Lehi Asset Protection Attorneys

Keep Your Personal Assets Safe with the Creation of a Comprehensive Utah Asset Protection Plan

A key component of any comprehensive estate plan is looking for legal ways to protect assets and property from potential risks. In this fluctuating economy, which is to say nothing of our country’s litigious nature, it is worthwhile to take a little extra insurance to safeguard your money and hard-earned assets from liabilities, creditors, malpractice claims, and more. At Trusted Estate Planning Attorneys, exploring legal options for various asset protection tools is just part of the process of protecting and preserving significant assets for our clients.

There are several different estate and asset protection strategies that can benefit our clients and their businesses, block creditors, shield assets from potential lawsuits, and more. Perhaps chief among these asset protection strategies is the creation of a domestic asset protection trust in Utah.

The state of Utah has very favorable asset protection laws for residents interested in protecting their wealth and property from various concerns. To learn more about the legal options available to you and the services of our asset protection lawyers, we encourage every prospective new client to contact our Lehi, UT, law firm to schedule a free 30-minute consultation.

What Are Different Asset Protection Strategies in Lehi, Utah?

An effective asset protection plan should be able to shield your assets and leave you feeling secure in the knowledge that you are not vulnerable to liability and lawsuits. When you speak to an experienced asset protection lawyer at our law firm, we will go over various legal options to meet your specific needs.

Asset protection strategies we may recommend include the following:

• Asset protection trusts and irrevocable living trusts: Trusts can be used to reduce income taxes and avoid the probate process, but they can also be utilized to protect your assets from a lawsuit.
• Charitable giving: For some clients, it’s important to establish a legacy, such as creating an institution that shares their beliefs and values. We can lend valuable legal guidance to ensure your charitable giving is used as you intended.
• Gifts to family members: One way to avoid creditors and the potential of losing your assets to litigation is to gift certain assets to a family member or loved one. However, it is worth remembering that once you gift an asset to someone else, you lose all control over that asset. Our legal team can help you plan your gift-giving to take advantage of annual and lifetime gift tax exemptions.
• Long-term and Medicaid planning: By paying into certain benefits programs up front, you can take advantage of these programs and better benefit from them in the long haul.
• Prepaid funeral expenses: certain funeral expenses can be paid upfront and will not be subject to litigation or seizure.
• The creation of new companies: By becoming a business owner, such as the owner of a limited liability company (LLC), you can afford your assets a certain level of protection.

What Are Utah Asset Protection Trusts?

A Utah domestic asset protection trust (sometimes abbreviated as a DAPT) is a specific kind of trust that can be set up to protect your assets from creditors and litigation. If established correctly, significant assets in this trust may be out of reach of certain lawsuits or debts.

These types of trusts are irrevocable. This means that once you put assets into the trust, you generally can’t take them back very easily. Instead, a trustee will manage the trust according to the trust documents to the benefit of designated beneficiaries.

Even though the assets are locked up in the asset protection trust, you will still have some level of control over them. You could name yourself as a beneficiary of the trust.

It is worth noting that there is typically a waiting period after you place your assets in trusts before they are protected from potential creditors. You must act quickly. Don’t delay in contacting our law firm for legal assistance.

Also worth noting is that asset protection trusts are not a way to fraudulently hide assets or evade legitimate debts.

What Personal Assets Can Be Protected with an Asset Protection Trust in Utah?

You can put two primary classifications of property into an asset protection trust in Lehi, Utah.

Real property includes tangible assets such as real estate property, your primary residence, plots of land, commercial properties, and office buildings.

Personal property is a broad category. Assets that may be considered personal property in an asset protection trust include motor vehicles, fine art, collectibles, antiques, furniture, copyrights, jewelry, and other valuables.

How Does a Business Entity Offer Asset Protection Planning?

Business entities, such as LLCs, offer asset protection plans to business owners. Because the business entity is considered a distinct legal entity separate from its owner, the owner’s creditors are generally incapable of liquidating assets of the business to satisfy a lawsuit.

Our law firm has experience in Utah business law and would be proud to represent your interests in the creation of a business entity.

Schedule a Free Consultation with an Extremely Knowledgeable Utah Asset Protection Attorney Today

The asset protection law in Utah favors residents looking to preserve their assets and keep them safe from predators and legal predators. Trusted Estate Planning Attorneys is a Utah law firm with extensive legal experience representing clients with questions or concerns about asset protection strategies. To learn more about our legal services, don’t hesitate to get in touch with our Lehi law offices to schedule your free in-depth case evaluation today. You may reach us at 385-993-3523.