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. However, it is critically important that you retain an experienced and qualified attorney to prepare and fund the trust on your behalf. The law contains many required provisions that must be included in the trust agreement for it to be legally valid, including that the trust must have at least one Utah trustee, that it must hold some assets in Utah, that it must be irrevocable, and many others. Now is a great time to utilize the domestic asset protection trust and I have implemented this for many of my clients. I stand ready to help you protect your hard-earned assets from unexpected or illegitimate liabilities.