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Protecting your assets can be a reality. Asset protection is a complex landscape and is not appropriate in all situations. Let us analyze your situation to protect you.
Asset Protection Utah
Legal and ethical Asset protection Utah is possible. There are different levels and types of asset protection. In some ways it can be similar to an onion–creating different layers or hurdles that a creditor would have to overcome to get access to your core assets. There are many different ways to protect your assets including owning property in one or more business entities or in a trusts. Utilizing the right asset protection vehicle, in the right jurisdiction is a matter of balancing personal goals, expense, and control over the property.
Utah Asset Protection Trust
Utah has a adopted the Domestic Asset Protection Trust (DAPT). Other states such as Alaska and Nevada have similar asset protection trust statutes. Foreign jurisdictions also have asset protection trusts. An asset protection trust is an irrevocable trust that protects the assets of the trust from judgment and other creditors. In general the trust is managed by an independent third-party, the terms of the trust prohibit distributions to judgment creditors and other limitations.
Business Entities
Business entities such a limited liability companies also offer asset protection to its owners. Because a business entity such as the LLC is a distinct legal entity from the owner, the owner’s creditors are generally unable to liquidate the assets of the business to satisfy a judgment. Instead, a judgment creditor may only obtain a charging order, which only allows the judgment creditor to intercept distributions made by the company to the owner. The judgment creditor lacks voting rights to force distributions. The judgment creditor then is waiting for a distribution that may never happen or if it does, has limited value. The creditor is more likely to settle at a discount in this situation.
Ascent Law’s Asset Protection
Ascent Law has the knowledge and expertise to help analyze your situation, counsel with you regarding your goals, risk aversion, and desired control over the property to tailor an asset protection plan to meet your objectives.
I like these guys, they worked as a team to get my lawsuit resolved. As far as my divorce and child custody case, they know their stuff. I really wanted to settle quickly. It wasn’t as fast as I wanted, but it got done and I am so much happier for it.
Mike Anderson and Greg Lyle have really helped me with a real estate quiet title action. These guys know real estate law. If you are in South Jordan – you should see them for real estate litigation.
I want to thank you for assisting me through this difficult times of going through bankruptcy. I was at the hearing today. Mr. Weekes was there for me. I was scared, but he re-assured me. It went on smoothly. There was a time I became emotional, and started to sob quietly, and looked sad. I want to thank you again kindly.
[Ascent] Law was professional, helpful, and easy to work with. They kept us informed on what was going on and helped us to make sure we understood what was being done and what was expected of us. We were glad we chose them!
[Russell Weekes] helped me through my bankruptcy I was so nervous about my situation they were so great in answering all my questions. I recommend them to anyone they are fast and a professional team who care about there clients and what they are going through.
Russell and his team made my situation nothing short of amazing for the situation I was in. All of my questions were always answered and I never was made to feel as if I was dumb to have gotten in the financial situation that I did. I have already referred a friend and would refer any family and friends to him and his team.
I had a great experience. The people were friendly and helpful. They went above and beyond to help me.
Great service. I appreciate their kindness and making me feel at ease.
I highly recommend [Russell Weekes]. Filing Bankruptcy isn’t fun for anyone, and these guys were there for me every step of the way. I always got quick responses, they answered every question and put me at ease. I am extremely happy I chose them!
Everybody should go to [Ascent} should they have any bankruptcy matters at hand. They’re 100% legit, intelligent and friendly. They will do whatever it takes to see that your case is successfully discharged! They stay on top of it 100% of the way even if you get too caught up with lifes hurdles, they’re behind the scenes still steady at work for YOU!! (Their 1st priority). I fully recommend and support [Ascent] Law!!!
I’m filing for bankruptcy right now and they have been great so far answering my questions and everything.
[Ascent] Law helped me out during a tough time. They took care of everything and were super friendly.
If you’ve gotta go through the mess of financial bankruptcy, these guys are the best. My attorney as well as all of the paralegals and staff made going through hell much easier than I could have ever asked. Any questions I had they responded to immediately. They were always timely and gave me great legal advise. They aren’t the cheapest option, but the payment plans provided were unbeatable.
Great service. They answered all of my questions and made me free comfortable. The staff and attorneys are knowledgeable.
Wonderful Attorney in Michael Anderson. Just what we were looking for in a Family Trust. Very knowledgeable, trustworthy, dependable, smart and kind. Recommend him or this law firm to everyone.
My experience was unlike all of the stories one hears of attorneys. Mike and his team were absolutely spot on with their communication, follow-up, understanding and ultimately the results. They were aware of my budget and worked hard to keep me there.
I am truly appreciative of there complete caring and handling of my situation.
We strive for the highest degree of professionalism, integrity and results for our clients. We are a full service law firm, which means that if you have a legal issue with a divorce, car accident, lawsuit, asset protection case or any other area of law, including, Bankruptcy, Probate, Litigation, IRS tax matters, or Contract Disputes, we can help. Please contact us to discuss your situation. If an attorney is available, one will meet with you immediately. If you can, please schedule an appointment before stopping by so we can be sure to meet with you and give you the time you need.
All of our attorneys have worked for years as attorneys in the State of Utah, handling many diverse cases. Today, our practice is based primarily in Salt Lake City, Orem, Ogden and St. George and surrounding areas.
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