You have worked diligently to accumulate significant assets and/or build a business, so you should have a comprehensive asset protection plan that safeguards your future and your family’s future. It is an unfortunate reality that on average every 30 seconds a new lawsuit is filed in the United States.
There are numerous risks that expose you to liability and potentially losing everything that you worked hard to acquire. Such risks include liability related to automobile accidents, rental properties, business disputes, malpractice, unexpected illness, divorce, officer or director liability, attractive nuisance, etc. Asset protection is often one of the goals of estate and tax planning. You have many options in this area (domestic asset protection trusts, offshore trusts, entities, exemptions, safe-haven spouse, etc.), and I am well versed in all of them. I know how to protect you from the risks that you face. I have helped many individuals set-up asset protection structures to provide them with comfort and peace of mind.
Domestic Asset Protection Trust
In 2013, the Utah legislature enacted changes to make asset protection trusts viable, affordable, and a legitimate option in this state. You are allowed to fund a trust with any types of assets that you want to protect, maintain control over the investment of the assets in the trust, act as a co-trustee of the trust, and name yourself, your spouse, or your family members as beneficiaries.
The use of business entities allows people to limit their exposure to liability. If you own business assets, rental properties, or investment accounts, entities can be utilized for protection. The corporate veil protects business owners and entrepreneurs from being personally responsible for debts and liabilities of the company in most cases.
If you are married and live in a non-community property state like Utah, part of your asset protection plan could involve a “safe-haven spouse” planning strategy. This strategy is in essence having the spouse that does not have as much risk hold and control the majority of the assets.