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Utah Asset Protection Trust
Delaware, South Dakota, Alaska, Ohio, Nevada, and Utah all have domestic asset protection trust statutes. Utah’s statute can be found at UCA 25-6-501 et seq. An asset protection trust is a complex financial-planning tool designed to protect assets conveyed to the trust from creditors. Foreign jurisdictions also have asset protection trust laws.
What Is An Asset Protection Trust?
First, let’s make sure we understand what a trust is. A trust is a contract to manage property between the grantor (the person who establishes the trust sometimes called the settlor or trustmaker), the trustee (the party who manages the property) and the beneficiaries. The trust sets forth the terms and conditions for managing the property held in trust. After having the trust drafted, the grantor conveys property to the trustee of the trustee to manage the property according to the terms of the trust on behalf of the beneficiaries. Beneficiaries may include the grantor, his family or others.
Asset Protection Requirements:
What Do Asset Protection Trusts Do?
An effective asset protection trust prevents a creditor from satisfying trust assets to satisfy a claim. Specifically:
Because a creditor may not compel the use of trust assets to satisfy a claim, a creditor is limited to distributions that are made to the Settlor/beneficiary.
Asset Protection Trusts (APTs) offer the strongest protection available against creditors, lawsuits, or judgments against your estate.
Is a utah asset protection trust right for you?
Schedule a free evaluation to determine if an asset protection trust is appropriate for your situation, goals, assets, and future.
Because we are a full service law firm, if you have a divorce, car accident, lawsuit, asset protection case or any other area of law, including, Bankruptcy, Probate, Litigation, IRS tax matters, or Contract Disputes, 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 States of Utah, handling many diverse cases. Today, our practice is based primarily in Salt Lake City, West Jordan, Utah and surrounding areas, from Ogden, Utah to Provo, Orem and Spanish Fork.