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Utah Asset Protection Trust

Protect What You’ve worked hard to acquire

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: 

  • The Grantor is solvent after transferring property to the trust
  • Property was transferred before creditor issues arose
  • Grantor is not the trustee making distribution decisions
  • Distribution of trust assets are discretionary
  • Terms of the trust contains spendthrift provisions
What Do Asset Protection Trusts Do?

An effective asset protection trust prevents a creditor from satisfying trust assets to satisfy a claim. Specifically: 

  • Creditor of the Settlor or Beneficiary may not satisfy the claim out of trust assets
  • Creditor may not force a trustee to make a distribution to the settlor or beneficiary
  • Creditor may not compell trustee to pay directly to the creditor any distribution that the trustee would otherwise make to the settlor/beneificary

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.

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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.

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Congress has designated Ascent Law, LLC as a debt relief agency. We help people get relief through bankruptcy protection. Users of this site agree to the Terms, Conditions & Disclaimer as well as the Privacy Policy.

(c) Copyright  Ascent Law, LLC. 2022. All Rights Reserved. This website is not intended to be legal advise or create an attorney-client relationship. Information, forms or documents are intended for general information only and may not be regarded as legal advice. Laws change periodically, and the contents of this site is not guaranteed to be up-to-date. It is highly recommended that you seek professional legal advice so you can understand your full rights and obligations under the law.

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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.

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I am extremely happy with [Ascent] Law. First, no one ever wants to be in a position to have to file for bankruptcy, but if you do, you need someone who knows what they are doing, and will keep you informed. I was very nervous that I wouldn’t pick the right lawyer, or we would end up with someone who just wanted to get paid, and left us hanging. Our lawyer has been AMAZING. He is always fast to respond to any of my questions, and is very good at making sure you understand what is happening, and that you are comfortable with the process.

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My experience with [Ascent Law] was the most painless of all the many horrible things that a DUI charge will bring with it. The reason I say it was painless was because he knows exactly what he is doing. You know once you talk to him that this isn’t his first rodeo. [My attorney] has confidence in what he is doing witch really helped me during this hard time. This was not the case with other lawyers that I talked to. They told me things that I wanted to hear to try to sell me. That just made my situation worse and lengthened the process and cost. I had some priors so this wasn’t a simple case, but after hiring Mr. Rush he got everything worked out and he found flaws in the prosecution’s case against me. He found their mistakes and their missing information which made all the difference. Other lawyers don’t even read the reports but [My attorney] knew all the details. So, if you have criminal case, I give you my testimonial that he is professional, ethical, smart, and has a good team working with him and you never find yourself trying to track him down for stuff. I can’t tell you how happy I am. Thanks!!!”

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