris is the guy!! He is so thorough and explained everything in terms we understand and knows what he is doing! Very pleasant experience and we HIGHLY recommend him! Thanks Chris!read more
Joe Clements
Joe Clements
19:25 05 Dec 18
We needed help with making a Will and Trust. Chris got us in quickly and produced our documents at a super affordable cost! Highly recommend!!read more
Ben Tyler
Ben Tyler
05:57 02 Nov 18
My wife and I hired Chris Morgan to help us with our Estate Planning documents and could not have been more pleased! Chris was responsive to our every need, flexible in his scheduling, patient and clear in educating, sensitive to our interests, and produced a product which far exceeded expectations. But this really didn't surprise me, considering the raving reviews he's received from his clients. With binder of completed documents in hand, my head will rest more comfortably on my pillow tonight. Thank you, Chris, for making our most important priorities your own. We look forward to receiving our first Christmas card :).read more
Bonnie Hill
Bonnie Hill
21:32 31 Jul 18
Chris was really great to work with! On our first meeting he was very knowledgeable and funny and easy to talk to! He explained things and addressed all our concerns and questions. He made things fun and eased any tensions. He seems honest and fair. The best part is that he was willing to come to our home for the meeting. He was easy to work with schedule wise as well. I would definitely recommend Chrisread more

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