Asset Protection Planning
Utah’s innovative asset protection trust law is one of the unsurpassed in the country. Underneath the new law you can fund an irrevocable trust with your possessions and go on as the beneficiary and the co-trustee. So long as the trust is scripted to meet the necessities of the new statute, your forthcoming creditors should not be able to touch your trust assets.
Nevertheless Asset protection planning is not attained by any one precise tactic. Nor is there a “one-size-fits all” answer. The strategies that are true for protecting your assets can be realized once we evaluate the type of assets you own, your definite risk dynamics, and the level of protection you need.
My office supports my clients in defining the suitable level of asset protection planning for their specific state of affairs. My office will contemplate insurance, prenuptial agreements, asset segregation, choice of jurisdiction, gifting, LLCs, partnerships, corporations, and asset protection trusts. Tailored combinations are used depending on the desires of the client and as applicable.
There are many diverse strategies to achieve the protection of your assets while you are alive and after you are departed. To find out which strategies may be right for you, contact my office for a Family Asset Planning Consultation.